Process Automation & Instrumentation Market

Process Automation & Instrumentation Market worth 88.92 Billion USD by 2023

According to the new market research report "Process Automation & Instrumentation Market by Instrument (Field Instrument, Control Valve, Analyzer), Solution (APC, DCS, HMI, MES, PLC, Safety Automation, SCADA), End-User Industry, and Geography - Global Forecast to 2023". The process automation & instrumentation market is expected to be valued at USD 62.64 Billion in 2017 and is likely to grow at a CAGR of 6.0% to reach USD 88.92 Billion by 2023.

                 Request Sample             Request Sample

Browse 68 Market Data Tables and 54 Figures spread through 189 Pages and in-depth TOC on "Process Automation & Instrumentation Market - Global Forecast to 2023"
Early buyers will receive 10% customization on reports.

The market growth can be attributed to the rising emphasis on regulatory compliance in process industries, increasing adoption of IoT across various industries, shift in production approach from conventional practices to digitalized methods, growing labor wages in major manufacturing hubs, and rising demand for proactive solutions that can determine failures at component level.

“Process automation & instrumentation market for control valves to grow at the highest rate between 2017 and 2023”

Control valves are a significant part of control loop. If these valves are not taken care of properly, it may lead to poor control loop performance and process variability. Process engineers rely on control valves as these are required to frequently perform rigorous tasks under severe industrial environments. Control valves are among the most complex field devices that can drastically reduce the process efficiency of a production site if not chosen, installed, and maintained properly. The control valve selection is dependent on the process fluid and performance objectives. On account of this, the market for control valves is expected to grow at the highest rate between 2017 and 2023.

“Distributed control system (DCS) to dominate the process automation and instrumentation market during the forecast period”

Process industries are steadily adopting advanced automation technologies such as distributed control system (DCS). These systems are used as an extension of conventional controllers used in a wide range of process industries. Rising demand for energy & power, emergence of open source DCS solutions, and cost and time effectiveness are primarily driving the growth of DCS market. This is further boosted by the introduction of new techniques in distributed control systems, such as open interoperable systems. Industrial Internet of Things, coupled with convergence of information technology (IT) with operational technology (OT), is likely to augment the market growth.

“Process automation & instrumentation market for energy & power industry to grow at the highest rate between 2017 and 2023”

High demand for energy & power, changing requirements of customers, increasing need for cleaner and smarter energy are encouraging the players in the energy & power industry to adopt process automation and instrumentation solutions. To maintain quality standards strictly and to provide energy & power services in competitive prices, market players are required to digitally collaborate with suppliers. This digital collaboration would also help these players develop a robust infrastructure that assures energy & power supply for medium and long term. Moreover, energy & power companies need to effectively manage their operating costs and integrate multiple power generation sources into their large-scale plants. The rising necessity to reduce unplanned downtime, improve plant efficiency, optimize operations, increase cost savings, and lower emissions is expected to propel the demand for process automation and instrumentation solutions in the energy & power industry.

“Asia Pacific to lead the overall process automation & instrumentation market between 2017 and 2023”

The rising infrastructural investments in the energy & power sector, rapid industrialization in Asia, and consistent growth in the industrial activities in the Pacific region, along with favorable government policies, are driving the growth of the process automation & instrumentation market in APAC. The demand for process automation and instrumentation solutions is high in APAC due to the rising investments in power transmission and distribution.

Some of the major players operating in the process automation & instrumentation market include ABB Ltd. (Switzerland), Emerson Electric Co. (US), General Electric Co. (US), Honeywell International, Inc. (US), Mitsubishi Electric Corporation (Japan), Rockwell Automation, Inc. (US), Schneider Electric SE (France), Siemens AG (Germany), Yokogawa Electric Corporation (Japan), and Metso Corporation (Finland).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Mr. Rohan
MarketsandMarkets™ Research Pvt. Ltd.
Tower B5, office 101,
Magarpatta SEZ,
Hadapsar, Pune-411013.

Report Code
SE 2461
PR Published ON
Choose License Type
Request Customization
Speak to Analyst
Speak to Analyst
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
  • What are the Known and Unknown Adjacencies Impacting the Process Automation & Instrumentation Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
© MarketsandMarkets Research Private Ltd. All rights reserved

Digital Virtual Assistant - MarketsandMarkets