Process Automation & Instrumentation Market

Key Revenue Pockets - Process Automation & Instrumentation Market

The process automation and instrumentation market is expected to be worth USD 71.4 billion in 2019 and is projected to reach USD 95.5 billion by 2024, at a CAGR of 6.0%. The factors that are driving the growth of the market include importance of energy efficiency and cost reduction, IIoT for enhancing the digitalization in process automation, and emphasis on industrial automation and optimum utilization of resources.

The process automation and instrumentation market is becoming increasingly important due to the need for automated solutions for carrying out processes in industries such as food & beverages, pharmaceuticals, energy & power, metals & mining, oil & gas, pharmaceuticals, pulp & paper, water & wastewater, and others. Growing demand for process automated solutions, need for increased production and efficiency, and requirement for real-time measurement and control of process variables to maximize profitability while ensuring quality and safety are the factors driving the need for process automation and instrumentation solutions.

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The process automation and instrumentation market for the pharmaceuticals industry is expected to grow at the highest CAGR from 2019 to 2024. Increasing competition in the industry and legistations related to this industry, growing importance of providing precision measuring equipment to provide accurate dosage of medicine, rising need for process automation solutions in various processess such as manufacturing, testing, drug development, packaging and distrubution are likely to propel the growth of process automation and instrumentation solutions in the pharmaceutical industry. Moreover, the involvement of complex manufacturing processes such as milling, granulation, coating, tablet pressing in pharmaceutical companies propel the need for process automation solutions, which, in turn, drive the growth of the process automation and instrumentation market.

The market for MES is expected to grow at the highest CAGR from 2019 to 2024. The capability of performing multiple activities, delivering efficiency by checking quality, and optimizing production are the factors responsible for growth of the MES market. The growing demand of MES in the pharmaceuticals industry is attributed to the rising demand from pharmaceutical manufacturing companies to achieve increased transparency and better process control across manufacturing processes of medicines. In addition, MES aid pharmaceutical manufacturers for paperless production, reliable traceability, shorten production cycles, and integrated production flow.

The market for control valves is expected to grow at the highest CAGR from 2019 to 2024. The rising demand for energy and increasing government initiatives pertaining to flow control projects such as gas pipelines and water distribution is positively impacting the growth of control valves. Further, the need for direct control of flow rate and the consequential control of process quantities such as pressure, temperature, and liquid level are the factors driving the control valves market.

The process automation and instrumentation market in APAC is expected to grow at the highest CAGR from 2019 to 2024. The growing demand for oil & gas and food & beverages in APAC due to growing needs of increasing population and increased industrialization in this region are the major factors driving the said market in APAC.

Related Reports:

Process Automation & Instrumentation Market by Instrument (Field Instrument, Control Valve, Analytical Instrument), Solution (APC, DCS, HMI, MES, PLC, Safety Automation, SCADA), Industry, and Geography - Global Forecast to 2024

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Report Code
SE 2461
RI Published ON
7/5/2017
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