Process Automation and Instrumentation Market worth $86.6 billion by 2027
According to the new research report "Process Automation and Instrumentation Market with COVID-19 Impact Analysis by Instrument (Field Instruments, Process Analyzers), Solution (PLC, DCS, SCADA, HMI, Functional Safety, MES), Industry and Region - Global Forecast to 2027" published by 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 process automation and instrumentation market comprises players that offer human-machine interface (HMI) devices, manufacturing execution systems (MES), programmable logic controllers (PLCs), distributed control systems (DCS), supervisory control and data acquisition (SCADA) systems, and functional safety solutions. The market is diversified, with various companies competing across the value chain to sustain their position in the market and increase their market share.
Field instruments dominated the global process automation and instrumentation market in 2021
Field instruments assist in managing plant assets, enhancing plant safety, and optimizing overall production processes through data acquisition, control, and measurement. It is necessary to obtain key information regarding major parameters, including temperature, pressure, and level, to monitor and control processes quickly, smoothly, securely, and accurately, as well as to achieve optimum productivity. These instruments play a pivotal role in measuring and controlling process parameters in process industries. For example, in June 2021, Emerson Electric Co. introduced a new Rosemount 1408H level transmitter, specifically designed for the food & beverages industry. The constant release of advanced products to automate industrial processes and measure and control different process parameters is expected to drive the process automation and instrumentation market for field instruments.
Oil & gas industry is leading the global process automation and instrumentation market
The oil & gas industry is leading the global process automation and instrumentation market at present, and a similar trend is likely to continue in the next few years. Oil and gas companies are increasingly leveraging process automation and instrumentation to acquire a constant stream of data that can be mined, aggregated into big data, and transformed into smart data through analytics and detailed analysis. Major components used for process automation and instrumentation in the oil & gas industry are software, such as MES and SCADA, and instruments, such as control valves, actuators, positioners, flowmeters, and transmitters. The oil demand can be met by increasing the productivity and efficiency of the oil and gas companies. Therefore, it becomes necessary for industry players to implement solutions to improve manufacturing processes. This can ultimately be achieved by adopting process automation and instrumentation solutions such as HMI, SCADA, and PLC.
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Asia Pacific to grow at the highest CAGR during the forecast period of 2022 to 2027
In terms of region, Asia Pacific led the global process automation and instrumentation market, followed Asia Pacific led the global process automation and instrumentation market, followed by North America and Europe in 2021. In Asia Pacific, the demand for process automation and instrumentation solutions is growing from the oil & gas and food & beverages industries due to the ever-increasing population in Asia Pacific. Increasing investments in clean energy infrastructure in Asia Pacific to meet escalating demand for electricity and reduce reliance on fossil fuels to generate energy. Also, the process automation and instrumentation market for the pharmaceuticals industry in this region is expected to grow at the highest CAGR from 2022 to 2027 due to changing regulatory environment. Also, advantages such as higher reliability and flexibility and greater speed and accuracy offered by process automation encourage pharma companies to adopt process automation and instrumentation solutions.
Major companies operating in this process automation and instrumentation market include ABB Ltd. (Switzerland), Emerson Electric Co. (US), Siemens (Germany), General Electric Company (US), and Schneider Electric (France).
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