The process automation and instrumentation market is estimated to be worth USD 67.4 billion in 2020 and is projected to reach USD 76.8 billion by 2027, at a CAGR of 2.6%. Process Automation & Instrumentation (SDP) simulates the process of human thoughts into a computerized model. This is a self-learning technology which uses the gestures, patterns recognition, data mining, and Natural Language Processing (NLP) to act like a human brain. Industries are using Process Automation & Instrumentation with big data analytics to get the better and accurate output.
The major factors driving the growth of the process automation & instrumentation market is the increase in adoption of IoT technology across various industrial domains, growing strict regulation and compliance in process industries and to improvise production efficiency and minimize operating cost. However, aspects such as the failure rate of the instrument, the vulnerability of instrument breakage are high during critical working condition and uncertainty of breakdown.
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One of the most significant factors that limit the growth of the process automation and instrumentation market is a high initial investment for solutions and devices. High investments are required for solutions such as MES and devices such as process analysers, transmitters, and control valves. For example, the installation of MES at a production site involves various stages, such as acquisition, adjustment, implementation, running, and consultation; this subsequently increases overall costs, thereby surging the operating expenses of the site.
Industrial accidents result in heavy losses in terms of injuries or death and production loss. Oil and gas platforms are generally located in harsh conditions, which require an automated safety and security mechanism for protecting against any terrorist attack, theft, and accidents, as well as malfunctioning of equipment. Process automation and instrumentation can handle and control an emergency as well as control complex processes.
ABB Ltd. (Switzerland)
Emerson Electric Co. (U.S.)
General Electric Co. (U.S.)
Honeywell International Inc. (U.S.)
Mitsubishi Electric Corporation (Japan)
Rockwell Automation Inc. (U.S.)
Schneider Electric SE (France)
Siemens AG (Germany)
Yokogawa Electric Corporation (Japan)
Metso Corporation (Finland)
On the Basis of Type:
On the Basis of Application:
Oil And Gas Industry
Chemical And Petrochemical
Water And Wastewater
On the Basis of Region:
Middle East and Africa (MEA)
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The Process Automation and Instrumentation market in APAC is expected to hold a major market share during the forecast period as countries in APAC such as China, Japan, India, and South Korea have some of the largest manufacturing facilities wherein automation of manufacturing processes has been taken as the highest priority. Also, strong competition among consumer electronics companies in APAC is likely to boost the adoption of machine vision systems in the region. The growing awareness about and demand for high-quality and zero-defect products has fuelled the need for Process Automation and Instrumentation in inspection-related applications in the manufacturing fields.
However, the outbreak of COVID-19 has significantly affected the manufacturing sector of APAC. As the neighbouring countries are linked to one another through trade relations and supply chain the entire region is affected with the outbreak of COVID-19 which will have a significant impact on the said market in this region for the forecast period.
TABLE OF CONTENTS
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Process Automation and Instrumentation Market
Chapter 5. Global Process Automation and Instrumentation Market Overview, By Application, 2015 – 2027(USD Million)
Chapter 6. Global Process Automation and Instrumentation Market Overview, By Distribution Channel, 2015 – 2027(USD Million)
Chapter 7. Global Process Automation and Instrumentation Market Overview, By Geography, 2015 – 2027(USD Million)
Chapter 8. North America Process Automation and Instrumentation Market Overview, By Countries, 2015 – 2027(USD Million)
Chapter 9. Europe Process Automation and Instrumentation Market Overview, By Countries, 2015 – 2027(USD Million)
Chapter 10. Asia Pacific Process Automation and Instrumentation Market Overview, By Countries, 2015 – 2027 (USD Million)
Chapter 11. Middle East & Africa Process Automation and Instrumentation Market Overview, By Countries, 2015 – 2027 (USD Million)
Chapter 12. South America Process Automation and Instrumentation Market Overview, By Countries, 2015 – 2027 (USD Million)
Chapter 13. Competitive Landscape
Chapter 14. Key Vendor Analysis
Chapter 15. Process Automation and Instrumentation Market Cost Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
Chapter 18. Market Effect Factors Analysis
Chapter 19. Future Outlook of the Market
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