The process automation and instrumentation market is estimated to be worth USD 67.4 billion in 2020 and is projected to reach USD 76.8 billion by 2027, at a CAGR of 2.6%.Process Automation & Instrumentation (SDP) simulates the process of human thoughts into a computerized model. This is a self-learning technology which uses the gestures, patterns recognition, data mining, and Natural Language Processing (NLP) to act like a human brain. Industries are using Process Automation & Instrumentation with big data analytics to get the better and accurate output.
The major factors driving the growth of the process automation & instrumentation market is the increase in adoption of IoT technology across various industrial domains, growing strict regulation and compliance in process industries and to improvise production efficiency and minimize operating cost. However, aspects such as the failure rate of the instrument, the vulnerability of instrument breakage are high during critical working condition and uncertainty of breakdown.
One of the most significant factors that limit the growth of the process automation and instrumentation market is a high initial investment for solutions and devices. High investments are required for solutions such as MES and devices such as process analyzers, transmitters, and control valves. For example, the installation of MES at a production site involves various stages, such as acquisition, adjustment, implementation, running, and consultation; this subsequently increases overall costs, thereby surging the operating expenses of the site.
Industrial accidents result in heavy losses in terms of injuries or death and production loss. Oil and gas platforms are generally located in harsh conditions, which require an automated safety and security mechanism for protecting against any terrorist attack, theft, and accidents, as well as malfunctioning of equipment. Process automation and instrumentation can handle and control an emergency as well as control complex processes.
Social distancing is a precautionary and mandatory measure being followed to contain the outbreak. Social distancing implies that people should remain at home in isolation and avoid gathering in a group to prevent community spread. The workers at manufacturing plants are also following these measures. These measures restrict the presence of workers on the shop floor of the plant, thereby reducing the manufacturing operations. Some companies have completely stopped the manufacturing operations, which has disrupted the supply chain. Social distancing is also being observed in other parts of the manufacturing ecosystem, including transportation. Supplying essential manufacturing components and raw materials to regions where complete lockdown and sealing have been done has become difficult. This further brings the commercial activities to a standstill, thereby negatively affecting the growth of the market, especially in the manufacturing sector.
Some of the prominent players in the global process automation & instrumentation market: ABB Ltd. (Switzerland), Emerson Electric Co. (U.S.), General Electric Co. (U.S.), Honeywell International, Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Rockwell Automation, Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), Yokogawa Electric Corporation (Japan), and Metso Corporation (Finland).
The market in APAC is expected to grow at the highest CAGR during the forecast period. The growth of the market during the forecast period is expected due to factors such as rising infrastructural investments in the energy & power sector owing to the increase in the demand for electricity and policy makers’ pushing for better power reliability; growing demand of oil & gas and food & beverages due to rising needs of huge population, rapid industrialization, and consistent growth in the industrial activities in the Pacific region, along with favorable government policies. The process automation and instrumentation market for the pharmaceuticals industry in APAC is also growing due to low-cost factors and changing regulatory environment.
Report : Process Automation and Instrumentation Market - By Instrument (Field Instrument, Control Valve, And Analyser), By Solution (APC, DCS, HMI, MES, PLC, safety automation & SCADA), By End-Users (Chemicals, Energy & Power, Food & Beverages, Metals & Mining, Oil & Gas, Pharmaceuticals, Pulp & Paper, Water & Wastewater, And Others) And By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, Opportunity and Forecast 2020 To 2027