Process Automation Instrumentation Market Overview
The global process automation instrumentation market is registered to create approximately 6% of CAGR during the review period of 2017 to 2023. Process automation and instrumentation are helpful for the transformation of human thought into a computerized model or technical model.
As per the Process Automation and Instrumentation Market Analysis, it is predicted that the global market has more growth potentials due to the cost reduction, efficient utilization of resources, the importance of energy efficiencies, digital technologies, and rising industrial automation. The growing adoption of IoT in industrial domains, the regulations for developing production efficacies, and strict compliances are important growth driving factors for the global market. For instance, the growing investment by the U.S. government in the industry like chemicals petrochemical is bringing more opportunities for the worldwide market.
However, the global Process Automation and Instrumentation Market Sizemight experiences restraints as it requires high investments for improving devices and related solutions like process analyzers, control valves, transmitters, and others. In addition, the high cost of the installation process and privacy and security issues might hinder the growth of the global market in the forecast period.
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Process Automation Instrumentation Industry News
In the year 2020, Emerson Electric Company announced RXi industrial display and panel PC products launch. This product launch is projected to minimize the cost of industrial applications. Additionally, this will help many scientists and companies to improve the developmental processes in fields like power, Life Science, machinery, water, and manufacturing.
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Process Automation Instrumentation Market Segmentation
The Process Automation and Instrumentation Market Trends have been divided into the solution, instrument, and industry. Depending on the solution category segment, the global market has been classified into DCS, PLC, Functional safety, SCADA, APC, MES, HMI, etc. The HMI segment is registered to grow at the highest CAGR during the research period.
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The global market has been divided into control valves, field instruments, and analytical instruments in terms of instrument segment. Of all, the field instrument segment is expected to account for the largest market share.
Based on the industry segment, the worldwide market has been categorized into energy and power, food and beverages, metals mining, chemicals, pharmaceuticals, water wastewater, oil gas, and others. Among all, the pharmaceuticals industry is predicted to register the highest CAGR.
Process Automation Instrumentation Market Regional Analysis
Based on the regional segment, the global industry has been classified into different regions such as Europe, Asia Pacific, North America, and others. Of these, the North American regional market is predicted to create the highest Process Automation and Instrumentation Market Size during the research period due to the growing investment from the government in petrochemicals, matured industrial sectors, and the high technological advancement in the region.
For instance, the European regional market is projected to expand its market share in the forecast period. This region is fueling market growth due to the strict environmental and industrial regulations in the region.
In the Process Automation and Instrumentation Market Trends, the second-largest contributing region in the Asia Pacific region. This region is expanding the market size due to the high requirements of process automation and instrumentation in many countries of Asia for oil refineries. Further, the growing efficiency of the global market is boosting up the market of the rest of the world.
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