The global process automation and instrumentation market size reached US$ 59,841.1 Mn in 2021 and it is likely to touch a valuation of US$ 62,354.4 Mn in 2022.
The global process automation and instrumentation market are likely to witness an opulent growth opportunity, registering a CAGR of 5.0% between 2022 and 2032 with an evaluation that reached US$ 59,841.1 Mn in 2021 and is anticipated to surpass US$ 101.6 Bn by 2032. The growth of this market is attributed to the widespread adoption of automation in complex business processes and the utilization of advanced digital technologies.
As per FMI analysis, the historic forecast of the process automation and instrumentation market registered a CAGR of 4.2% between 2012 and 2021 in comparison to the current assessment period ranging from 2022 to 2032.
The market witnessed a surge in its growth by registering a CAGR of 5.0% owing to the surging need for enhancing productivity across various industries is a key factor propelling demand for process automation and instrumentation solutions. At present, the process automation and instrumentation market contribute to about ~28-31% of the parent market.
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Process automation is an application of software, hardware, and computing technology in order to improve the safety and productivity of end-use industries such as cement, oil & gas, paper, chemical & materials, among others. Sensors are used in the process to garner data on flows, pressures, and temperatures, among other devices.
Then the information is saved and evaluated on a computer. The development of the overall process automation and instrumentation market depends on the coordination between manufacturers of semiconductor componentry, developers of industrial software, and suppliers of industrial automation equipment.
Key Takeaways
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Competitive Landscape
Prominent market players operating in the global process automation and instrumentation market are facing constant pressure to improve and enhance their offerings. Owing to this rising demand, leading manufacturers in the market are increasingly adopting strategies such as new product launches, partnerships, collaborations, mergers, facility expansions, and acquisitions.
More Insights into the Process Automation and Instrumentation Market
According to FMI analysis, China is anticipated to dominate the global process automation and instrumentation market by exhibiting a growth rate of 5.7% CAGR throughout the forecast period. Due to the rapid adoption of automation all over the industries, they help improve productivity and reduce costs. In addition to that, favorable government support, and a strong presence of leading market players.
Germany is the second largest market estimated to hold about 7.8% share of the global process automation and instrumentation market during the forecast period of 2022 and 2032. Owing to the accelerating emphasis on improving productivity and growing adoption of instruments like transmitters, flow meters, analyzers, controllers, switches, etc., the overall process automation and instrumentation market in Germany is anticipated to reach a valuation of US$ 4,863.6 Mn in 2022.
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Key Segments Covered in Process Automation and Instrumentation Market Analysis
By Instrument Type:
By Solution:
By Application:
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Dec 28, 2022