Process Automation and Instrumentation Market Size to grow by USD 30.26 billion between 2024-2028
Technavio, a leading provider of market research reports, has released its latest study on Process Automation and Instrumentation Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.
Key Highlights:
The market size is estimated to grow by USD 30.26 billion, at a CAGR of 5.95% during the forecast period. In today's business landscape, the adoption of service-based technology architectures, specifically cloud-based systems, is increasingly prevalent in the process automation and instrumentation market. This transition from cloud-first to cloud-only models compels global vendors to escalate investments in public cloud services. By migrating to cloud-based environments, automation providers and manufacturers can unlock greater flexibility and functionality. Key advantages include heightened security, disaster recovery capabilities, and cost savings. SMEs in process and discrete industries, however, grapple with budgetary constraints, making the upfront investment for advanced control systems like MES and DCS a significant challenge.
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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.
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