Process Automation and Instrumentation Market

Process Automation and Instrumentation Market (2023-2028)

The Global Process Automation and Instrumentation Market size was US$ 66.2 billion in 2022 and is anticipated to succeed in the valuation of US$ 86.6 billion in 2028 and is predicted to register a CAGR of 5.5% during 2023-2028.

Market Scenario:

Automation instrumentation includes a set of equipment and devices which is used to streamline automated processes including assembling, dispensing, material handling, material handling, sorting, and labelling, among others. Automation instrumentation enables communication between robotics and other automation devices.

With the increasing adoption of the Internet of things in various industries, the growing demand for automated processes and instruments from large enterprises is a key driver of process automation and instrumentation market. Process automation is technology-enabled automation of complex and iterative manual processes. By simplifying and streamlining your organization’s processes, process automation and measurement improves collaboration between resources, increases productivity, provides transparency, reduces cost, and ensures compliance.

Recent Developments Process Automation and Instrumentation Industry:

• Emerson has announced the release of a new miniature rocker shut-off valve for clinical laboratory equipment.
• The ASCO Series 062 Seesaw Globe Valve's replaceable 16mm design allows for streamlined customization of compact fluid processing manifolds, maximizing functionality and flexibility.
• The sixth version of iFIX has been released by General Electric. This is HMI / SCADA software designed to increase operational productivity by providing plant operators with high performance and providing users with the best overview and secure visualization of problems or tasks.

REPORT COVERAGE:

Process Automation and Instrumentation Market Drivers:

Industries around the world are increasingly focused on improving production efficiency and reducing operating costs in order to survive in a changing global industrial environment. Manufacturing facility efficiency is measured by its ability to respond quickly to rapid and unexpected changes in demand, preferences, and resource availability. This can be accomplished through process automation. Instrumentation products help measure and analyse process parameters such as pressure, temperature, level, and humidity, while process automation solutions help monitor and control processes to lower rework costs, minimize inspection costs, and reduce system failures. Therefore, process automation helps manufacturers reduces costs and increase sales. The industry is actively deploying process automation and instrumentation solutions on the shop floor to streamline industrial operations, increase productivity, and reduce labour costs.

Process Automation and Instrumentation Market Restraints:

To install a new automated manufacturing facility, you need to use the latest automation technologies such as SCADA, DCS, PLC, and HMI. The need for large initial investments to set up an automated production facility is the most important factor limiting the growth of the process automation and instrumentation market development. Facilitating automation solution such as DCS and SCADA, also instrumentation devices such as process analysers and transmitters. Installing a solution like DCS on an industrial site involves various stages, including system implementation, process running, data acquisition, and consulting. As a result, this increases overall costs, thereby increasing the operating expenses of the plant owner. In addition, due to constant technological advances, automation software solutions require frequent upgrades owing to ongoing technological advancements. It is not feasible for small businesses to bear such costs. Therefore, system installation, maintenance, and upgrade require huge capital investment, restricting market growth to some extent.

Process Automation and Instrumentation Market Segmentation Analysis:

By Instrument:

• Field Instruments
• Process Analysers

Through data collection, control, and measurement, field equipment helps manage plant assets, improve plant safety, and optimize the entire production process. Too quickly, smoothly, safely, accurately monitor and control the process and achieve optimal productivity, you need important information about key parameters such as temperature, pressure, and level. These instruments play a central role in the measurement and control of process parameters in the process industry. For example, in June 2021, Emerson Electric Co. announced a new Rosemount 1408H level transmitter specifically designed for the food and beverage industry. The continuous release of upgraded products for automating industrial processes, measuring and controlling various process parameters is predicted to facilitate the automation of field instrumentation process and the instrumentation automation markets.

By Application:

• Chemicals and pharmaceuticals
• Manufacturing
• metals & mining
• water & wastewater
• energy & utilities
• food & beverages
• oil & gas

The oil and gas category were the largest adopter of process automation and instrumentation products and services recorded in 2021. Increasing demand for petroleum products such as gasoline, diesel and natural gas has increased exploration and production activities and modernized existing oil and gas platforms. These are one of the key drivers driving the demand for process automation and measurement in the global market.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Process Automation and Instrumentation Market Regional Analysis:

In terms of regions, the Asia-Pacific region led the global process automation and instrumentation market, followed by the Asia-Pacific region, followed by North America and Europe in 2021. In the Asia Pacific region, process automation and instrumentation solutions are at a high standard as the population from the oil and gas, food and beverage industries continue to grow in the Asia Pacific region. Increase investment in clean energy infrastructure in the Asia Pacific region to meet growing electricity demand and reduce reliance on fossil fuels for power generation. In addition, the process automation and instrumentation market for the pharmaceutical industry in the region is expected to grow at the highest CAGR from 2021 to 2027 due to changing regulatory conditions. Benefits such as increased reliability and flexibility, increased speed and accuracy provided by process automation also encourage pharmaceutical companies to adopt process automation and measurement solutions.

Key Players in the Market:

Major Key Players in the Global Process Automation and Instrumentation Market are

• ABB Ltd
• Emerson Electric Co
• Siemens
• General Electric Company
• Schneider Electric
• Honeywell
• Rockwell automation