Process Automation and Instrumentation Market Forecasts to 2028 – Global Analysis By Instrument Type (Transmitters, Flow Meters, Analyzers, Controllers, Switches, Field Instruments, Vacuum Instruments, Recorders and Other Instrument Types), Solution, End

Process Automation and Instrumentation Market Forecasts to 2028 – Global Analysis By Instrument Type (Transmitters, Flow Meters, Analyzers, Controllers, Switches, Field Instruments, Vacuum Instruments, Recorders and Other Instrument Types), Solution, End User and By Geography

According to Stratistics MRC, the Global Process Automation and Instrumentation Market is accounted for $66.26 billion in 2022 and is expected to reach $91.36 billion by 2028 growing at a CAGR of 5.49% during the forecast period. Process automation serves as the tool by which any process may be made automatic through the approach of process automation. Process automation and instrumentation adoption enables companies to do difficult tasks more quickly and efficiently, save labor costs, increase workplace safety, and boost overall output. Process automation and instrumentation are turning human cognition into a technological model that can be programmed. Modern businesses and industries now place a great deal of weight on it since it provides real-time perspectives that are then used to optimize operations.

According to the Association for Advancing Automation (A3), during the period January to September 2022, North American companies purchased 35,804 units of industrial robots, valued at USD 1.875 billion, up 24% for ordered units and 27% for revenue over the same period in 2021.

Market Dynamics

Driver:

Increasing focus on enhancing effectiveness

Industries all over the globe are focusing more on increasing production efficiency and reducing operating costs in order to thrive in the fast changing global industrial environment. Process automation makes end-use industries run more effectively and securely. Pressure, temperature, level and humidity are few of the process factors that may be measured and analyzed with the use of instrumentation equipment. They make it possible for industrial businesses to increase profits and save costs. They are using process automation and instrumentation technologies as a consequence which is fuelling the market demand.

Restraint

High cost of research and development

The main challenges impeding the growth of the process automation and instrumentation market are the high investment costs associated with the research and development of automation services as well as the deployment and administration of these systems. Because small and medium-sized businesses have limited resources for setting up and maintaining automation services, these procedures have a relatively low penetration rate among these businesses.

Opportunity

Growing adoption of industry 4.0

With the introduction of Industry 4.0, the majority of manufacturing industry processes and systems are automated utilizing a range of technologies, including cyber-physical systems, IoT, and cloud computing, enabling production units to run effectively around-the-clock with no human error. It assists in reducing manufacturing cycle times and achieving process efficiency from the sourcing of raw materials through the creation of the finished product. Market participants might anticipate attractive prospects as a result of its acceptance.

Threat

Shortage of skilled personnel

Process automation and instrumentation systems require trained personnel to operate due to the complexity of the processes, which can be misunderstood and may result in mistakes and defects if handled by an unskilled staff. A skilled staff can forecast results, improve processes, avoid failures, create new products, and use sophisticated analytics skills. Hence, the lack of experienced workers presents difficulties for companies that produce process automation and instrumentation.

Covid-19 Impact

The vast majority of the worldwide industrial sectors have been significantly impacted by the COVID-19 epidemic. Similar to other markets, the worldwide process automation and instrumentation industry is competitive. Many prospects for process automation and instrumentation have lately decreased due to the worldwide health crisis. Disruptions in the supply chain caused by the pandemic have had a negative impact on demand, investment, and output in the sector.

The field instruments segment is expected to be the largest during the forecast period

The field instruments segment is estimated to have a lucrative growth, due to its controlling process parameters. Field instruments use data collection, control, and measurement to help manage plant assets, improve plant safety, and optimize overall production operations. It helps to monitor and regulate operations quickly, easily, safely, and correctly. It achieves maximum productivity by gathering important information about critical parameters such as temperature, pressure, and level.

The advanced process control (APC) segment is expected to have the highest CAGR during the forecast period

The advanced process control (APC) segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its control techniques. Advanced Process Control (APC) is a supervisory control solution that communicates with installed level one distributed control system (DCS) controllers. It includes model-based software that is used to direct the process operation. It has several proven advanced control techniques, such as feed forward, decoupling, and inferential control which are fuelling the segment demand.

Region with largest share

Asia Pacific is projected to hold the largest market share during the forecast period owing to the rapid growth and expansion of various end user verticals. Due to the region's expanding population, the oil and gas and food and beverage sectors are seeing an increase in demand for process automation and instrumentation solutions. The market share is being driven by the expansion of numerous industries in this area.

Region with highest CAGR

Asia Pacific is projected to have the highest CAGR over the forecast period, due to the availability of cheap labor in these countries. Further, this region needs a significant financial expenditure to incorporate process automation. The market expansion is being accelerated by rising investments in clean energy infrastructure in Asia Pacific to fulfill the region's rising power demand and reduce dependency on fossil fuels for energy production.

Key players in the market

Some of the key players profiled in the Process Automation and Instrumentation Market include Emerson Electric Company, Rockwell Automation Inc., Siemens AG, Yokogawa Electric Corporation, Pepper Fuchs GmbH., Hitachi Ltd, Delta Electronics, Koyo Electronics Industries Co., Ltd., Honeywell International Inc., ABB Limited, Mitsubishi Electric Company, General Electric Company, Fuji Electric, Eaton Corporation, Metso Corporation, Omron Corporation and Danaher Corporation.

Key Developments

In March 2023, Honeywell announced the launch of its premium range of wiring devices, Blenze Pro for the Indian market. Blenze Pro range is specifically designed to meet the high-end wiring requirements by architects, interior designers, builders and developers for residential, commercial and hospitality buildings.

In September 2022, Mitsubishi Electric India launched the all-new M800V and M80V series CNCs with solutions that it claims could revolutionise smart manufacturing in India. The company supplies CNC packages and technologies to various market segments and industries.

In May 2022, Eaton announced the launch of the first Supply Chain digital incubation lab in Pune, India. The lab will be set up at the Eaton’s office in the Pimpri Chinchwad area. It will provide best-in-class facility for ideation and collaboration with platforms and devices to showcase proof of concepts.

Instrument Types Covered:
• Transmitters
• Flow Meters
• Analyzers
• Controllers
• Switches
• Field Instruments
• Vacuum Instruments
• Recorders
• Other Instrument Types

Solutions Covered:
• Distributed Control System (DCS)
• Advanced Process Control (APC)
• Manufacturing Execution System (MES)
• Programmable Logic Controller (PLC)
• Supervisory Control & Data Acquisition (SCADA)
• Human Machine Interaction (HMI)
• Safety Automation
• Other Solutions

End Users Covered:
• Oil & Gas
• Chemical & Petrochemical
• Food & Beverage
• Pharmaceutical & Biopharma
• Pulp & Paper
• Metal & Mining
• Wastewater Treatment
• Energy & Power
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements