Process Automation and Instrumentation Market Sets Sights on US$ 1.72 Billion by 2033

Between 2023 and 2033, the market for process automation and instrumentation is expected to grow at a CAGR of 5.5% on average. The market is anticipated to reach a value of US$ 1.06 billion in 2023 and to have a market share of US$ 1.72 billion by 2033.

The global process automation and instrumentation market has been divided into segments in this study by instrument type, solutions, application, and geography. Process automation and instrumentation are divided into transmitters, flow meters, analyzers, controllers, switches, recorders, switches, and vacuum instruments based on the type of instrument.

With the increasing penetration of connected devices and rising the growth of industrial IoT, the transmitter sub-segment in the global process automation and instrumentation market accounted for more than 28% share in 2017. In addition, due to the rising adaptation of digital technologies by various industry verticals, the vacuum instrument sub-segment is estimated to register a high CAGR of 6.1% during the forecast period in the process automation and instrumentation market.

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On the basis of solutions, the global process automation and instrumentation market is sub-segmented into PLC, SCADA, DCS, HMI, APC, MES, and safety automation. The PLC sub-segment is estimated to dominate the overall process automation and instrumentation market.

Based on application, the process automation and instrumentation market is sub-segmented into chemical, metal & mining, food & beverage, oil & gas, pharmaceutical, pulp & paper, wastewater treatment, power, and others. Due to the increasing digitization of the chemical industry in North America and Europe, the chemical sub-segment is expected to register a high CAGR of 5.9% during the forecast period in the global process automation and instrumentation market. In the upcoming years, the pharmaceutical and power industry segments are expected to witness the deployment of advanced technologies.

With these advancements, the pharmaceutical sub-segment is projected to create potential growth in the process automation and instrumentation market. In the recent past, it has been observed that established companies, as well as growing companies, have started investing on information technologies and companies from various sectors. These factors are expected to boost the growth of the global process automation and instrumentation market in the near future.

Furthermore, to sustain in this highly competitive environment, the global and regional food & beverages and oil & gas companies are moving towards automation. Worldwide, the food & beverages and oil & gas industries are undergoing technological advancements. Furthermore, the metal & mining industry is making huge investments and setting higher targets for its digital operations than any other sector, which is expected to create potential growth opportunities for the process automation and instrumentation market.

Furthermore, on the basis of geography, North America is expected to dominate the global process automation and instrumentation market due to the advent of next-generation technological advancements in the U.S. and Canada. The process automation and instrumentation market has high potential in APEJ owing to major advancements in connecting technologies in India & China. China is now the most connected country in the world. In recent years, the process automation and instrumentation market in APEJ has witnessed significant growth.

The Western Europe process automation and instrumentation market will be a target market for the participants because governments in the region are promoting and supporting the Industry 4.0 revolution in the process automation and instrumentation market. Latin America is estimated to grow with a moderate CAGR over the forecast period in process automation and instrumentation market.

According to FMI’s analysis, long-term contracts with business partners help to increase revenue and new innovation strategies enable process automation and instrumentation vendors to reach new growth markets.

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

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