Process Automation and Instrumentation Global Market Report 2024

Process automation and instrumentation involve a series of activities dedicated to the creation and marketing of products related to process automation and instrumentation. This process utilizes technology to automate intricate business processes by employing software, hardware, and computing technology, thereby enabling more secure and efficient operations. The automation of processes serves to diminish errors and data loss while enhancing transparency, communication across departments, and the speed of processing in diverse industries.

The primary categories of process automation and instrumentation comprise field instruments, control valves, analyzers, and analytical instruments. Field instruments, which are typically deployed in challenging environments, incorporate sensors, actuators, advanced signal processing, and reliable communications. These instruments play a crucial role in capturing and interpreting data sent to the corporate level cloud. Solutions in this domain encompass programmable logic controllers (PLC), distributed control systems (DCS), supervisory control and data acquisition (SCADA), human-machine interaction (HMI), functional safety, and manufacturing execution systems (MES). These technologies find applications across various industries such as oil and gas, chemicals, pulp and paper, pharmaceuticals, metals and mining, food and beverages, as well as energy and power, including water and wastewater treatment.

The process automation and instrumentation market research report is one of a series of new reports that provides process automation and instrumentation market statistics, including process automation and instrumentation industry global market size, regional shares, competitors with a process automation and instrumentation market share, detailed process automation, and instrumentation market segments, market trends and opportunities, and any further data you may need to thrive in the process automation and instrumentation industry. This process automation and instrumentation 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 process automation and instrumentation market size has grown strongly in recent years. It will grow from $70.42 billion in 2023 to $75.47 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth observed in the historical period can be attributed to the demand for operational efficiency, adherence to compliance and regulatory requirements, the heightened complexity of industrial processes, a focus on safety and risk mitigation, and initiatives aimed at energy efficiency.

The process automation and instrumentation market size is expected to see strong growth in the next few years. It will grow to $99.91 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The anticipated growth in the forecast period can be attributed to the adoption of predictive maintenance strategies, changes in the regulatory landscape, the implementation of modular and scalable automation, and the rise of hybrid and flexible manufacturing. Major trends in the forecast period encompass the use of digital twins for process optimization, the adoption of cloud-based process automation solutions, the implementation of cybersecurity measures for industrial networks, the integration of wireless instrumentation and communication, and the increasing focus on predictive maintenance and condition monitoring.

The growth of the process automation and instrumentation market is significantly fueled by the increasing emphasis of manufacturing firms on achieving cost savings and improved efficiency. This focus on enhancing productivity and minimizing errors is contributing to the expansion of the process automation and instrumentation market. As Gesrepair reports, manufacturing firms globally are actively investing in new manufacturing technology and making strategic investments to enhance their production processes. Consequently, the growing commitment of manufacturing firms to achieve cost savings and better efficiency is a key driver of the process automation and instrumentation market.

The surge in renewable energy adoption is poised to drive the future growth of the process automation and instrumentation market. Renewable energy, also known as clean or green energy, is derived from naturally occurring and replenishable sources that do not deplete when utilized. By incorporating renewable energy sources into process automation and instrumentation, industrial operations can reduce their carbon footprint, lower energy costs, and contribute to a more sustainable and environmentally friendly approach to production and manufacturing. For example, according to the Office for National Statistics in February 2023, the UK's turnover increased by 30.8% from $50.70 billion to $66.31 billion in 2020-2021, showcasing the positive impact of the rise in renewable energy on the process automation and instrumentation market.

Technological advancements play a crucial role in shaping the process automation and instrumentation market. Siemens, a German-based industrial manufacturing company, introduced a new digitalization portfolio in September 2021 designed for targeted monitoring of critical measurement points, comprehensive asset management, and instrumentation coverage for multiple plants called Sitrans IQ. This innovation meets various requirements, including smart inventory management, apps for intelligent asset management, and remote monitoring.

Major companies in the process automation and instrumentation market are actively innovating new technological products to enhance their profitability. This involves the development of cutting-edge tools and systems that streamline industrial processes and improve control and monitoring capabilities. For instance, in February 2023, ABB Ltd, a Switzerland-based automation company, launched the ABB Ability Symphony Plus distributed control system. This technology is designed to maximize plant dependability and efficiency through integration, automation, and overall plant optimization, providing complete automation for the energy and process sectors.

In October 2023, Emerson Electric Co., a US-based manufacturing company, acquired National Instruments Corporation (NI) for an undisclosed amount. Through this acquisition, Emerson Electric Co. aims to strengthen its position as a global automation leader and capitalize on key secular trends such as nearshoring, digital transformation, sustainability, and decarbonization. National Instruments Corporation (NI) is a US-based company that provides process automation and instrumentation software.

Major companies operating in the in the process automation and instrumentation market report are ABB Limited, Danaher Corporation, Emerson Electric Company, Endress+Hauser Group Services AG, General Electric Company, Hollysys Automation Technologies Ltd., Honeywell International Inc., Mitsubishi Electric Corporation, Omron Corporation, Rockwell Automation Inc., Schneider Electric SE, Yokogawa Electric Corporation, Beckhoff Automation, Carlo Gavazzi Holding AG, Delta Electronics Inc., Inductive Automation LLC, Intech Open, Pepperl+Fuchs GmbH, Robert Bosch GmbH, Siemens AG, Eaton Corporation, Metso Corporation, Idec Corporation, Maple Systems Inc., Invensys plc, AVEVA Group plc, Aspen Technology Inc., Mettler Toledo - Process Analytics, AlpHa Measurement Solutions, Sparling's technologies, Global Technology Systems, Hawk Measurement Systems, Heat Trace Products, James C. White Company Inc., Precision Digital Corporation, Pulsar Measurement - UK, Seametrics Inc.

North America was the largest region in the process automation and instrumentation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the process automation and instrumentation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the process automation and instrumentation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The process automation and instrumentation market includes revenues earned by entities by providing pressure transmitters, flowmeters, temperature transmitters, level meters, field wireless, and device smart communicators. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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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