Process Automation and Instrumentation Market Size, Share, Growth, And Industry Analysis, By Type (Field Instruments, Control Valves, Analyzers and Process Automation & Instrumentation), By Application (Oil & Gas, Chemical, Pharmaceuticals, Paper & Pulp, Water and Wastewater Treatment, Metals & Mining, Power, Food & Beverage and Others), Regional Insights, and Forecast From 2024 To 2031

Process Automation And Instrumentation Market Report Overview

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The global process automation and instrumentation market size was USD 65270 million in 2022 and is expected to reach USD 96999.12 million in 2031, exhibiting a CAGR of 4.5% during the forecast period.

A computerized model is created by simulating human thought processes using Process Automation & Instrumentation (SDP). Using gestures, pattern recognition, data mining, and natural language processing (NLP), this self-learning technology mimics the functions of the human brain. Implementing process automation and instrumentation enables enterprises to do complicated tasks more quickly and efficiently, while also lowering labor costs, enhancing workplace safety, and increasing overall output.

The increased importance of energy efficiency, cost optimization, productivity gains, reduced error rates, and improved scalability, as well as the growing use of digital technologies namely IIoT, machine learning, and artificial intelligence, as well as the increased focus on industrial automation and the best use of resources, are all factors that are contributing to the growth of this market.

COVID-19 Impact: Player had to Cut Backs on Output and Shut Down of Major Operations due to the Spread of the Virus

The global COVID-19 pandemic has been unprecedented and staggering, with the process automation and instrumentation market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Due to supply chain interruptions and a drop in demand, the COVID-19 pandemic outbreak had an adverse impact on the expansion of the process instrumentation sector in 2020. Numerous companies were compelled to cut back on output and shut down the majority of their operations due to the global COVID-19 epidemic. The primary goal of the firms throughout this crisis was to maintain their operations by finding more secure means to carry on with manufacturing activities or other long-term methods of generating income.

Latest Trends

"Development of New Facility in China will Help the Company Work Closely with Clients Jointly Design Software Products"

ABB Limited stated in September 2019 that construction of its new robotics manufacturing and research facility would begin in China with a $150 million investment. It is anticipated that the new plant will speed up the development of artificial intelligence (AI). This decision should make it possible for the company to work closely with its clients to jointly design software products that are specific to their needs.

Process Automation And Instrumentation Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Field Instruments, Control Valves, Analyzers and Process Automation & Instrumentation

• By Application Analysis

Based on application, the market can be divided into Oil & Gas, Chemical, Pharmaceuticals, Paper & Pulp, Water and Wastewater Treatment, Metals & Mining, Power, Food & Beverage and Others

Driving Factors

"Expanding Importance on Lessening Charges and Upgrading Productivity is Strengthening the Demand in the Market"

Industries all over the world are focusing more on improving production efficiency and reducing operating costs in order to thrive in the quickly changing global industrial environment. They are therefore using process automation and instrumentation technologies. Process automation is the use of computer and software technology to make end-use industries function more securely and effectively. With the use of sensors that gather information on flows, pressures, temperatures, and other variables, the data is saved and evaluated on a computer. Process automation systems aid in the monitoring and control of processes to cut down on inspection costs, rework costs, and system failures. Pressure, temperature, level, and humidity are just a few of the process characteristics that instrumentation equipment helps to measure and analyze. They make it possible for industrial businesses to increase income and cut expenditures.

"Growing Adoption of Industry 4.0 Principles to aid in Broadening the Sales of Process Automation at a High Rate "

Process automation and instrumentation sales are expected to rise at a high rate over the projected period as a result of Industry 4.0 principles being more and more accepted in industrial industries including petroleum and natural gas, food & beverage, and chemicals. As part of the introduction of Industry 4.0, the bulk of manufacturing sector processes and systems are automated using a variety of technologies, such as cloud computing, IoT, and cyber-physical systems. This enables production units to work efficiently around-the-clock without human error. These technologies support reducing manufacturing cycle times and improving efficiency levels from the stage of procuring raw materials through the manufacture of the finished product. Automation enhances industrial processes by enabling greater self-monitoring and communication, gathering insightful real-time data, and automatically evaluating and diagnosing issues.

Restraining Factors

"Lack of Proficient Workforce to Manage Sophisticated Automation Systems can Hinder the Expansion of this Market"

Process automation solutions require trained personnel to operate due to the complexity of the processes, which can be misunderstood and may result in errors and defects if handled by an unskilled workforce. Process automation will hasten the change in skill sets needed as work is changing due to artificial intelligence (AI) and the Internet of Things (IoT). As businesses use IoT data to forecast outcomes, optimize processes, avoid errors, develop new products, and implement sophisticated analytics capabilities in manufacturing, the demand for a competent workforce will rise. Process automation systems that have been combined with cutting-edge technologies such as AI and IoT require care and experience while addressing a variety of scenarios. Therefore, the lack of skilled workers presents problems for companies and also hampers the process automation and instrumentation market growth.

Process Automation And Instrumentation Market Regional Insights

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"North America to Lead due to Significant Breakthroughs in Technology Advancements and Rise in Oil & Gas Projects in the Region"

The process automation and instrumentation market share is the largest in the North America region. The United States is well known for its capacity for innovation and is at the forefront of significant breakthroughs relating to the technology advancement of the Fourth Industrial Revolution. Another sign of the market potential is the discovery of new unconventional assets in the United States and the rise in oil and gas projects in Canada. The governments in the area are also concentrating on developing their energy production capabilities, and the American government is funding these initiatives. Across the United States, there are more than 20 significant planned water treatment infrastructure projects that, on average, are each worth about $5 billion.

Due to the quick acceptance of automation across numerous industries to boost productivity and cut costs, a supportive political environment, and the dominance of major market players. China has advanced in a variety of technologies, namely navigation and optoelectronics, because of the country's extensive use of automation. The automation of processes and procedures by modern technologies has the potential to profoundly alter the global economy. Similarly, during the next ten years, revenues of process automation and instrumentation will increase due to the increased adoption of industry 4.0 by manufacturing companies across China.

Key Industry Players

"Rising Demand Across Industries is Promoting the Major Players to Utilize Various Tactics Frequently "

ABB Limited, Emerson Electric Company, and Mitsubishi Electric Company are some of the top companies competing in the worldwide market of process automation and instrumentation. Process automation industry competitors are under constant pressure to enhance their offerings due to the rising demand for automation across industries. As a result, they are utilizing tactics including new product introductions, alliances, collaborations, mergers, facility additions, and acquisitions more frequently.

LIST OF TOP PROCESS AUTOMATION AND INSTRUMENTATION COMPANIES

• ABB Ltd (Switzerland)
• Emerson Electric Company (U.S.)
• Endress+Hauser (Switzerland)
• HollySys Automation Technologies (China)
• Honeywell International (U.S.)
• Mitsubishi Electric (Japan)
• Pepperl+Fuchs (Germany)
• R Stahl (Germany)
• Rockwell Automation (U.S.)
• Schneider Electric (France)
• Siemens (Germany)
• Yokogawa Electric (Japan)
• Market Segments (U.S.)

Report Coverage

This report covers the process automation and instrumentation market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.