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Process Automation & Instrumentation Market-2023 Size, Share And Industry Growth Analysis 2032
Process Automation and Instrumentation Market
The Business Research Company's Process Automation and Instrumentation Global Market Report 2023 identifies increasing focus of manufacturing as the major driver for the Process Automation and Instrumentation market's growth in the forecast period. 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 process automation and instrumentation market growth.
The global process automation and instrumentation market size will grow from $67.19 billion in 2022 to $71.54 billion in 2023 at a compound annual growth rate (CAGR) of 6.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the process automation and instrumentation is expected to grow to $97.63 billion in 2027 at a CAGR of 8.1%.
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Major competitors 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.
A key trend in the Process Automation and Instrumentation market includes Technological innovations. 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.
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The Process Automation and Instrumentation market is segmented -
• By Instrument: Field Instrument, Control Valve And Analyser, Analytical Instrument
• By Solution: Programmable Logic Controller (PLC), Distributed Control System (DCS), Supervisory Control And Data Acquisition (SCADA), Human Machine Interaction (HMI), Functional Safety, Manufacturing Execution System (MES)
• By Industry: Oil And Gas, Chemicals, Pulp And Paper, Pharmaceuticals, Metals And Mining, Food And Beverages, Energy And Power, Water And Wastewater Treatment
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Process Automation and Instrumentation market.
The Business Research Company's "Global Process Automation and Instrumentation Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Process Automation and Instrumentation Market Include:
1. Executive Summary
2. Process Automation And Instrumentation Market Characteristics
3. Process Automation And Instrumentation Market Trends And Strategies
4. Process Automation And Instrumentation Market - Macro Economic Scenario
5. Process Automation And Instrumentation Market Size And Growth
.......................
26. Africa Process Automation And Instrumentation Market
27. Process Automation And Instrumentation Market Competitive LAndscape And Company Profiles
28. Key Mergers And Acquisitions In The Process Automation And Instrumentation Market
29. Process Automation And Instrumentation Market Future Outlook And Potential Analysis
30. Appendix
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