At 8.5% CAGR, Demand for Global Process Instrumentation Market Size & Share 2022-2028 | Projected to Surpass at USD 28093.05 Million By 2028: Industry Trends, Value, Analysis & Forecast Report by Zion Market Research
NEW YORK, May 18, 2022 /PRNewswire/ -- As per Zion Market Research study, The global process instrumentation market was worth around USD 17219.5 million in 2021 and is estimated to grow to about USD 28093.05 million by 2028, with a compound annual growth rate (CAGR) of approximately 8.5 percent over the forecast period. The report analyzes the digital remittance market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.
Key Industry Insights & Finding of the Process Instrumentation Market Reports:
- As per the analysis shared by our research analyst, the Process Instrumentation Market is expected to grow annually at a CAGR of around 8.5 % (2022-2028).
- Through the primary research, it was established that the Process Instrumentation Market was valued approximately USD 17219.5 Million in 2021 and is projected to reach to roughly USD 28093.05 Million by 2028.
- Asia Pacific is anticipated to have the fastest growth during the forecast period, followed by North America.
- Asia Pacific, the demand for process instrumentation solutions is growing from the oil & gas and food & beverages industries due to the ever-increasing population in the Asia Pacific.
- IoT platform capabilities is expected to propel the process automation and instrumentation market in North America.
Zion Market Research published the latest report titled as "Process Instrumentation Market By Instrument (Field Instruments and Process Analyzers), By Solution (PLC, DCS, SCADA, HMI, Functional Safety, and MES), By Industry (Oil & Gas, Chemicals, Pulp & Paper, Pharmaceuticals, Metals & Mining, Food & Beverages, Energy & Power, Water & Wastewater Treatment, and Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028" into their research database.
Process Instrumentation Market: Overview
Process Instrumentation is a collective term for sensors incorporated into measuring instruments used for indicating, measuring, and recording physical quantities. It is used in several applications including industrial manufacturing facilities and water & wastewater treatment to measure several variables such as pressure, flow, pH, level, conductivity, temperature, turbidity, force, speed, humidity, and other variables in process plants. In the process instrumentation market, the major parameters like recording, positioning, measuring, and controlling are fueling the growth of the market as they are vital for the smooth functioning of a manufacturing unit and are top priorities for process instruments for attaining great levels of absolute reliability, accuracy, and precision.
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Industry Dynamics:
Process Instrumentation Market: Growth Dynamics
Drivers: Increasing focus of manufacturing firms on attaining cost-saving and better efficiency.
Process automation can help in achieving the efficiency of a production site that is assessed by its ability to respond quickly to rapid and unexpected changes in demand, preferences, and resource availability. Instrumentation products help to measure and analyze process parameters such as pressure, temperature, level, and humidity, while process automation solutions help monitor and control processes to lower rework costs, minimize inspection costs, and reduce system failures. Thus, process instrumentation helps manufacturing firms cut costs and increase revenue. Industries are vigorously adopting process automation and instrumentation solutions across their production sites to streamline industry operations, achieve enhanced productivity, and reduce costs.
Restraints: High implementation and maintenance costs related to process instrumentation.
There is a need for high initial investments to set up an automated production plant which is one of the most significant factors limiting the growth of the process instrumentation market. Huge capital is required to deploy automation solutions, as well as instrumentation devices such as process analyzers and transmitters. Moreover, automation software solutions require recurrent upgrades owing to ongoing technological advancements. It is not feasible for small businesses to bear such expenditures. Thus, system installation, maintenance, and upgrade require huge capital investment, confining market growth to a certain extent.
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Global Process Instrumentation Market: Segmentation
- The global process instrumentation market is segregated based on instrument, solution, and industry.
By instrument, the market is classified into Field Instruments and Process Analyzers. Field instruments dominated the global process instrumentation market in 2021. Field instruments assist in managing plant assets, enhancing plant safety, and optimizing overall production processes through data acquisition, control, and measurement. It is necessary to obtain significant information regarding major parameters, including temperature, pressure, and level, to monitor and control processes quickly, smoothly, securely, and accurately, as well as to achieve optimum productivity.
By solution, the global market is classified into PLC, DCS, SCADA, HMI, Functional Safety, and MES. Among them, the PLC segment is estimated to dominate the overall process instrumentation market, owing to the increasing deployment of various enterprise solutions. They are used to lower power consumption, handle complicated logic operations and offer better dependability since they have no moving parts.
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List of Key Players of Process Instrumentation Market:
- ABB Ltd (Switzerland)
- Emerson Electric Co. (US)
- Siemens (Germany)
- General Electric Company (US)
- Schneider Electric (France)
Key questions answered in this report:
- What are the growth rate forecast and market size for Process Instrumentation Market?
- What are the key driving factors propelling the Process Instrumentation Market forward?
- What are the most important companies in the Process Instrumentation Market Industry?
- What segments does the Process Instrumentation Market cover?
- How can I receive a free copy of the Process Instrumentation Market sample report and company profiles?
Report Scope:
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Recent Developments
- In June 2020, Emerson Electric Co. launched ASCO Series 353 pulse valves. These valves are expected to help end-users achieve effective, efficient, and convenient bag cleaning. These valves can be used in different applications in agriculture, pharmaceuticals, mining, rubber, metals, cement, and power industries
- In February 2019, General Electric Company launched the sixth version of iFIX, an HMI/SCADA software designed to improve operational productivity by providing plant operators with high performance to give users the most informed view of the problem or task and secure visualization from anywhere at any time.
- In September 2019, Siemens and Grundfos signed a digital partnership framework for their strategic collaboration with the two companies. The new partnership focuses on the complementary products and solutions provided by both parties in three main areas: water and wastewater applications, industrial automation, and building technology.
Regional Dominance:
- Growth of the instrumentation market.
The Asia Pacific is anticipated to have the fastest growth during the forecast period, followed by North America. In the Asia Pacific, the demand for process instrumentation solutions is growing from the oil & gas and food & beverages industries due to the ever-increasing population in the Asia Pacific. Development in technologies such as using autonomous underwater vehicles and unmanned aerial vehicles, onshore and offshore pipelines is being done to protect against terrorist attacks, criminal activities, and even repair damages. These factors lead to the growth of the instrumentation market in this region. Additionally, the provision of IoT platform capabilities is expected to propel the process automation and instrumentation market in North America.
Global Process Instrumentation Market is segmented as follows:
Process Instrumentation Market: By Instrument Outlook (2022-2028)
- Field Instruments
- Process Analyzers
Process Instrumentation Market: By Solution Outlook (2022-2028)
- PLC
- DCS
- SCADA
- HMI
- Functional Safety
- MES
Process Instrumentation Market: By Industry Outlook (2022-2028)
- Oil & Gas
- Chemicals
- Pulp & Paper
- Pharmaceuticals
- Metals & Mining
- Food & Beverages
- Energy & Power
- Water & Wastewater Treatment
- Others
Process Instrumentation Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Press Release For Process Instrumentation Market: https://www.zionmarketresearch.com/news/global-process-instrumentation-market
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