Process Automation & Instrumentation Market Size Global Forecast to 2027 | MarketsandMarkets

The global process automation and instrumentation market size is expected to grow from USD 66.2 billion in 2022 to USD 86.6 billion by 2027, at a CAGR of 5.5%.

The growth of this market can be attributed to the growing importance of energy efficiency and cost optimization, increased productivity, minimized errors and better scalability; the increasing use of digital technologies such as IIoT, machine learning, and artificial intelligence; and the rising emphasis on industrial automation and optimum utilization of resources.

DRIVERS: Increasing focus of manufacturing firms on achieving cost saving and better efficiency

Industries worldwide increasingly focus on improving production efficiency and reducing operating costs to sustain in the changing global industrial environment. The efficiency of a production site is assessed by its ability to respond quickly to rapid and unexpected changes in demand, preferences, and resource availability. This can be accomplished through process automation. Instrumentation products help measure and analyze process parameters such as pressure, temperature, level, and humidity, while process automation solutions help monitor and control processes to lower rework costs, minimize inspection costs, and reduce system failures. Thus, process automation helps manufacturing firms decrease costs and increase revenue. Industries are actively adopting process automation and instrumentation solutions across their production sites to streamline industry operations, achieve enhanced productivity, and reduce labor-related costs.

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RESTRAINTS: High implementation and maintenance costs associated with process automation

Establishing a new automated manufacturing plant requires deploying the latest automation technologies such as SCADA, DCS, PLC, and HMI. One of the most significant factors limiting the growth of the process automation and instrumentation market is the need for high initial investments to set up an automated production plant. Huge capital is required to deploy automation solutions such as DCS and SCADA, as well as instrumentation devices such as process analyzers and transmitters. The installation of solutions such as DCS at an industrial site involves various stages, including system implementation, process running, data acquisition, and consultation; this subsequently increases the overall costs, thereby increasing the operating expenses of the plant owner. Furthermore, automation software solutions require frequent upgrades owing to ongoing technological advancements. It is not feasible for small businesses to bear such expenses. Thus, system installation, maintenance, and upgrade require huge capital investment, restricting market growth to a certain extent.

OPPORTUNITIES: Growing adoption of Industry 4.0 by manufacturing firms

The process automation market is expected to grow at a significant rate owing to the rising adoption of Industry 4.0 principles in manufacturing industries, including oil & gas, food & beverages, chemicals. With the adoption of Industry 4.0, most processes and systems in the manufacturing sector are automated using a variety of technologies, such as cyber-physical systems, IoT, cloud computing, which allow production units to operate efficiently 24/7 with zero human errors. It helps reduce production cycle time, achieve process efficiency, right from the raw material procurement stage to the development of the end product. Automation enhances industrial processes through improved communication and self-monitoring techniques, intelligent collection of real-time data, which analyzes and diagnoses issues without human intervention. Industry 4.0 enables improvement in operational efficiency, productivity, product quality, asset utilization, supply chain management, workplace safety, and environmental sustainability. Thus, the adoption of Industry 4.0 principles by several industries is expected to create lucrative opportunities for market players in the next few years.

CHALLENGES: Shortage of skilled personnel to operate sophisticated automation systems

Skilled resources are required to operate process automation and instrumentation solutions because of the complex processes, which can be misinterpreted and may lead to errors and faults if handled by an unskilled workforce. As artificial intelligence (AI) and the Internet of Things (IoT) are changing the nature of work, process automation will accelerate the shift in required skill sets. The demand for a skilled workforce will increase as companies seek to use IoT data to predict outcomes, optimize operations, prevent failures, develop new products, and deploy advanced analytics competencies, including artificial intelligence (AI) and machine learning (ML), in manufacturing. Process automation systems integrated with advanced technologies, such as AI and IoT, need attention and expertise while handling various scenarios. Therefore, the shortage of skilled workforce creates challenges for providers of process automation and instrumentation products.

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