(IT-NEWSWIRE.COM, July 31, 2020 ) According to the new market research report, "Process Automation & Instrumentation Market by Instrument (Field Instrument, Control Valve, Analytical Instrument), Solution (APC, DCS, HMI, MES, PLC, Functional Safety, SCADA), Industry, and Geography - Global Forecast to 2025", the process automation and instrumentation market is expected to be valued at USD 67.4 billion in 2020 and is projected to reach USD 76.8 bilion by 2025, at a CAGR of 2.6%. The factors that are driving the growth of the market include the increasing importance of optimized operating costs and production efficiency, adoption of digital technologies such as IIoT, increased adoption of industrial automation and process control, and optimum utilization of resources to eliminate human intervention.
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“MES segment to grow at highest CAGR in global process automation and instrumentation market“
The manufacturing execution system (MES) helps improve productivity, reduce cycle time, and eliminate human dependency for processing data. MES applications provide cost savings and opportunities in operations, and help deliver high performance of production assets across the supply chain. MES provides information that helps manufacturers understand about the current conditions of a plant floor, which can be optimized to improve production output. MES works in real time to enable the control of multiple elements of the complex production process, e.g., personnel, inputs, machines, and support services.
“Control valves segment to grow at highest CAGR in global process automation and instrumentation market”
The requirement of control valves by the industries for ensuring precise flow control, enabling automatic operation, reduced wastage of resources are the factors driving the control valves segment. The increased use of control valves in oil & gas and growing government initiatives pertaining to flow control projects such as gas pipelines and water distribution is positively impacting the growth of control valves.
“Oil & gas and energy & power continued to be the major markets from 2020 to 2025”
Huge demand for electricity, changing requirements of customers to overcome power generation and distribution losses, increasing need for cleaner and smarter energy are the factors driving the market players of energy & power to adopt process automation and instrumentation solutions. On the other hand, huge delopment across the value chain of the oil & gas industry in past decade due to growing energy requirement helps oil & gas industry to become major industry for process automation. Due to the COVID-19 pandemic, the oil & gas industry has been tremendously hit. The price plunge is due to the excessive supply and the low demand that is being faced by the industry. This has impacted the production of the industry. For the first time in history, the value of a barrel of crude oil has fallen below USD 1. Most of the companies have reduced production to the bare minimum.
“APAC to be the fastest-growing market for process automation and instrumentation from 2020 to 2025”
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 rising infrastructural investments in energy & power owing to the increase in the demand for electricity and policy makers’ pushing for better power reliability; increasing demand for oil & gas and food & beverages to satisfy the growing needs of the large population, rapid industrialization, and consistent growth in industrial activities in the Pacific region, along with favorable government policies. The process automation and instrumentation market for the pharmaceuticals industry in APAC is growing due to low-cost factors and changing regulatory environment. The process automation and instrumentation market in APAC has been studied for China, Japan, India, and the Rest of APAC, however, in the section below, the detailed analysis of the market in China, Japan, and India has been provided. Rapid industrialization in APAC has boosted the manufacturing sector in APAC. The countries of APAC considered in this study have the presence of a large number of small- and mid-sized enterprises (SMEs). However, the outbreak of COVID-19 has significantly affected the manufacturing sector of APAC. As the neighboring countries are linked to one another through trade relations and supply chain, the entire region is affected by the outbreak of COVID-19.
Major players included in the process automation and instrumentation market are ABB (Switzerland), Siemens (Germany), Emerson Electric (US), Schneider Electric (France), and Honeywell International (US). The other key players in this market include companies such as General Electric (US), Mitsubishi Electric (Japan), Rockwell Automation (US), Endress+Hauser (Switzerland), Yokogawa Electric (Japan), and HollySys (China).
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