Process Instrumentation Market, By Type of Instrumentation (Pressure Instruments, Flow Instruments, Level Instruments, Temperature Instruments, Analytical Instruments, Control Valves), By Technology, By End User & Forecast, 2024 - 2032

Process Instrumentation Market, By Type of Instrumentation (Pressure Instruments, Flow Instruments, Level Instruments, Temperature Instruments, Analytical Instruments, Control Valves), By Technology, By End User & Forecast, 2024 - 2032

Process instrumentation market size is set to record over 3% CAGR between 2024 and 2032. The increasing prevalence of automation and digitization in various sectors, such as oil & gas, chemical manufacturing (CIP), pharmaceuticals, and water treatment is necessitating the use of advanced process equipment solutions to enhance the productivity with accuracy and safety. For instance, in November 2023, ABB launched ABB Ability™ SmartMaster in India, a complete asset management platform for inspection and condition monitoring of instruments and field equipment for the water, wastewater, chemical, oil & gas and other industries. Strict regulations on quality control, environmental monitoring, and occupational safety are also driving the demand for process measurement systems to provide real-time data monitoring and analysis to ensure compliance and reduce risk.

Innovations in sensor technology, wireless communications and data analytics are further enabling the development of more intelligent and integrated process measurement solutions to provide a holistic view of industrial processes. Industry 4.0 technologies like IIoT and AI are integrating process instruments and systems for real-time monitoring and optimization of production processes. Demand for remote monitoring due to globalization and the pandemic is also driving the adoption of cloud-based and mobile equipment, further accelerating the market growth.

The process instrumentation industry is segmented into type of instrumentation, technology, end user and region.

Based on type of instrumentation, the market size from the flow instruments segment is slated to gain momentum through 2032. The increasing importance of operational efficiency, productivity and resource conservation in industries has led to the development of advanced flow instruments to measure fluids under a wide variety of operating conditions. The use of flow instruments to monitor and control fluid flows is also adding to segment growth on account of strict environmental requirements and product quality limitations.

In terms of technology, the process instrumentation market from the programmable logic controller segment is anticipated to observe decent growth rate between 2024 and 2032, due to its pivotal role in industrial automation and process control systems. Programmable logic controller (PLCs) are crucial for monitoring and controlling processes in industries like manufacturing, energy, and electrical. The demand for advanced PLCs is further rising with the adoption of smart manufacturing and Industry 4.0.

Asia Pacific process instrumentation industry will grow substantially between 2024 and 2032. The rapid industrialization and infrastructure development in emerging economies like China, India, and Southeast Asia are driving the demand for process instrumentation solutions to support manufacturing and infrastructure projects. Government initiatives for promoting industrial automation and digitalization are also accelerating the regional market growth.