CHICAGO, Aug. 1, 2024 /PRNewswire/ -- The
global process automation and instrumentation
market size is projected to reach USD 98.6 billion in 2029 from USD 74.2 billion by 2024, with a CAGR of 5.9%
according to a new report by MarketsandMarkets™. The process
automation and instrumentation market encompass players that offer
HMI, MES, PLCs, DCS, SCADA, and functional safety solutions; along
with field instruments such as level, temperature and pressure
transmitters, vibration level switches and humidity sensors. The
market is highly segmented, with many companies in the value chain
competing to solidify their position and expand their market share.
Increasing demand for efficiency and cost effectiveness coupled
with increasing adoption of digital technologies is shaping the
trend of this market towards its growth.
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Browse in-depth TOC on "Process Automation and
Instrumentation Market"
110 – Tables
60 – Figures
270 – Pages
Process Automation and Instrumentation Market
Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 74.2
billion
|
Estimated Value by
2029
|
$ 98.6
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 5.9%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Transmitter,
Analyzer, PLC, DCS, SCADA, HMI, MES, Industry and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Integration with
existing systems and infrastructure
|
Key Market
Opportunities
|
Rise of Cloud-based
Solutions
|
Key Market
Drivers
|
Increasing focus of
manufacturing firms on achieving cost saving and better
efficiency
|
Field instruments dominated the global process automation and
instrumentation market in 2024.
Field Instruments is expected to dominate the global process
automation and instrumentation market in instruments.
Field instruments excel in providing accurate and reliable
measurements of variables such as temperature, pressure and
flow. The ability to provide predictive maintenance
through continuous monitoring also helps reduce downtime and
operating costs, making them indispensable in the oil and gas,
pharmaceutical, food and beverage industry. Field instruments
also help in cost saving by reducing manual monitoring and
minimizing errors associated with human intervention. They are
essential to maintain optimal operational efficiency and safety in
industrial systems.
HMI to grow at the highest CAGR during the forecast period of
2024 to 2029.
Human Machine Interfaces (HMI) are poised to experience the
highest growth rate (CAGR) within the process automation market.
HMI provide a user-friendly interface that allows operators to
monitor, control, and optimize production processes. It helps in
efficient decision making, improved productivity and reduces human
error. Increasing complexity of processes, rise of IIoT and a focus
on security all combine to make HMIs the most dynamic part of the
process automation market. The emergence of cloud-based HMI
solutions and the increasing use of mobile devices for remote
monitoring and control are expected to contribute to the high
growth rate of the HMI segment in the process automation market
during the forecast period.
Pharmaceuticals to grow at the highest CAGR during the
forecast period of 2024 to 2029.
Pharmaceutical Industry is expected to grow at the highest
compound annual growth rate (CAGR) in the process automation and
instrumentation market, owing to increasing demand for
sophisticated tools and equipment to support drug discovery,
development, analysis, and modeling of compounds. Companies focus
on growth through innovation and adoption of advanced automation
technologies, such as human-machine interface (HMI), Supervisory
Control and Data Acquisition Systems (SCADA) and Manufacturing
Execution Systems (MES), it is expected that operations will
increase efficiency, reduce reliance on manual processes, and
improve compliance with stringent regulatory standards,
contributing to the highest CAGR in the process automation and
instrumentation market.
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Asia Pacific to grow at the
highest CAGR during the forecast period of 2024 to 2029.
Asia Pacific is expected to
grow with the highest CAGR in the global process automation and
instrumentation industry. In Asia
Pacific, the demand for process automation and
instrumentation solutions is due to rapid industrialization in
countries like China, India, and Vietnam which is driving the demand for
efficient and automated production processes. The region has shown
investments in research and developments while increasing the
adoption of advanced technologies, thereby boosting demand for
automation solutions. And the government policies aimed at
promoting automation and digitalization is further boosts the
market. The region's established industries, such as
pharmaceuticals, oil & gas, also boost the demand for process
automation solutions.
Major companies operating in this process automation and
instrumentation companies include ABB (Switzerland), Emerson Electric Co. (US),
Siemens (Germany), General
Electric Company (US), and Schneider Electric (France).
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