Process Automation & Instrumentation Market growing at a CAGR of 6.0%
Process Automation & Instrumentation Market by Instrument (Field Instrument, Control Valve, Analyzer)
United States, 13 June 2019 -- Process Automation & Instrumentation Market by Instrument (Field Instrument, Control Valve, Analyzer), Solution (APC, DCS, HMI, MES, PLC, Safety Automation, SCADA)
Process automation refers to the procedure of automating production processes across a wide range of process industries such as chemicals, oil & gas, energy & power, and water & wastewater. Process automation & instrumentation helps process industries increase plant efficiency and enhance product quality by automating and controlling the production processes. It eliminates human intervention, which saves time during the entire production as well as controlling stage. In addition, the elimination of human intervention results in high precision.
Fourth industrial revolution helps in connecting systems and machines, which allows seamless data transmission across production sites; this is likely to open up growth avenues for the process automation and instrumentation market. Due to the combination of industrial software and powerful automation technology, tie to market can be reduced by up to 50% with the adoption of process automation & instrumentation solutions at production sites.
The process automation & instrumentation market is projected to be valued at USD 88.92 billion by 2023, at a CAGR of 6.0% between 2017 and 2023. The growth in this market can be attributed to the rising emphasis on regulatory compliance in process industries, increasing adoption of IoT across various industries, shift in production approach from conventional practices to digitalized methods, growing labor wages in major manufacturing hubs, and rising demand for proactive solutions that can determine failures at component level.
ABB Ltd. (Switzerland), Emerson Electric Co. (US), General Electric Co. (US), Honeywell International, Inc. (US), Mitsubishi Electric Corporation (Japan), Rockwell Automation, Inc. (US), Schneider Electric SE (France), Siemens AG (Germany), Yokogawa Electric Corporation (Japan), and Metso Corporation (Finland) are some of the leading players in the process automation & instrumentation market. Product launches and developments, contracts, agreements, acquisitions, and partnerships are some of the key strategies adopted by these major players to gain a competitive edge in the market.
ABB Ltd. holds a pioneering position in the process automation and instrumentation market, catering to a wide range of process industries. It has a broad portfolio of automation, instrumentation, and electrification solutions. The company is well established in the process automation and instrumentation market, predominantly in the oil & gas industry. For instance, in March 2017, ABB commercially launched ABB Ability, comprising more than 180 solutions and services, as a powerful solution to solve real business problems and yield tangible business opportunities. ABB Ability helps optimize production planning and control operations in real time. The company sells its products and solutions directly as well as through its third-party channel partners such as OEMs, system integrators, and distributors.
Emerson Electric Co. is one of the leading players in the process automation and instrumentation market. The company’s products and solutions aid process industries to automate and optimize production processes. It has built a diversified product portfolio to cushion the business risks and respond to challenges and opportunities in the market effectively. It is nurturing its growth through investments in R&D for the development of innovative products. For instance, in March 2017 The Company launched a new life sciences platform, DeltaV Discovery. This platform is an automation solution for research and discovery laboratories that accelerates product introduction for life sciences manufacturing companies.
Honeywell International Inc. is a diversified technology and manufacturing company, serving customers worldwide. The company is well known for its total solution capabilities, life cycle services, and vertical domain expertise pertaining to the chemicals & petrochemicals, oil & gas, mining, pharmaceuticals, and pulp & paper industries. The company is developing through investing in product developments. For instance, Honeywell Process Solutions has introduced Honeywell Trace software, a powerful documentation and change management software. This software will replace paper-based records and spreadsheets with an automated solution, thereby improving workers’ productivity, simplifying automation asset management, and minimizing errors due to changes in configurations.
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