The global process automation and instrumentation market are likely to witness an opulent growth opportunity, registering a CAGR of 5.0% between 2022 and 2032 with an evaluation that reached US$ 59,841.1 Mn in 2021 and is anticipated to surpass US$ 101.6 Bn by 2032. The growth of this market is attributed to the widespread adoption of automation in complex business processes and the utilization of advanced digital technologies.
As per FMI analysis, the historic forecast of the process automation and instrumentation market registered a CAGR of 4.2% between 2012 and 2021 in comparison to the current assessment period ranging from 2022 to 2032.
The market witnessed a surge in its growth by registering a CAGR of 5.0% owing to the surging need for enhancing productivity across various industries is a key factor propelling demand for process automation and instrumentation solutions. At present, the process automation and instrumentation market contribute to about ~28-31% of the parent market.
Process automation is an application of software, hardware, and computing technology in order to improve the safety and productivity of end-use industries such as cement, oil & gas, paper, chemical & materials, among others. Sensors are used in the process to garner data on flows, pressures, and temperatures, among other devices.
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Then the information is saved and evaluated on a computer. The development of the overall process automation and instrumentation market depends on the coordination between manufacturers of semiconductor componentry, developers of industrial software, and suppliers of industrial automation equipment.
Key Takeaways
In order to have an edge over the constantly changing global industrial environment, industries all over the world are focusing more and more on improving production efficiency along with lowering operating costs. This is resulting in their embracing of process automation and instrumentation solutions.
Process automation comprises the using software technology and computer technology in order to allow end-use industries to operate more safely and efficiently. Then this information is securely stored and analyzed on a computer with the help of sensors that collect data on flows, pressures, temperatures, and among others.
Process automation systems assist in monitoring and regulating processes in order to reduce rework costs, minimize inspection expenses, and reduce system failures. Instrumentation equipment helps in measuring as well as analyzing process parameters including pressure, temperature, level, and humidity. They assist industrial companies to lower costs and boost revenue.
Owing to the surging acceptance of Industry 4.0 principles in various manufacturing sectors like oil & gas, food & beverage, and chemicals, the process automation, and instrumentation market is expected to be widespread at a robust pace during the forecast period.
Due to the introduction of Industry 4.0, the majority of manufacturing industry processes and systems are bound to be automated using a vast number of technologies, including cloud computing, IoT, and cyber-physical systems, which enables production units to run effectively around the clock with no human error. These technologies are proven to be very helpful, right from the stage of acquiring raw materials to the creation of the finished product, as they help in reducing production cycle time and achieving process efficiency.
Automation improves industrial processes by facilitating better self-monitoring and communication, collecting intelligent real-time data, and analyzing and diagnosing problems automatically.
Competitive Landscape
Prominent market players operating in the global process automation and instrumentation market are facing constant pressure to improve and enhance their offerings. Owing to this rising demand, leading manufacturers in the market are increasingly adopting strategies such as new product launches, partnerships, collaborations, mergers, facility expansions, and acquisitions.
More Insights into the Process Automation and Instrumentation Market
According to FMI analysis, China is anticipated to dominate the global process automation and instrumentation market by exhibiting a growth rate of 5.7% CAGR throughout the forecast period. Due to the rapid adoption of automation all over the industries, they help improve productivity and reduce costs. In addition to that, favorable government support, and a strong presence of leading market players.
Germany is the second largest market estimated to hold about 7.8% share of the global process automation and instrumentation market during the forecast period of 2022 and 2032. Owing to the accelerating emphasis on improving productivity and growing adoption of instruments like transmitters, flow meters, analyzers, controllers, switches, etc., the overall process automation and instrumentation market in Germany is anticipated to reach a valuation of US$ 4,863.6 Mn in 2022.
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