FMI Study Indicates Global Process Automation and Instrumentation Market to Reach USD 1.72 Billion by 2033, Driven by a 5.5% CAGR

According to a report by Future Market Insights (FMI), the process automation and instrumentation market is projected to grow at a steady compound annual growth rate (CAGR) of 5.5% from 2023 to 2033. The market is expected to reach USD 1.72 billion by 2033, up from an estimated USD 1.06 billion in 2023.

The integration of process automation with emerging technologies such as artificial intelligence and machine learning is broadening the market's scope. This advancement serves a diverse range of end-users and applications. Automation enhances information flow, improves employee satisfaction and retention, and strengthens customer integration. It also reduces labor costs and boosts workplace safety while maintaining consistent productivity.

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Key Drivers and Benefits of the Process Automation and Instrumentation Industry:

Corporate Expansion and Continuous Operations: The demand for operational efficiency and ongoing analysis is fueling market growth. Process automation facilitates round-the-clock operations, enhancing accuracy and productivity.

Increased Productivity: Automation, through both attended and unattended bots, boosts productivity by reducing dependence on paper-based processes. This streamlining of repetitive tasks leads to smoother automation and more efficient operations.

Cost Savings and Error Reduction: By lowering operational costs and minimizing errors, automation contributes to significant cost savings for companies. Improved data management and accuracy further drive the adoption of process automation tools.

Key Points from the Process Automation and Instrumentation Market Report:

The United States market leads the North American process automation and instrumentation market in terms of market share in North America. The United States held a market share of 5% in 2022. The factors attributed to the growth are the restoration of corporate infrastructure, new software, and hacks for enhanced productivity in the spaces.

The German process automation and instrumentation market held a healthy market share of 3% in 2022: higher economic activities, product trades, adoption of process automation, and better scalability cause market growth.

The Indian market thrives at a steady CAGR of 8% between 2023 and 2033. The growth is attributed to higher outsourcing businesses, new businesses, and enhanced innovations.

China thrives at a CAGR of 3% between 2023 and 2033.

Based on operation type, the semi-automatic segment held the leading market share of 6% in 2022. Higher consumption, affordable pricing, and increased adoption are rising the segment's strength.

Based on end use, the automotive segment leads as it held a market share of 5% in 2022.

Competitive Landscape in Process Automation and Instrumentation Market:

The key suppliers focus on better integration of smart technologies, custom design, and better programing. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.

Recent Market Developments:

Rockwell Automation Inc. has introduced the instrumentation network services. It includes the FOUNDATION Fieldbus and HART communication protocol.
General Electric Company has launched the life extensions/replacements and lifecycle services.

Yokogawa Electric Corporation has introduced digital transformation, IA2IA, and smart manufacturing. The programs are integrated with AR/VR, the Internet of Things, and Artificial Intelligence.

Key Players Profiled in the Process Automation and Instrumentation Market:

ABB Limited
Emerson Electric Company
Mitsubishi Electric Company
Rockwell Automation Inc.
Siemens AG
Schneider Electric SE
Yokogawa Electric Corporation
Honeywell International Inc.
Pepper Fuchs GmbH.
General Electric Company
Hitachi Ltd
Delta Electronics
Fuji Electric
Koyo Electronics Industries Co., Ltd.
Yokogawa Electric Corporation

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Market Key Segmentations:

By Instrument Type:
Transmitters
Flow meters
Analyzers
Controllers
Switches
Recorders
Switches
Vacuum Instruments

By Solution:
PLC
SCADA
DCS
HMI
APC
MES
Safety Automation

By End Use:
Chemical
Metal & Mining
Food & Beverage
Oil & Gas
Pharmaceutical
Pulp & Paper
Wastewater Treatment
Automotive
Others

By Operation Type:
Automatic
Semi-Automatic
Others

By Regions Covered:
North America
United States
Canada
Latin America
Brazil
Mexico
Rest of Latin America
Europe
Germany
United Kingdom
France
Spain
Russia
Rest of Europe
Japan
Asia Pacific Excluding Japan
China
India
Malaysia
Singapore
Australia
Rest of Asia Pacific Excluding Japan (APEJ)
The Middle East and Africa
GCC Countries
Israel
South Africa
Middle East and Africa (MEA)

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Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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This release was published on openPR.