The global process automation and instrumentation market size is projected to reach USD 86.6 billion by 2027, at a CAGR of 5.5% during the forecast period.
The growth of this market
can be attributed to the growing importance of energy efficiency and cost
optimization, increased productivity, minimized errors and better scalability;
the increasing use of digital technologies such as IIoT, machine learning, and
artificial intelligence; and the rising emphasis on industrial automation and
optimum utilization of resources.
“Field instruments
dominated the global process automation and instrumentation market in 2021”
Field instruments assist
in managing plant assets, enhancing plant safety, and optimizing overall production
processes through data acquisition, control, and measurement. It is necessary
to obtain key information regarding major parameters, including temperature,
pressure, and level, to monitor and control processes quickly,
smoothly, securely, and
accurately, as well as to achieve optimum productivity. These instruments play
a pivotal role in measuring and controlling process parameters in process
industries. For example, in June 2021, Emerson Electric Co. introduced a new
Rosemount 1408H level transmitter, specifically designed for the food &
beverages industry. The constant release of advanced products to automate
industrial processes and measure and control different process parameters is
expected to drive the process automation and instrumentation market for field
instruments.
“Asia Pacific to grow at
the highest CAGR during the forecast period of 2022 to 2027”
In terms of region, Asia
Pacific led the global process automation and instrumentation market, followed
Asia Pacific led the global process automation and instrumentation market,
followed by North America and Europe in 2021. In Asia Pacific, the demand for
process automation and instrumentation solutions is growing from the oil &
gas and food & beverages industries due to the ever-increasing population
in Asia Pacific.
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Increasing investments
in clean energy infrastructure in Asia Pacific to meet escalating demand for
electricity and reduce reliance on fossil fuels to generate energy. Also, the
process automation and instrumentation market for the pharmaceuticals industry
in this region is expected to grow at the highest CAGR from 2022 to 2027 due to
changing regulatory environment. Also, advantages such as higher reliability and
flexibility and greater speed and accuracy offered by process automation
encourage pharma companies to adopt process automation and instrumentation
solutions.
ABB
Ltd. (Switzerland), Emerson Electric Co. (US), Siemens (Germany), General
Electric Company (US), and Schneider Electric (France) are a few major players
in process automation and instrumentation market.
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