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Process Automation Market - Third Pointer
The increasing trend of “virtualization” has led to the coining of the process automation phenomenon which implies the revamp of the several manufacturing systems for better throughput and scalability. The key stronghold verticals of the process automation market include oil & gas extraction, petrochemicals, food, tobacco & beverages, water & wastewater treatment, chemical manufacturing, and energy & utilities among others.
The APAC region has the highest growth rate in the petrochemicals vertical because of huge funding by the administration to rope in refineries and improve the energy deficit caused by the increase of global oil prices.The process automation market in the water and wastewater industry is expected to increase at the highest rate in the APAC region because of the increased tendency of the developing nations to either upgrade or opt for new installation facilities for the water and wastewater treatment and distribution systems.
In contention with the food, tobacco & beverages manufacturing, APAC will be the fastest growing region for this segment, growing at 7.23% CAGR from 2013 to 2018. The reason for such a strong expected growth rate is the surge in the consumption of the dairy products and processed food in the emerging middle-class segment of the developing countries. This, as an aftermath, is propelling huge sums of investments in these industries to check the requisite amount of hygiene levels and standards.
In the instrumentation market, the flow transmitters are expected to grow at an organic growth rate owing to the flourishing oil and gas extraction and petrochemical verticals which demand a lot of usage of flow transmitters in the various measurement and control processes. The control valves and positioners are highly dependent on the process industries for the major part of the revenues.The temperature transmitters are expected to get a thrust from the increase in the production of food and beverage and other process industries that mandate the temperature instruments for their quality and safety specifications.
The chemical manufacturing has a considerable market share in the application industry but is expected to grow at a sluggish growth rate due to the conservatism factor which provides the major restraining force to revamp this high-risk and labor-intensive vertical. A normal chemical manufacturing plant has colossal dimensions which demand a lot of investment and complexity in the refurbishment of a product or the set-up. Moreover, there is a deficit in the knowledge levels of the various production levels among the workforce which augments the unpredictability and unreliability postulates in the industry.
Related Reports @
Process Automation Market & Instrumentation Market – By Technology (SCADA, PLC, DCS, MES), Communication (Profibus, Fieldbus, Wireless HART, ISA100), Transmitter (Flow, Temperature, Level, Pressure) - Analysis and Forecast (2013 – 2018)
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