[203 Pages Report] The process automation and instrumentation
market is estimated to be worth USD 71.4
billion in 2019 and is projected to reach USD 95.5 billion by 2024, at a CAGR
of 6.0%. The growth of this market is propelled by factors such as the growing
importance of energy efficiency and cost reduction, emphasis on digitalized
technologies such as IIoT, increasing adoption of industrial automation, and
optimum utilization of resources.
“MES segment to grow at highest CAGR in global
process automation and instrumentation market“
The manufacturing execution system (MES) helps
improve productivity, reduce cycle time, and eliminate human dependency for
processing data. MES applications provide cost savings and opportunities in
operations, and help deliver high performance of production assets across the
supply chain. MES provides information that helps manufacturers understand
about the current conditions of the plant floor, which can be optimized to
improve the production output. MES works in real time to enable the control of
multiple elements of the complex production process, e.g., personnel, inputs,
machines, and support services.
“Field instrument segment to account for
largest share within process instrumentation in global process automation and
instrumentation market”
Field instruments play a important role in
process control by measuring the key elements such as temperature, pressure,
flow, and level. Field instruments assist in managing plant assets, enhancing
plant safety, and optimizing overall production processes through data
acquisition, control, and measurement. It is imperative to obtain information
quickly, smoothly, securely, and accurately from field instrument by measuring
key elements of process control—temperature, pressure, flow, and level—is
essential to achieve optimum productivity at sites.
“Pharmaceuticals industry to register at
highest CAGR in global process automation and instrumentation market”
The process automation and instrumentation
market for the pharmaceuticals industry is expected to grow at the highest CAGR
from 2019 to 2024. Growing competition in the industry and legistations related
to this industry; increasing importance of providing precision measuring
equipment to provide accurate dosage of medicine; and rising need for process
automation solutions to various processes such as manufacturing, testing, drug
development, packaging and distribution are among the factors that are likely
to propel the growth in the pharmaceutical industry in market. Moreover, due to
the involvement of complex manufacturing processes such as milling,
granulation, coating, and tablet pressing in pharmaceutical companies, there is
growing need for process automation solutions, which, in turn, is likely to to
drive the demand for market.
“APAC to be fastest-growing region in process
automation and instrumentation market from 2019 to 2024”
The market in APAC is expected to grow at the
highest CAGR during the forecast period. The growth of the market during the
forecast period is expected due to factors such as rising infrastructural
investments in the energy & power sector owing to the increase in the
demand for electricity and policy makers’ pushing for better power reliability;
growing demand of oil & gas and food & beverages due to rising needs of
huge population, rapid industrialization, and consistent growth in the
industrial activities in the Pacific region, along with favorable government
policies. The market for the pharmaceuticals industry in APAC is also growing
due to low-cost factors and changing regulatory environment.
Key Market Players
The global process automation and
instrumentation market is dominated by ABB (Switzerland), Siemens (Germany),
Emerson Electric (US), Schneider Electric (France), and Honeywell International
(US). The other key players in this market include companies such as General
Electric (US), Mitsubishi Electric (Japan), Rockwell Automation (US),
Endress+Hauser (Switzerland), Yokogawa Electric (Japan), and HollySys (China).
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