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Process Automation and Instrumentation Market by Component, Type, Application, Growth and Demand Forecast, 2014–2024
Based on component, the process automation and instrumentation market has been segmented into hardware, software and services. The hardware category held the largest market share in terms of revenue in 2017, owing to its high deployment among large enterprises. The hardware category is further bifurcated into controllers, switches, human machine interface (HMI), remote telemetry unit (RTU) and input/output (I/O) cards. Among hardware, controllers are most commonly used, as they are deployed to control the processes based on commands received from the input device. The controllers growth is primarily buoyed by growing demand for energy efficiency, which is resulting in the rise of investments in the energy sector.
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On the basis of application, the process automation and instrumentation market has been segmented into chemicals & pharmaceuticals, manufacturing, metals & mining, water & wastewater, energy & utilities, food & beverages, oil & gas and others (including pulp & paper and hospitality). The oil & gas category was the largest adopter of process automation and instrumentation products and services, recorded in 2017.
The growing demand for petroleum products such as petrol, diesel and natural gas has led to rise in exploration and extraction activities, as well as upgradation of existing oil and gas rigs. These are among the major factors pushing the demand for process automation and instrumentation in the global market.
The process automation and instrumentation market in Asia-Pacific is expected to register fastest growth during the forecast period. This is due to increasing investments in energy infrastructure, supported by swiftly growing economies such as India, China and South Korea. For instance, the government of India completed electrification of 95% of households in the country, as of October 2018, up from 86% a year ago. The ever-rising energy demand as well as government initiatives to thrive for improved power reliability and focus on home-grown industries are some key factors supporting the market growth.
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The global process automation and instrumentation market is consolidated with top four players namely, Siemens AG, Honeywell International Inc., Emerson Electric Company, and ABB Group, accounting for over 60% of the total global market share in 2017. The initial capital investment is very high, along with the requirement of high degree of expertise to enter the market. Danaher Corporation, OMRON Corporation, Mitsubishi Electric Corporation, Yokogawa Electric Corporation, Schneider Electric SE and Rockwell Automation Inc., are some of the other key players operating in the process automation and instrumentation market.
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