The global process automation and instrumentation market size reached US$ 59,841.1 Million in 2021 and it is likely to touch a valuation of US$ 62,354.4 Million in 2022.
The global process automation and instrumentation market size was 59,841.1 million US$ in 2022 and is projected to reach 62,354.4 million US$ in 2022. Process instrumentation is also expected to grow at a CAGR of 5.0%. between 2022 and 2032, reaching a valuation of US$101.6 billion that year due to the increased use of automation in complex business processes.
In this report, FMI has segmented the global process automation and instrumentation market on the basis of instrument type, solutions, application, and region. By instrument type, the process automation and instrumentation market is sub-segmented into transmitters, flow meters, analyzers, controllers, switches, recorders, switches and vacuum instruments.
With the increasing penetration of connected devices and growing growth of industrial IoT, the transmitter sub-segment in the global process automation and instrumentation market accounted for more than 28% share in 2017. , owing to the increasing adaptation of digital technologies by various industry verticals, the vacuum instruments sub-segment is expected to register a high CAGR of 6.1% during the forecast period in the vacuum instrument market. process automation and instrumentation.
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Based on solutions, the global process automation and instrumentation market is sub-segmented into PLC, SCADA, DCS, HMI, APC, MES, and Safety Automation. The PLC sub-segment is estimated to dominate the overall process automation and instrumentation market.
Based on application, the process automation and instrumentation market is sub-segmented into chemicals, metals & mining, food & beverage, oil & gas, pharmaceuticals, pulp & paper, wastewater treatment , electricity and others. Due to the increasing digitalization of the chemical industry in North America and Europe, the chemical sub-segment is expected to register a high CAGR of 5.9% during the forecast period in the global automation market and process instrumentation. In the coming years, the pharmaceutical and energy industry segments are expected to witness the deployment of advanced technologies.
With these advancements, the pharmaceutical sub-segment is expected to create potential growth in the process automation and instrumentation market. In the recent past, it has been observed that established companies, as well as growing companies, have started to invest in information technology and businesses in various sectors. These factors are expected to drive the growth of the global process automation and instrumentation market in the near future.
Additionally, to survive in this highly competitive environment, global and regional food and beverage and oil and gas companies are turning to automation. Around the world, the food and oil and gas industries are experiencing technological advancements. Additionally, the metal and mining industry is making huge investments and setting higher goals for its digital operations than any other industry, which is expected to create potential growth opportunities for the process automation and automation market. 'instrumentation.
Additionally, based on geography, North America is expected to dominate the global process automation and instrumentation market owing to the advent of next-generation technological advancements in the United States and Canada. . The process automation and instrumentation market has great potential in APEJ due to major advancements in connection technologies in India and China. China is now the most connected country in the world. In recent years, the process automation and instrumentation market in APEJ has experienced significant growth.
The Western Europe process automation and instrumentation market will be a target market for participants as governments in the region promote and support the Industry 4.0 revolution in the automation and process market. process instrumentation. Latin America is estimated to witness growth with a moderate CAGR during the forecast period in the process automation and instrumentation market.
According to IMF analysis, long-term contracts with business partners help increase revenue and new innovation strategies enable process automation and instrumentation vendors to reach new growth markets.
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ABB Limited, Emerson Electric Company, Mitsubishi Electric Company, Rockwell Automation Inc., Siemens AG, Schneider Electric SE, Yokogawa Electric Corporation, Honeywell International Inc. and Pepperl+Fuchs GmbH.
Key segments covered by the Process Automation and Instrumentation Market analysis
By instrument type:
By Solution:
Per application:
By region:
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 07, 2023
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