The global process
automation and instrumentation market size is expected to grow from USD
74.2 billion in 2024 to USD 98.6 billion by 2029, at a CAGR of 5.9%. The
rise in technological advancements such as Industrial IoT in order to connect
various machines and devices on the factory floor for gathering real-time
information and henceforth making informed decisions is expected to create more
demand in the market.
PLC to hold significant
market share in process automation and instrumentation market in 2024
Programmable Logic
Controllers (PLCs) are expected to hold the significant market share in the
market due to their important role in automating industrial processes in
various industries providing flexible solutions for managing operations and
their ability to implement processing multiple inputs and outputs, flexible
with planning and integration with other automation systems. The trend towards
automation and intelligent manufacturing practices is driving demand for PLCs,
while companies seek to supply them their processes have been optimized to
improve efficiency as companies prioritize automation to meet the challenges of
today’s manufacturing requirements.
Field Instruments to
hold highest market share in process automation and instrumentation market in
2024
Field Instruments is
projected to dominate the global market in instruments. They provide accurate
and reliable measurements of variables such as temperature, pressure and
flow. Field instruments also help reduce
costs by reducing manual inspections and reducing errors associated with human
intervention. Field Instruments provide predictive maintenance through
continuous monitoring also helps reduce downtime and operating costs. As
businesses increasingly focus on operational efficiencies, product quality and
regulatory compliance, the demand for advanced field equipment solutions is
expected to increase exponentially.
Oil & Gas end user
segment to hold the largest market share during the forecasting period.
The oil and gas segment
is expected to hold the largest market share in the market due to its high reliance on automation
technologies to enhance efficiency, safety and performance in complex
extraction and refining processes. As the global demand for petroleum products
continues to grow, oil and gas companies need advanced processing equipment and
optimized mechanical solutions, such as distributed control systems (DCS),
supervisory control data acquisition (SCADA) systems , and various
field-machines. As a result, the oil and gas industry has positioned to
maintain the largest share of the process automation market.
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Asia Pacific to hold
significant market share during the forecast period.
Asia Pacific to lead the
global market in 2024. The region’s industrial growth and increasing population
are significantly driving demand for automation solutions, especially in the
oil & gas and food & beverages sectors. Investments in infrastructure
and clean energy are also driving market growth, as businesses focus on
improving operational efficiency and reducing dependence on fossil fuels. The
process
automation and
instrumentation market for the HMI solution in this region is expected to grow
at the highest CAGR from 2024 to 2029. This growth is driven by increased
demand for HMI solutions from industries such as automotive, construction and
consumer electronics.
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