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.
Process Automation and
Instrumentation Market Share & Growth
“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.
Top Process Automation
and Instrumentation Companies - Key
Market Players
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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