Press release
Process Automation and Instrumentation Market Size, Product Trends, Key Drivers, Share Analysis And Forecast To 2033
Process Automation and Instrumentation Market
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..
Market Overview -
Process automation and instrumentation 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 operating 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.
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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.
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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