Industrial Process Variable Instruments Global Market Report 2024

The industrial process variable instruments market size has grown steadily in recent years. It will grow from $56.55 billion in 2023 to $58.9 billion in 2024 at a compound annual growth rate (CAGR) of 4.2%. The growth observed in the historical period can be attributed to several factors, including the process of industrialization, the need for quality control in manufacturing and production processes, adherence to regulatory compliance standards, and the increasing adoption of automation and control systems in industrial operations. These factors collectively contributed to the growth and development of industrial process variable instruments during that time.

The industrial process variable instruments market size is expected to see steady growth in the next few years. It will grow to $69.05 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The anticipated growth in the forecast period can be attributed to several factors, including the adoption of Industry 4.0 principles and smart manufacturing practices, the increasing focus on energy efficiency and sustainability, the emphasis on health and safety in industrial processes, the integration of the Internet of Things (IoT) and connectivity solutions, and the demand for customization and precision in industrial operations. Additionally, significant trends expected in the forecast period include the use of wireless sensors, predictive maintenance strategies, data analytics and artificial intelligence (AI) applications, the development of industry-specific solutions, and the trend toward miniaturization in industrial process variable instruments.

The industrial process variable instruments market is poised to witness growth owing to the increasing generation of electricity. This market involves utilizing sensors, transmitters, and devices to measure and manage process variables such as pressure, temperature, and flow. According to the U.S. Energy Information Administration (EIA), natural gas, the primary source of U.S. electricity generation, rose from a 37% share in 2021 to 39% in 2022, indicating the growth in electricity generation and consequently, the market for industrial process variable instruments.

The primary types within the industrial process variable instruments market include temperature, pressure, level, flow, and other categories. The temperature segment within industrial process variable instruments pertains to the monitoring and processing of temperature within industrial applications. It involves the use of instruments like transmitters and control valves, which find application in various industries, including chemicals, oil and gas, electronic and electrical systems, and others. These instruments play a critical role in maintaining optimal operating conditions and safety within industrial processes.

The industrial process variable instruments market research report is one of a series of new reports that provides industrial process variable instruments market statistics, including industrial process variable instruments industry global market size, regional shares, competitors with an industrial process variable instruments market share, detailed industrial process variable instruments market segments, market trends and opportunities, and any further data you may need to thrive in the industrial process variable instruments industry. This industrial process variable instruments market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The expansion in the chemicals and oil and gas sectors drives the demand for industrial process variable instruments. These instruments are crucial in monitoring and regulating operating conditions in oil and gas facilities to maintain safety, environmental compliance, and operational stability. The anticipated increase in oil and gas production, as projected by the International Energy Agency (IEA) to exceed 15 million barrels per day by 2040, and India Brand Equity Foundation's (IBEF) estimate of natural gas consumption reaching 143.08 million tonnes by 2040, signifies a surge in demand for industrial process variable instruments in line with the growth of these sectors.

The intricacy of implementing process variable instruments in the food industry creates limitations for the industrial process variable instruments market. Instruments used in the food industry require contact with food products, necessitating adherence to strict hygienic guidelines to ensure cleanable and safe contact surfaces. Varying food items demand specific temperature, pressure, and sanitary standards, leaving minimal leeway for manufacturers to incorporate advanced features while adhering to these stringent hygiene and operational requisites. This complexity constrains the industrial process variable instruments market.

Major companies within the industrial process variable instruments market are dedicated to pioneering innovative solutions like the iTHERM TrustSens TM372 self-calibrating temperature sensor to mitigate undetected irregularities and reduce production expenses. This sensor employs smart technology with an integrated HART transmitter and Heartbeat Technology. As an example, in September 2022, Endress+Hauser, an India-based manufacturer of industrial process variable instruments, introduced the iTHERM TrustSens TM372 sensor, offering various models that can be connected through HART to the iTHERM TrustSens Calibration Monitoring solution, which can support up to 20 iTHERM TrustSens TM371 or TM372 temperature sensors.

Companies in the industrial process variable instruments sector are dedicated to integrating Internet of Things (IoT) technology into these instruments. These tools, used for monitoring and controlling pressure, temperature, flow, and level in industrial settings, are being interlinked with IoT for improved efficiency. For instance, Ambetronics Engineers Pvt. Ltd., an India-based provider of gas detection sensors and process control systems, introduced an RS485 to MQTT IoT smart module. This module facilitates remote monitoring of a wide array of industrial sensors like pressure, temperature, tank levels, flow, and gas levels, ensuring real-time data connectivity to the Ambetronics cloud, as well as offline data storage when internet connectivity is not available.

In October 2022, Valin Corporation, a US-based entity in the industrial process variable instruments market, completed the acquisition of Jensen Instrument Company, further bolstering its offerings in process control and fluid handling. Jensen Instrument Company, a US-based company operating within the industrial process variable instruments realm, was acquired by Valin Corporation for an undisclosed sum.

Major companies operating in the industrial process variable instruments market include ABB Ltd., Emerson Electric Company, Honeywell International Inc., Schneider Electric SE, Siemens AG, Ametek Inc., Applied Instrument Technologies Inc., Applitek NV, Arizona Instrument LLC, Aventics GmbH, Union Park Capital, Hach Company, LAR Process Analyzers AG, Yokogawa Electric Corporation, Endress+Hauser AG, General Electric Company, Rockwell Automation Inc., Danaher Corporation, Brooks Instrument LLC, Burkert Fluid Control Systems, Dwyer Instruments Inc., E+H Process Solutions AG, Fluid Components International LLC, Fuji Electric Co. Ltd., Gems Sensors & Controls, KROHNE Messtechnik GmbH, MKS Instruments Inc., Omega Engineering Inc., ProMinent GmbH, Rotork plc, SICK AG, Teledyne Technologies Incorporated, Vega Grieshaber KG

Asia-Pacific was the largest region in the industrial process variable market in 2023. North America is the second-largest region in the industrial process variable instruments market. The regions covered in the industrial process variable instruments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the industrial process variable instruments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The industrial process variable instruments market consists of sales of boiler controls, buoyancy instruments, chromatographs, combustion control instruments, and other industrial process variable instruments. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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