According to a report by Future Market Insights (FMI), the process automation and instrumentation market is set to grow at a steady CAGR of 5.5% from 2023 to 2033. The market is projected to reach USD 1.72 billion by 2033, up from an estimated USD 1.06 billion in 2023.
Key Drivers and Benefits of the Process Automation and Instrumentation Industry:
- Corporate Expansion and Continuous Operations: The need for operational efficiency and continuous analysis is driving market growth. Process automation supports 24/7 operations and enhances accuracy and productivity.
- Increased Productivity: Automation through attended and unattended bots is improving productivity and reducing the reliance on paper-based processes. This leads to smoother automation and more efficient handling of repetitive tasks.
- Cost Savings and Error Reduction: Automation reduces operational costs and minimizes errors, contributing to greater cost savings for companies. Enhanced data management and accuracy further boost the adoption of process automation instruments.
- Technological Integration: The integration of process automation with emerging technologies such as artificial intelligence and machine learning is expanding the market’s scope. This advancement caters to a diverse range of end-users and applications.
- Improved Information Flow and Employee Satisfaction: Automation facilitates smoother information flow, enhances employee satisfaction and retention, and improves customer integration. Additionally, it reduces labor costs and enhances workplace safety, all while ensuring consistent productivity.
Detailed Market Study: Full Report and Analysis
Key Points from the Process Automation and Instrumentation Market Report:
- The United States market leads the North American process automation and instrumentation market in terms of market share in North America. The United States held a market share of 5% in 2022. The factors attributed to the growth are the restoration of corporate infrastructure, new software, and hacks for enhanced productivity in the spaces.
- The German process automation and instrumentation market held a healthy market share of 3% in 2022: higher economic activities, product trades, adoption of process automation, and better scalability cause market growth.
- The Indian market thrives at a steady CAGR of 8% between 2023 and 2033. The growth is attributed to higher outsourcing businesses, new businesses, and enhanced innovations.
- China thrives at a CAGR of 3% between 2023 and 2033.
- Based on operation type, the semi-automatic segment held the leading market share of 6% in 2022. Higher consumption, affordable pricing, and increased adoption are rising the segment’s strength.
- Based on end use, the automotive segment leads as it held a market share of 5% in 2022.
Competitive Landscape in Process Automation and Instrumentation Market:
The key suppliers focus on better integration of smart technologies, custom design, and better programing. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Recent Market Developments:
- Rockwell Automation Inc. has introduced the instrumentation network services. It includes the FOUNDATION Fieldbus and HART communication protocol.
- General Electric Company has launched the life extensions/replacements and lifecycle services.
- Yokogawa Electric Corporation has introduced digital transformation, IA2IA, and smart manufacturing. The programs are integrated with AR/VR, the Internet of Things, and Artificial Intelligence.
Key Players Profiled in the Process Automation and Instrumentation Market:
- ABB Limited
- Emerson Electric Company
- Mitsubishi Electric Company
- Rockwell Automation Inc.
- Siemens AG
- Schneider Electric SE
- Yokogawa Electric Corporation
- Honeywell International Inc.
- Pepper Fuchs GmbH.
- General Electric Company
- Hitachi Ltd
- Delta Electronics
- Fuji Electric
- Koyo Electronics Industries Co., Ltd.
- Yokogawa Electric Corporation
Market Key Segmentations:
By Instrument Type:
- Transmitters
- Flow meters
- Analyzers
- Controllers
- Switches
- Recorders
- Switches
- Vacuum Instruments
By Solution:
- PLC
- SCADA
- DCS
- HMI
- APC
- MES
- Safety Automation
By End Use:
- Chemical
- Metal & Mining
- Food & Beverage
- Oil & Gas
- Pharmaceutical
- Pulp & Paper
- Wastewater Treatment
- Automotive
- Others
By Operation Type:
- Automatic
- Semi-Automatic
- Others
By Regions Covered:
- North America
- United States
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- United Kingdom
- France
- Spain
- Russia
- Rest of Europe
- Japan
- Asia Pacific Excluding Japan
- China
- India
- Malaysia
- Singapore
- Australia
- Rest of Asia Pacific Excluding Japan (APEJ)
- The Middle East and Africa
- GCC Countries
- Israel
- South Africa
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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