Process Automation and Instrumentation Market- Worldwide Overview by Industry Growth, Business Demands, Top Companies, Covid 19 Analysis in Industry and Forecast to 2027

The global process automation and instrumentation market is expected to exhibit a strong 6?GR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global process automation and instrumentation market is expected to reach a valuation of USD 72 billion by 2023, according to the report. The report processes historical and present-day information about the global process automation and instrumentation market in order to present forecasts about the market’s likely growth trajectory over the forecast period. The major drivers and restraints affecting the global process automation and instrumentation market are also profiled in the report in order to give readers a clear overview of the movement of the market. Leading players in the global Process Automation and Instrumentation Market are also profiled in the report. The impact of COVID-19 on the global process automation and instrumentation market is also assessed in the report.

Process automation and instrumentation is a process of automating industrial processes in order to obtain excellent results in terms of productivity. Process automation is a crucial process for various industries that need to deliver a high output. Process automation and instrumentation allows companies to deliver high production volumes at reduced costs. Due to this, the demand for process automation and instrumentation is increasing in the industrial sector. The increasing usage of IoT devices and technology in the industrial sector is likely to be a major driver for the global process automation and instrumentation market over the forecast period. IoT technology allows easy implementation of process automation and instrumentation technology due to the ease of gathering data from IoT checkpoints. Increasing developments in the IoT field are likely to further increase the scope for the process automation and instrumentation market over the forecast period. The increasing demand from the industrial sector to improve production efficiency and minimize operating costs is likely to be a major driver for the global process automation and instrumentation market over the forecast period.

On the other hand, process automation and instrumentation is still a nascent technology. The devices used in process automation and instrumentation are prone to breakage and failure at critical workloads. This is likely to remain a key restraint on the global process automation and instrumentation market. Players in the global process automation and instrumentation market are attempting to develop fault-free versions of process automation and instrumentation technology in order to make good on the promise of high returns from the process automation and instrumentation market.

Segmentation:

The global process automation and instrumentation market is segmented on the basis of instrument, solution, end user, and region.

By instrument, the global process automation and instrumentation market is segmented into field instruments, control valves, and analyzers. The field instruments segment is further sub-segmented into pressure, temperature, level, and humidity.

By solution, the global process automation and instrumentation market is segmented into APC, DCS, HMI, MES, PLC, and safety automation and SCADA.

By end use, the global process automation and instrumentation market is segmented into chemicals, energy and power, food and beverages, metals and mining, oil and gas, pharmaceuticals, pulp and paper, water and wastewater, and others.

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Competitive Leaderboard:

Leading players in the global process automation and instrumentation market include Metso Corporation, Yokogawa Electric Corporation, Siemens AG, Schneider Electric SE, Rockwell Automation Inc., Mitsubishi Electric Corporation, Honeywell International Inc., General Electric Co., Emerson Electric Co., and ABB Ltd. The adoption of the main automation contractor (MAC) approach has been a key step in the global process automation and instrumentation market over the last few years. MACs are responsible for delivering automation services and technologies for entire projects. This makes the projects much easier to manage for the employees. It simplifies sourcing, avoids integration problems, and provides clear channels for communication and accountability.

Regional Analysis:

North America accounts for the largest share in the global process automation and instrumentation market. Steady technological advancement and the presence of a well-established industrial sector are the major drivers for the process automation and instrumentation market in North America.

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