PUBLISHER: The Business Research Company | PRODUCT CODE: 1119233
PUBLISHER: The Business Research Company | PRODUCT CODE: 1119233
“Process Automation and Instrumentation Global Market Report 2022 ” from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global process automation and instrumentation market.
This report focuses on process automation and instrumentation market which is experiencing strong growth. The report gives a guide to the process automation and instrumentation market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
Where is the largest and fastest growing market for the process automation and instrumentation? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The Process Automation and Instrumentation market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider process automation and instrumentation market, and compares it with other markets.
Major players in the process automation and instrumentation market are: ABB Limited, Danaher Corporation, Emerson Electric Company, Endress+Hauser Group Services AG, General Electric, Hollysys Automation Technologies Ltd, Honeywell International Inc., Mitsubishi Electric Corporation, Omron Corporation, Rockwell Automation Inc, Schneider Electric SE, Yokogawa Electric Corporation, Beckhoff Automation, Carlo Gavazzi Holding AG, Delta Electronics Inc., Inductive Automation LLC, Intech, Pepperl+Fuchs GmbH, and Robert Bosch GmbH.
The global process automation and instrumentation market is expected to grow from $62.92 billion in 2021 to $67.81 billion in 2022 at a compound annual growth rate (CAGR) of 7.8%. The process automation and instrumentation market is expected to grow to $95.76 billion in 2026 at a CAGR of 9.0%.
The process automation and instrumentation market consist of sales of process automation and instrumentation products by entities (organizations, sole traders, and partnerships) that refer to a set of activities conducted for the development and sales of process automation and instrumentation products. It is referred to as the process where technology is used to automate complex business processes involving using the software, hardware, and computing technology to allow to operate more securely and efficiently. Automating processes reduces errors and loss of data and increases transparency, communication across departments, and speed of processing in various industries.
The main types of process automation and instrumentation are field instruments, control valves, analyzers, and analytical instruments. Sensors, actuators, sophisticated signal processing, and reliable communications are all used in field instruments, which are typically used in the harshest of settings. They are responsible for capturing and interpreting data sent to the cloud at the corporate level. The solutions include a programmable logic controller (PLC), distributed control system (DCS), supervisory control and data acquisition (SCADA), human-machine interaction (HMI), functional safety, and manufacturing execution system (MES) are used in various industries such as oil and gas, chemicals, pulp and paper, pharmaceuticals, metals and mining, and food and beverages, energy and power, water and wastewater treatment.
North America was the largest region in the process automation and instrumentation market in 2021. The Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the process automation and instrumentation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The process automation and instrumentation market research report is one of a series of new reports from The Business Research Company that provides process automation and instrumentation market statistics, including process automation and instrumentation industry global market size, regional shares, competitors with a process automation and instrumentation market share, detailed process automation, and instrumentation market segments, market trends and opportunities, and any further data you may need to thrive in the process automation and instrumentation industry. This process automation and instrumentation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The increasing focus of manufacturing firms on achieving cost-saving and better efficiency is significantly contributing to the growth of the process automation and instrumentation market. The increase in productivity and minimization the errors are helping the process automation and instrumentation market to grow. According to the article by Gesrepair, manufacturing firms globally are investing in new manufacturing technology and making smart investments to improve their production process. Therefore, the increasing focus of manufacturing firms on achieving cost-saving and better efficiency drives the growth of the process automation and instrumentation market.
Technological innovations are shaping the process automation and instrumentation market. For instance, in September 2021, Siemens, a German-based industrial manufacturing company announced the launch of a new digitalization portfolio designed for targeted monitoring of critical measurement points to complete asset management and cover instrumentation for multiple plants called Sitrans IQ. It meets all types of requirements, smart inventory management, including apps for smart asset management, and remote monitoring.
In Jan-2020, Schneider Electric, a France-based company, is a multinational company providing energy and automation digital solutions for efficiency and sustainability agreed on making a strategic investment through the acquisition of AutoGrid. This partnership is focused on helping energy providers integrate customer-owned distributed energy resources (DERs) into their distribution management operation. This acquisition will also focus on co-innovation on AI and machine learning solutions for distributed energy resources. AutoGrid is a US-based company that is a market leader in flexibility management software for the energy industry.
The countries covered in the process automation and instrumentation market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.