Process Automation & Instrumentation Market | Industry Analysis and Market Forecast to 2024 | Market
[203 Pages Report] The process automation and instrumentation market is estimated to be worth USD 71.4 billion in 2019 and is projected to reach USD 95.5 billion by 2024, at a CAGR of 6.0%. The growth of this market is propelled by factors such as the growing importance of energy efficiency and cost reduction, emphasis on digitalized technologies such as IIoT, increasing adoption of industrial automation, and optimum utilization of resources.
"MES segment to grow at highest CAGR in global process automation and instrumentation market"
The manufacturing execution system (MES) helps improve productivity, reduce cycle time, and eliminate human dependency for processing data. MES applications provide cost savings and opportunities in operations, and help deliver high performance of production assets across the supply chain. MES provides information that helps manufacturers understand about the current conditions of the plant floor, which can be optimized to improve the production output. MES works in real time to enable the control of multiple elements of the complex production process, e.g., personnel, inputs, machines, and support services.
"Field instrument segment to account for largest share within process instrumentation in global process automation and instrumentation market"
Field instruments play a important role in process control by measuring the key elements such as temperature, pressure, flow, and level. Field instruments assist in managing plant assets, enhancing plant safety, and optimizing overall production processes through data acquisition, control, and measurement. It is imperative to obtain information quickly, smoothly, securely, and accurately from field instrument by measuring key elements of process control—temperature, pressure, flow, and level—is essential to achieve optimum productivity at sites.
"Pharmaceuticals industry to register at highest CAGR in global process automation and instrumentation market"
The process automation and instrumentation market for the pharmaceuticals industry is expected to grow at the highest CAGR from 2019 to 2024. Growing competition in the industry and legistations related to this industry; increasing importance of providing precision measuring equipment to provide accurate dosage of medicine; and rising need for process automation solutions to various processes such as manufacturing, testing, drug development, packaging and distribution are among the factors that are likely to propel the growth in the pharmaceutical industry in market. Moreover, due to the involvement of complex manufacturing processes such as milling, granulation, coating, and tablet pressing in pharmaceutical companies, there is growing need for process automation solutions, which, in turn, is likely to to drive the demand for market.
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"APAC to be fastest-growing region in process automation and instrumentation market from 2019 to 2024"
The market in APAC is expected to grow at the highest CAGR during the forecast period. The growth of the market during the forecast period is expected due to factors such as rising infrastructural investments in the energy & power sector owing to the increase in the demand for electricity and policy makers’ pushing for better power reliability; growing demand of oil & gas and food & beverages due to rising needs of huge population, rapid industrialization, and consistent growth in the industrial activities in the Pacific region, along with favorable government policies. The market for the pharmaceuticals industry in APAC is also growing due to low-cost factors and changing regulatory environment.
Key Market Players
The global process automation and instrumentation market is dominated by ABB (Switzerland), Siemens (Germany), Emerson Electric (US), Schneider Electric (France), and Honeywell International (US). The other key players in this market include companies such as General Electric (US), Mitsubishi Electric (Japan), Rockwell Automation (US), Endress+Hauser (Switzerland), Yokogawa Electric (Japan), and HollySys (China).
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