PUBLISHER: DataM Intelligence | PRODUCT CODE: 1268926
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1268926
The global process automation market reached US$ XX million in 2022 and is projected to witness lucrative growth by reaching up to US$ XX million by 2030. The market is growing at a CAGR of 7.6% during the forecast period (2023-2030).
Process automation is the practice of using machines instead of people to carry out a series of tasks. The phrase is frequently used in the context of business to refer to business process automation, where software applications carry out a number of tasks for the modern, digital corporation. According to the "productivity paradox," as technology develops, procedures slow down because people spend more time browsing apps, moving between them, getting to know them and doing other things. Automation helps to cut down on some of the lost time this contradiction causes.
In order to thrive in the fast-evolving global industrial environment, industries throughout the world are concentrating more and more on increasing production efficiency and lowering operating costs. A major metric of a production site's performance is how rapidly it can respond to abrupt changes in demand, preferences and resource availability. It is where process automation can be useful.
Tools for process automation assist with process management and monitoring, lowering expenses associated with inspection, rework and system failure. Instrumentation products make it easy to measure and analyze process parameters including pressure, temperature, level and humidity.
To construct a new automated manufacturing facility, modern automation technologies like SCADA, DCS, PLC and HMI must be used. One of the most significant challenges preventing the process automation and instrumentation industry from expanding is the need to make significant initial expenditures in order to set up an automated production facility. The market growth is constrained by the high cost of deploying automation solutions like DCS and SCADA as well as instrumentation equipment like process analyzers and transmitters.
The COVID-19 analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with pricing dynamics (including pricing change during and post-pandemic comparing it with pre-COVID scenarios), demand-supply spectrum (shift in demand and supply owing to trading restrictions, lockdown and subsequent issues), government initiatives (initiatives to revive market, sector or industry by government bodies) and manufacturers strategic initiatives (what manufacturers did to mitigate the COVID issues will be covered here).
The global process automation market is segmented based on technology, type, communication protocol, end-user and region.
Process automation hardware is built around Programmable Logic Controllers (PLCs), which provide an enduring and flexible control system for industrial processes. PLCs are specialized computers that can read data, output control signals to actuators and other output devices and handles digital and analog inputs from sensors and other devices.
The market for process automation is predicted to grow in this area at the second-fastest rate over the anticipated time frame. When it comes to process automation, North America has had phenomenal progress in the region. The process automation market in North America is anticipated to have considerable expansion over the next few years as a result of technological developments and rising demand for automation across numerous sectors.
The market for process automation in North America is expanding as a result of numerous causes. For instance, the area's highly advanced and established industrial sector needs automation to increase production and efficiency. The demand for process automation solutions is also being driven by the growing requirement for digital transformation and the expanding adoption of Industry 4.0 practices.
The major global players in the market are: ABB, Emerson Electric Co., Honeywell International Inc., Johnson Controls, Mitsubishi Corporation, Siemens AG, Robert Bosch GmBH, Rockwell Automation, Inc., ServiceNow, and Dassault Systemes.
The global process automation market report would provide approximately 69 tables, 72 figures and 212 pages.
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