Process Automation and Instrumentation Market Report

The process automation market is anticipated to increase rapidly due to the increasing acceptance of Industry 4.0 concepts in manufacturing sectors such as oil and gas, food and beverages, and chemicals. Industry 4.0 (I40) is a unique strategy to enhance process and business efficiency through digitalization and integration. With the implementation of Industry 4.0, most processes and systems in the manufacturing industry are automated utilizing a range of technologies such as cyber-physical systems, IoT, and cloud computing, allowing production units to work efficiently 24/7 with no human errors.

It aids in reducing production cycle time and improving process efficiency, from raw material procurement through end-product creation. Automation improves industrial processes through improving communication and self-monitoring mechanisms, as well as advanced real-time data collecting that analyses and diagnoses problems without the need for human interaction. Improvements in operational efficiency, productivity, product quality, asset utilization, supply chain management, workplace safety, and environmental sustainability are all possible with Industry 4.0. As a result, the adoption of Industry 4.0 concepts by various industries is anticipated to generate profitable opportunities for market participants in the forecast period.

In order to remain competitive in the changing global industrial environment, industries throughout the world are increasingly focusing on boosting production efficiency and lowering operating costs. The efficiency of a production site is measured by its capacity to adapt swiftly to sudden and unexpected changes in demand, preferences, and resource availability. This is possible through process automation. Instrumentation products aid in the measurement and analysis of process parameters such as pressure, temperature, level, and humidity, whereas process automation solutions aid in the monitoring and control of processes to decrease rework, inspection costs, and system failures. As a result, process automation assists industrial companies in lowering costs and increasing income. Industries are aggressively implementing process automation and instrumentation solutions throughout their manufacturing facilities in order to simplify operations, increase productivity, and minimize labor-related expenses.

• IIoT integration for enhanced connectivity and data analytics.
• Rise of edge computing for real-time decision-making in automation.
• Integration of robotics for streamlined manufacturing processes.
• AI-driven predictive maintenance for efficiency and cost savings.

Major market participants are concentrating their efforts on research and development in order to create exclusive products that fulfill client demand. In order to enhance their position in the process automation and instrumentation sector, they are also implementing different market strategies such as product launches, mergers, partnerships, and acquisitions. For instance, in January 2022, ExxonMobil selected Yokogawa Electric Corporation as the system integrator for the first field trial of an Open Process Automation (OPA) system designed to manage an entire manufacturing complex. The project will have expanded control capabilities made possible by the introduction of OPA technologies and interfaces.

Earlier, in January 2020, Emerson presented its newly redesigned ASCOTM Series 353 Pulse Valve, which is intended to assist original equipment manufacturers (OEMs) and end-users in achieving more effective, efficient, and convenient bag cleaning every time. With a greater peak pressure, broader temperature range, unique fast install clamp connection, and overall part simplicity, the new series enables longer bag and filter life and lower maintenance. Again, in April 2022, Siemens introduced the PXC7 to its Design range to provide building automation practitioners with even more freedom. Professionals can now program heating, ventilation, and air conditioning (HVAC) applications for larger buildings with this new feature. The Design PXC7 controller assists system integrators in offering a comprehensive automation solution owing to its easy connection features.

Developing a new automated manufacturing plant demands the use of cutting-edge automation technologies such as SCADA, DCS, PLC, and HMI. The necessity for high initial investments to set up an automated manufacturing facility is one of the most critical constraints restricting the growth of the process automation and instrumentation industry. Deploying automation technologies like DCS and SCADA, as well as instrumentation instruments like process analyzers and transmitters, requires substantial investments and the installation of these systems at an industrial site involves a number of steps, including system implementation, process execution, data collecting, and consulting. These factors are anticipated to increase total expenditures, consequently increasing the operating expenses of the plant owner. Furthermore, due to continual technical improvements, automation software systems require periodic upgrades. Such costs are unsustainable for small businesses. As a result, system installation, maintenance, and upgrading necessitate significant capital expenditure limiting market development to some extent.

ABB Limited, Emerson Electric Company, General Electric Company, Mitsubishi Electric Company, Rockwell Automation Inc., Honeywell International Inc.,  Siemens AG, Yokogawa Electric Corporation, Pepper Fuchs GmbH., Schneider Electric SE, Hitachi Ltd, Delta Electronics, Koyo Electronics Industries Co., Ltd., Fuji Electric, Yokogawa Electric Corporation are some of the prominent market players operating in the global process automation and instrumentation market.

Asia Pacific is anticipated to experience significant growth in the process automation and instrumentation market during the forecast period. This growth can be attributed to the growing demand for process automation and instrumentation solutions from the oil and gas and food and beverage sectors. Furthermore, increasing investments in renewable energy infrastructure in the Asia Pacific to fulfill rising electricity demand and minimize dependency on fossil fuels is also driving the market growth in this region. Owing to the changing regulatory environment, the market is also anticipated to grow in the pharmaceutical sector. Furthermore, benefits such as increased dependability and flexibility, as well as increased speed and accuracy, provided by process automation, drive pharma businesses to employ process automation and instrumentation systems. Furthermore, the North American region is anticipated to hold a significant share of the market owing to the increased use of industrial automation techniques in the region. The presence of a solid technological foundation, along with increasing support for the petrochemical and chemical industries, has fuelled regional expansion in North America.

The report provides a detailed overview of the process automation and instrumentation market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, the Middle East, and Africa. The country-specific assessment for the process automation and instrumentation market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the process automation and instrumentation market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which are anticipated to have a substantial impact on the growth of the process automation and instrumentation market. Some key countries and regions included in the process automation and instrumentation market report are as follows:

• Process automation and instrumentation market detailed segments and segment-wise market breakdown
• Process automation and instrumentation market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in process automation and instrumentation industry)
• Current, historical, and forthcoming 10 years market valuation in terms of process automation and instrumentation market size (US$ Mn), share (%), Y-o-Y growth rate, CAGR (%) analysis
• Process automation and instrumentation market demand analysis
• Process automation and instrumentation market regional insights with region-wise market breakdown
• Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
• Latest developments and innovations in the process automation and instrumentation market
• Regulatory landscape by key regions and key countries
• Process automation and instrumentation market sales and distribution strategies
• A comprehensive overview of the parent market
• A detailed viewpoint on process automation and instrumentation market forecast by countries
• Mergers and acquisitions in process automation and instrumentation market
• Essential information to enhance market position
• Robust research methodology