Process Automation and Instrumentation Market: Global Innovations Report 2024

"The Business Research Company recently released a comprehensive report on the Global Process Automation and Instrumentation Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 Drivers and Trends:

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.

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

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Major Key Players of the Market:

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.

Process Automation and Instrumentation Market 2024 Key Insights:

• 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%.
• Manufacturing Firms Drive Growth In The Process Automation And Instrumentation Market
• Innovations Reshaping The Process Automation And Instrumentation Market
• North America was the largest region in the process automation and instrumentation market in 2023

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