According To FMI, Market For Process Automation And Instrumentation Is Expected To Grow Rapidly Through 2027 And Reach US$ 174,121 Million
Growth of Process Automation and Instrumentation Market is Playing Key Role for Semiconductor Manufacturer and Software Vendors Process automation involves using software, hardware, and computing technology to allow end-use industries such as cement, oil & gas, chemical, paper, and others to operate more safely and efficiently.
The information is stored and analyzed on a computer with
the help of sensors, which collect data on flows, pressures, and temperatures,
among other devices. Collaboration among semiconductor component manufacturers,
industrial software developers, and industrial automation equipment
manufacturers is essential for the growth of the overall process automation and
instrumentation market.
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Future Market Insights (FMI) has recently published a report
titled “Process Automation and Instrumentation Market – Global Industry
Analysis 2012 – 2016 and Opportunity Assessment, 2017 – 2027”. Process
automation involves using software technology and computer technology to allow
end-use industries such as cement, oil & gas, chemical, paper, and others
to operate more safely and efficiently. The information is stored and analysed
on a computer with the help of sensors, which collect the data on flows, pressures,
and temperatures, among others.
The global process automation and instrumentation market is
expected to grow at a CAGR of 6.0% during the forecast period. The process
automation and instrumentation market was valued at US$ 97,192 Mn in 2017 and
is projected to grow significantly to reach US$ 174,121 Million by 2027 end due
to the increasing adoption of IoT platforms, digital transformation and
development in the internet services.
In this report, FMI has segmented the global process
automation and instrumentation market based on instrument type, solutions,
application, and region. By instrument type, the process automation and
instrumentation market are sub-segmented into transmitters, flow meters,
analysers, controllers, switches, recorders, switches, and vacuum instruments.
With the increasing penetration of connected devices and
rising the growth of industrial IoT, the transmitter sub-segment in the global
process automation and instrumentation market accounted for more than 28% share
in 2017. In addition, due to the rising adaptation of digital technologies by
various industry verticals, the vacuum instrument sub-segment is estimated to
register a high CAGR of 6.1% during the forecast period in the process
automation and instrumentation market.
Based on solutions, the global process automation and
instrumentation market are sub-segmented into PLC, SCADA, DCS, HMI, APC, MES,
and safety automation. The PLC sub-segment is estimated to dominate the overall
process automation and instrumentation market.
Based on application, the process automation and
instrumentation market are sub-segmented into chemical, metal & mining,
food & beverage, oil & gas, pharmaceutical, pulp & paper,
wastewater treatment, power, and others. Due to the increasing digitization of
the chemical industry in North America and Europe, the chemical sub-segment is
expected to register a high CAGR of 5.9% during the forecast period in the
global process automation and instrumentation market. In the upcoming years,
the pharmaceutical and power industry segments are expected to witness the
deployment of advanced technologies.
With these advancements, the pharmaceutical sub-segment is
projected to create potential growth in the process automation and
instrumentation market. In the recent past, it has been observed that
established companies, as well as growing companies, have started investing in
information technologies and companies from various sectors. These factors are
expected to boost the growth of the global process automation and
instrumentation market shortly.
Furthermore, to sustain in this highly competitive
environment, the global and regional food & beverages and oil & gas
companies are moving towards automation. Worldwide, the food & beverages
and oil & gas industries are undergoing technological advancements. Furthermore,
the metal & mining industry is making huge investments and setting higher
targets for its digital operations than any other sector, which is expected to
create potential growth opportunities for the process automation and
instrumentation market.
Furthermore, based on geography, North America is expected
to dominate the global process automation and instrumentation market due to the
advent of next-generation technological advancements in the U.S. and Canada.
The process automation and instrumentation market have high potential in APEJ
owing to major advancements in connecting technologies in India & China.
China is now the most connected country in the world. In recent years, the
process automation and instrumentation market in APEJ has witnessed significant
growth.
The Western Europe process automation and instrumentation
market will be a target market for the participants because governments in the
region are promoting and supporting the Industry 4.0 revolution in process
automation and instrumentation market. Latin America is estimated to grow with
a moderate CAGR over the forecast period in the process automation and
instrumentation market.
According to FMI’s analysis, long-term contracts with
business partners help to increase the revenue and innovation strategies enable
process automation and instrumentation vendors to reach new growth markets.
Examples of some of the key participants featured in the global process
automation and instrumentation market are ABB Limited, Emerson Electric
Company, Mitsubishi Electric Company, Rockwell Automation Inc., Siemens AG,
Schneider Electric SE, Yokogawa Electric Corporation, Honeywell International
Inc., and Pepperl+Fuchs GmbH.
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