The size of the global market for process automation and instrumentation was US$ 59,841.1 Mn in 2021, and it is anticipated to reach US$ 62,354.4 Mn in 2022. The overall demand for process automation and instrumentation is also anticipated to increase at a 5.0% CAGR between 2022 and 2032, surpassing a valuation of US$ 101.6 Bn by that year due to the growing adoption of automation in complex business processes.
The market for process automation and instrumentation is expanding as a result of factors including the rising use of digital technologies like IIoT, machine learning, and artificial intelligence, as well as the increased focus on industrial automation and resource efficiency. Other elements include the rising significance of cost and energy optimization, as well as productivity gains, error reductions, and improved scalability.
Currently, the parent market’s share of the process automation and instrumentation market ranges from 28 to 31%.
Instrumentation is the method used to make any process automatic, while process automation is the technique used to do so. Instrumentation and process automation are used by industries to perform complex tasks more quickly and easily, cut labor costs, increase workplace safety, and boost productivity.
Industries all over the world are focusing more and more on increasing production efficiency and reducing operating costs to survive in the rapidly changing global industrial environment. The efficiency of a production site is determined by how quickly it can adjust to abrupt changes in demand, preferences, and resource availability. Process automation and instrumentation solutions are being adopted by businesses more frequently for this reason. This will support market expansion going forward.
In contrast to the 4.2% CAGR seen between 2012 and 2021, the process automation and instrumentation market are predicted to expand steadily between 2022 and 2032 at a rate of 5.0%. A major factor driving demand for process automation and instrumentation solutions is the growing need to increase productivity across numerous industries.
The use of software, hardware, and computing technology in process automation aims to increase the productivity and safety of end-use industries like cement, oil & gas, chemical, paper, and others. Sensors collect data on flows, pressures, and temperatures, among other things, and then save and analyze the data on a computer. The growth of the process automation and instrumentation market as a whole depends on collaboration between semiconductor component manufacturers, and developers.
As per FMI, the process automation and instrumentation market in China is poised to exhibit a growth rate of 5.7% CAGR during the forecast period, owing to the rapid adoption of automation across various industries to improve productivity and reduce costs, favorable government support, and strong presence of leading market players.
Between 2022 and 2032, Germany is projected to account for 7.8% of the global market for process automation and instrumentation. Additionally, the overall process automation and instrumentation market in Germany is predicted to reach a valuation of US$4,863.6 Mn in 2022 due to the increased focus on increasing productivity and the growing adoption of instruments like transmitters, flow meters, analyzers, controllers, switches, etc.
As per FMI, the transmitters segment is expected to hold about 17.8% share of the global market process automation and instrumentation market. This can be attributed to the rising adoption of transmitters in the manufacturing process.
Similarly, widespread adoption of internet-based technologies by many business verticals will further support the growth of the transmitters segment during the forecast period, with a total value reaching around US$ 11,099.1 Mn in 2022.
Key Players:
- ABB Limited
- Emerson Electric Company
- Mitsubishi Electric Company
- Rockwell Automation Inc.
- Siemens AG
- Schneider Electric SE
- Yokogawa Electric Corporation
- Honeywell International Inc.
- Pepper Fuchs GmbH.
- General Electric Company
- Hitachi Ltd
- Delta Electronics
- Fuji Electric
- Koyo Electronics Industries Co., Ltd.
- Yokogawa Electric Corporation
