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Process Automation and Instrumentation Global Market Report 2024 - By Size, Share, Trends, Demand, Forecast To 2033
Process Automation and Instrumentation
The Business Research Company offers in-depth market insights through Process Automation and Instrumentation Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The process automation and instrumentation market size has grown strongly in recent years. It will grow from $70.42 billion in 2023 to $75.47 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to demand for operational efficiency, compliance and regulatory requirements, increased complexity of industrial processes, focus on safety and risk mitigation, energy efficiency initiatives, .
The process automation and instrumentation market size is expected to see strong growth in the next few years. It will grow to $99.91 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to predictive maintenance strategies, evolving regulatory landscape, modular and scalable automation, hybrid and flexible manufacturing, . Major trends in the forecast period include digital twins for process optimization, cloud-based process automation solutions, cybersecurity measures for industrial networks, wireless instrumentation and communication, predictive maintenance and condition monitoring, cross-industry adoption of automation..
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Market Segmentation:
The process automation and instrumentation market covered in this report is segmented -
1) By Instrument: Field Instrument, Control Valve And Analyser, Analytical Instrument
2) 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)
3) By Industry: Oil And Gas, Chemicals, Pulp And Paper, Pharmaceuticals, Metals And Mining, Food And Beverages, Energy And Power, Water And Wastewater Treatment
Major Driver - Manufacturing Firms Drive Growth In The Process Automation And Instrumentation Market
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 process automation and instrumentation market growth.
Competitive Landscape:
Major companies operating in the process automation and instrumentation market report are ABB Limited, Danaher Corporation, Emerson Electric Company, Endress+Hauser Group Services AG, General Electric Company, 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 Open, Pepperl+Fuchs GmbH, Robert Bosch GmbH, Siemens AG, Eaton Corporation, Metso Corporation, Idec Corporation, Maple Systems Inc., Invensys plc, AVEVA Group plc, Aspen Technology Inc., Mettler Toledo - Process Analytics, AlpHa Measurement Solutions, Sparling's technologies, Global Technology Systems, Hawk Measurement Systems, Heat Trace Products, James C. White Company Inc., Precision Digital Corporation, Pulsar Measurement - UK, Seametrics Inc.
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Top Trend - Innovations Reshaping 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.
The Table Of Content For The Market Report 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
…..
27. Process Automation and Instrumentation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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