Process Automation & Instrumentation Market Overview
The global process automation and instrumentation market is projected to record a substantial market
valuation of up to USD 5,994.4 Million by 2030 at a CAGR of 6.5% .Process
automation and instrumentation are helpful for the transformation of human
thought into a computerized model or technical model.
As per the Process Automation and Instrumentation Market Analysis, it
is predicted that the global market has more growth potentials due to the cost
reduction, efficient utilization of resources, the importance of energy
efficiencies, digital technologies, and rising industrial automation. The
growing adoption of IoT in industrial domains, the regulations for developing
production efficacies, and strict compliances are important growth driving
factors for the global market. For instance, the growing investment by the U.S.
government in the industry like chemicals & petrochemical is bringing more
opportunities for the worldwide market.
However, the global Process Automation and Instrumentation Market Sizemight
experiences restraints as it requires high investments for improving devices
and related solutions like process analyzers, control valves, transmitters, and
others. In addition, the high cost of the installation process and privacy and
security issues might hinder the growth of the global market in the forecast
period.
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Process Automation & Instrumentation Industry News
In the year 2020, Emerson Electric Company announced RXi
industrial display and panel PC products launch. This product launch is
projected to minimize the cost of industrial applications. Additionally, this
will help many scientists and companies to improve the developmental processes
in fields like power, Life Science, machinery, water, and manufacturing.
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Process Automation & Instrumentation Market Segmentation
The Process Automation and Instrumentation Market Trends have been
divided into the solution, instrument, and industry. Depending on the solution
category segment, the global market has been classified into DCS, PLC,
Functional safety, SCADA, APC, MES, HMI, etc. The HMI segment is registered to
grow at the highest CAGR during the research period.
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The global market has been divided into control valves, field
instruments, and analytical instruments in terms of instrument segment. Of all,
the field instrument segment is expected to account for the largest market
share.
Based on the industry segment, the worldwide market has been
categorized into energy and power, food and beverages, metals & mining,
chemicals, pharmaceuticals, water & wastewater, oil & gas, and others.
Among all, the pharmaceuticals industry is predicted to register the highest
CAGR.
Process Automation & Instrumentation Market Regional
Analysis
Based on the regional segment, the global industry has been
classified into different regions such as Europe, Asia Pacific, North America,
and others. Of these, the North American regional market is predicted to create
the highest Process Automation and Instrumentation Market Size during
the research period due to the growing investment from the government in
petrochemicals, matured industrial sectors, and the high technological
advancement in the region.
For instance, the European regional market is projected to
expand its market share in the forecast period. This region is fueling market
growth due to the strict environmental and industrial regulations in the
region.
In the Process Automation and Instrumentation Market Trends, the
second-largest contributing region in the Asia Pacific region. This region is
expanding the market size due to the high requirements of process automation
and instrumentation in many countries of Asia for oil refineries. Further, the
growing efficiency of the global market is boosting up the market of the rest
of the world.
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