Market Overview

The global process automation & instrumentation market is registered to create approximately 6% of CAGR during the review period of 2017 to 2023. Process automation and instrumentation are helpful for the transformation of human thought into a computerized model or technical model. 

As per the Process Automation and Instrumentation Market Analysis, it is predicted that the global market has more growth potentials due to the cost reduction, efficient utilization of resources, the importance of energy efficiencies, digital technologies, and rising industrial automation. The growing adoption of IoT in industrial domains, the regulations for developing production efficacies, and strict compliances are important growth driving factors for the global market. For instance, the growing investment by the U.S. government in the industry like chemicals & petrochemical is bringing more opportunities for the worldwide market. 

However, the global Process Automation and Instrumentation Market Sizemight experiences restraints as it requires high investments for improving devices and related solutions like process analyzers, control valves, transmitters, and others. In addition, the high cost of the installation process and privacy and security issues might hinder the growth of the global market in the forecast period. 

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Industry News

In the year 2020, Emerson Electric Company announced RXi industrial display and panel PC products launch. This product launch is projected to minimize the cost of industrial applications. Additionally, this will help many scientists and companies to improve the developmental processes in fields like power, Life Science, machinery, water, and manufacturing. 

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Market Segmentation

The Process Automation and Instrumentation Market Trends have been divided into the solution, instrument, and industry. Depending on the solution category segment, the global market has been classified into DCS, PLC, Functional safety, SCADA, APC, MES, HMI, etc. The HMI segment is registered to grow at the highest CAGR during the research period. 

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The global market has been divided into control valves, field instruments, and analytical instruments in terms of instrument segment. Of all, the field instrument segment is expected to account for the largest market share. 

Based on the industry segment, the worldwide market has been categorized into energy and power, food and beverages, metals & mining, chemicals, pharmaceuticals, water & wastewater, oil & gas, and others. Among all, the pharmaceuticals industry is predicted to register the highest CAGR. 

Regional Analysis

Based on the regional segment, the global industry has been classified into different regions such as Europe, Asia Pacific, North America, and others. Of these, the North American regional market is predicted to create the highest Process Automation and Instrumentation Market Size during the research period due to the growing investment from the government in petrochemicals, matured industrial sectors, and the high technological advancement in the region. 

For instance, the European regional market is projected to expand its market share in the forecast period. This region is fueling market growth due to the strict environmental and industrial regulations in the region.

In the Process Automation and Instrumentation Market Trends, the second-largest contributing region in the Asia Pacific region. This region is expanding the market size due to the high requirements of process automation and instrumentation in many countries of Asia for oil refineries. Further, the growing efficiency of the global market is boosting up the market of the rest of the world.  

1 EXECUTIVE SUMMARY 20

1.1 MARKET ATTRACTIVENESS ANALYSIS 21

2 MARKET INTRODUCTION 22

2.1 DEFINITION 22

2.2 SCOPE OF THE STUDY 22

2.3 RESEARCH OBJECTIVE 22

2.4 MARKET STRUCTURE 23

3 RESEARCH METHODOLOGY 24

4 MARKET DYNAMICS 31

4.1 INTRODUCTION 31

4.2 DRIVERS 32

4.2.1 GROWING REGULATORY COMPLIANCES IN PROCESS INDUSTRIES 32

4.2.2 RISING TREND OF CONNECTED ENTERPRISES IN PROCESS INDUSTRIES 33

4.2.3 INCREASING FOCUS OF MANUFACTURING FIRMS ON ACHIEVING COST-SAVING AND BETTER EFFICIENCY 33

4.3 RESTRAINT 35

4.3.1 HIGH IMPLEMENTATION & MAINTENANCE COSTS 35

4.3.2 HIGH INSTRUMENTATION FAILURE RATES 36

4.4 OPPORTUNITY 37

4.4.1 RISING GROWTH IN INDUSTRIAL ROBOTICS 37

4.4.2 INCREASING ADOPTION OF INDUSTRIAL INTERNET OF THINGS (IIOT) ACROSS VARIOUS INDUSTRIES 37

4.4.3 ADOPTION OF INDUSTRIAL 4.0 ACROSS VARIOUS INDUSTRIES 38

4.5 IMPACT OF COVID-19 39

4.5.1 IMPACT ON SEMICONDUCTOR MANUFACTURERS 39

4.5.2 IMPACT ON DEVICE MANUFACTURERS 40

4.5.3 IMPACT ON COMPONENT MANUFACTURERS 40

4.5.4 COVID-19 IMPACT ON SUPPLY CHAIN DELAYS 41

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