According to the new market research report, “Process Automation & Instrumentation Market by Instrument (Field Instrument, Control Valve, Analytical Instrument), Solution (APC, DCS, HMI, MES, PLC, Safety Automation, SCADA), Industry, and Geography – Global Forecast to 2024,” the process automation and instrumentation market is expected to be valued at USD 71.4 billion in 2019 and is projected to reach USD 95.5 billion by 2024, at a CAGR of 6.0%. The factors that are driving the growth of the market include the increasing importance of optimized operating costs and production efficiency, adoption of digital technologies such as IIoT, increased adoption of industrial automation and process control, and optimum utilization of resources to eliminate human intervention.
“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 a plant floor, which can be optimized to improve 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.
“Control valves segment to grow at highest CAGR in global process automation and instrumentation market”
The requirement of control valves by the industries for ensuring precise flow control, enabling automatic operation, reduced wastage of resources are the factors driving the control valves segment. The increased use of control valves in oil & gas and growing government initiatives pertaining to flow control projects such as gas pipelines and water distribution is positively impacting the growth of control valves.
“Oil & gas and energy & power continued to be the major markets from 2019 to 2024”
Huge demand for electricity, changing requirements of customers to overcome power generation and distribution losses, increasing need for cleaner and smarter energy are the factors driving the market players of energy & power to adopt process automation and instrumentation solutions. On the other hand, huge delopment across the value chain of the oil & gas industry in past decade due to growing energy requirement helps oil & gas industry to become major industry for process automation.
“APAC to be the fastest-growing market for process automation and instrumentation 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 rising infrastructural investments in energy & power owing to the increase in the demand for electricity and policy makers’ pushing for better power reliability; increasing demand for oil & gas and food & beverages to satisfy the growing needs of the large population, rapid industrialization, and consistent growth in industrial activities in the Pacific region, along with favorable government policies. The process automation and instrumentation market for the pharmaceuticals industry in APAC is growing due to low-cost factors and changing regulatory environment.
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Major players included in the process automation and instrumentation market are 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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