The new report by Expert Market Research titled, ‘Global Process Automation and Instrumentation Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Process Automation and Instrumentation Market, assessing the market based on its segments like Instrument, Solution, Segment, Industry, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 69.1 billion
• Forecast CAGR (2023-2028): 6.4%
• Forecast Market Size (2028): USD 99.7 billion
The process automation and instrumentation sectors are thriving from the booming pharmaceutical industry. Due to increased investment in the energy and power sectors, Asia Pacific is expected to expand at the highest rate throughout the forecast period of 2023-2028.
Process Automation and Instrumentation Industry Definition and Major Segments
Process automation and instrumentation is a method of monitoring and controlling various corporate production processes. It is the technology-enabled automation and instrumentation of complex business processes that assist in streamlining operations, accomplishing organisational goals, improving quality, and lowering operating costs. The technology also entails using various interconnected processes to monitor and control physical quantities.
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The industry may be divided into three categories based on the instrument used:
• Field Instrument
- Pressure Transmitter
- Absolute Pressure Transmitter
- Gauge Pressure Transmitter
- Differential Pressure Transmitter
- Multivariable Pressure Transmitter
Temperature Transmitter
- Level Transmitter
- Capacitive Level Transmitter
- Ultrasonic Level Transmitter
- Radar Level Transmitter
- Differential Pressure/Hydrostatic
- Magnetostrictive Level Transmitter
- Radiometric Level Transmitter
- Others
- Humidity Transmitter
- Vibration Level Switch
- Vibrating Fork
- Vibrating Rod
• Control Valve
- Valve Body
- Actuator
- Others
• Analytical Instrument
- Ph Analyzer
- Conductivity Analyzer
- Gas Chromatograph
- Liquid Chromatograph
Based on its solution, the market may be broadly classified as follows:
• Programmable Logic Controller (PLC)
• Distributed Control System (DCS)
• SCADA
• Human Machine Interface (HMI)
• Safety Automation
- Emergency Shutdown System (ESD)
- Fire and Gas Monitoring and Control (FandG)
- High Integrity Pressure Protection System (HIPPS)
- Burner Management System (BMS)
- Turbomachinery Control (TMC)
• Advanced Process Control (APC)
• Manufacturing Execution System (MES)
Based on industry, the market can be divided into:
• Chemicals
• Energy and Power
• Food and Beverages
• Metals and Mining
• Oil and Gas
• Pharmaceuticals
• Pulp and Paper
• Water and Wastewater
• Others
The regional markets for the global load balancer market include:
• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa
Process Automation and Instrumentation Market Trends
The rising emphasis on digitalised technologies such as IoT is driving the worldwide process automation and instrumentation market. Because of its potential to deliver maximum production, the field instrument market is projected to develop at the quickest rate. Because of the increasing oil and gas and food and beverage industries, the Asia Pacific region is expected to have the greatest market share. Rapid industrialisation and the government’s implementation of favourable policies are also contributing to the region’s progress.
Key Market Players
The major players in the market are ABB (SWX: ABBN), Emerson Electric Co. (NYSE: EMR), Honeywell International Inc. (NYSE: HON), Siemens AG (ETR: SIE), Rockwell Automation Inc. (NYSE: ROK), General Electric Company (NYSE: GE), Schneider Electric SE (EPA: SU) and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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