Authored By: Sarah
11 Jul 2024

 Process Automation and Instrumentation Market to grow by USD 30.26 billion between 2024-2028

According to a research report “ Process Automation and Instrumentation Market” by End-user (Oil and gas, Chemical, Food and beverages, Energy and power, Others) Type (Process automation, Process instrumentation) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 30.26 billion at a CAGR of  5.95% during the forecast period. In the process and discrete industry, intricate manufacturing requirements, including extended bill of materials, prolonged production cycles, and non-repetitive processes, have amplified complexity. Automation in manufacturing, fueled by advancements in robotics, artificial intelligence, and machine learning, is revolutionizing factory floors. Benefits include heightened labor productivity, reduced labor costs, eradication of monotonous tasks, enhanced work safety, superior product quality, and abbreviated lead times..

Browse market data tables, figures, and in-depth TOC on “Process Automation and Instrumentation Market” by End-user (Oil and gas, Chemical, Food and beverages, Energy and power, Others) Type (Process automation, Process instrumentation) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028.

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By End-user, the Oil and gas segment is projected to dominate the market size in 2024.

The process automation and instrumentation market witnesses significant growth due to the business imperative to optimize resources, enhance productivity, and streamline plant operations in India. Driving this trend are government regulations aimed at reducing carbon emissions and minimizing raw material wastage on a global scale. DCS technologies, a key solution in this market, provide advanced control and monitoring capabilities for industrial production processes.

By Type, Process automation  segment is expected to hold the largest market size for the year 2024.

The oil and gas sector is set to drive the growth of the global process automation and instrumentation market. Factors such as increasing energy demand, ongoing exploration activities, and a heightened focus on operational efficiency and safety are key contributors. Government initiatives, like the US Department of Energy's investment in advanced process automation technologies and Saudi Arabia's Vision 2030 plan promoting automation and economic diversification, further bolster market expansion.

APAC is forecasted to hold the largest market size by region in 2024.

The APAC region is poised for growth in the process automation and instrumentation market, driven by industrial development and work efficiency enhancement. However, the market's expansion has been hindered by the presence of cost-effective industries and an abundant workforce, leading to limited financial resources for automation adoption. Moreover, awareness and implementation of process automation solutions remain relatively low compared to other geographies.

The Process Automation and Instrumentation Market t growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • ABB Ltd.
  • Delta Electronics Inc.
  • Emerson Electric Co.
  • Endress Hauser Group Services AG
  • Fuji Electric Co. Ltd.
  • General Electric Co.
  • Hitachi Ltd.
  • Honeywell International Inc.
  • KROHNE Messtechnik GmbH
  • Metso Outotec Corp.
  • Mitsubishi Electric Corp.
  • OMRON Corp.
  • Pepperl and Fuchs SE
  • Rockwell Automation Inc.
  • Schlumberger Ltd.
  • Schneider Electric SE
  • Siemens AG
  • Teledyne Technologies Inc.
  • Titan Co. Ltd.
  • Yokogawa Electric Corp.
.

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Research Analysis Overview

In the dynamic and evolving landscape of industrial manufacturing, the Process Automation and Instrumentation market plays a pivotal role. This market encompasses a range of advanced technologies, including Analyzers, Control valves, Visualization software, and HMI (Human-Machine Interface), which optimize Product quality and Operational efficiency. These technologies help minimize Human errors and enhance the capabilities of Cloud computing, IoT, and Cyber-physical systems. The Chemicals sector significantly benefits from Automation technologies, such as Process automation and Production efficiency solutions. Instrumentation products, which include Humidity, Temperature, and Pressure sensors, are integral components of these systems. Artificial intelligence, Machine learning, and Digital technologies further augment the capabilities of these systems, enabling Manufacturing firms to streamline their operations and improve Industrial automation. The Process Automation and Instrumentation market continues to evolve, driven by the increasing demand for advanced technologies that ensure high-quality output, minimize downtime, and maximize efficiency. These technologies are transforming the way industries operate, making them more agile, responsive, and competitive.

Market Research Overview

In the dynamic and evolving industrial landscape, the Process Automation and Instrumentation market plays a pivotal role in enhancing operational efficiency, reliability, and accuracy across various sectors such as Energy & Power, Pharmaceuticals, Food & Beverages, and Oil & Gas industries. This market encompasses a range of advanced technologies including Safety automation & SCADA, Analyzers, Control valves, Visualization software, HMI, Bluetooth connectivity, Asset management, and Digitalization portfolio. Key technologies driving this market are Artificial Intelligence, Machine Learning, Internet of Things (IoT), Cyber-physical systems, and Digital technologies. These innovations enable real-time data acquisition, production process optimization, and plant safety. Furthermore, they facilitate environmental sustainability, workplace safety, and supply chain management. Process automation and instrumentation solutions are integral to industries dealing with humidity, temperature, and pressure, such as Chemicals and Manufacturing firms. These solutions ensure product quality, asset utilization, and operational efficiency while minimizing human errors. Cloud computing and IoT integration further expand the capabilities of these systems, making them indispensable tools for industries striving for operational excellence.

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Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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