PUNE, India, July 10, 2017 /PRNewswire/ --
According to the new market research report "Process Automation & Instrumentation Market by Instrument (Field Instrument, Control Valve, Analyzer), Solution (APC, DCS, HMI, MES, PLC, Safety Automation, SCADA), End-User Industry, and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the process automation & instrumentation market is expected to be valued at USD 62.64 Billion in 2017 and is likely to grow at a CAGR of 6.0% to reach USD 88.92 Billion by 2023.
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Browse 68 Market Data Tables and 57 Figures spread through 248 Pages and in-depth TOC on "Process Automation & Instrumentation Market - Global Forecast to 2023"
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The market growth can be attributed to the rising emphasis on regulatory compliance in process industries, increasing adoption of IoT across various industries, shift in production approach from conventional practices to digitalized methods, growing labor wages in major manufacturing hubs, and rising demand for proactive solutions that can determine failures at component level.
"Process automation & instrumentation market for control valves to grow at the highest rate between 2017 and 2023"
Control valves are a significant part of control loop. If these valves are not taken care of properly, it may lead to poor control loop performance and process variability. Process engineers rely on control valves as these are required to frequently perform rigorous tasks under severe industrial environments. Control valves are among the most complex field devices that can drastically reduce the process efficiency of a production site if not chosen, installed, and maintained properly. The control valve selection is dependent on the process fluid and performance objectives. On account of this, the market for control valves is expected to grow at the highest rate between 2017 and 2023.
"Distributed control system (DCS) to dominate the process automation and instrumentation market during the forecast period"
Process industries are steadily adopting advanced automation technologies such as distributed control system (DCS). These systems are used as an extension of conventional controllers used in a wide range of process industries. Rising demand for energy & power, emergence of open source DCS solutions, and cost and time effectiveness are primarily driving the growth of DCS market. This is further boosted by the introduction of new techniques in distributed control systems, such as open interoperable systems. Industrial Internet of Things, coupled with convergence of information technology (IT) with operational technology (OT), is likely to augment the market growth.
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"Process automation & instrumentation market for energy & power industry to grow at the highest rate between 2017 and 2023"
High demand for energy & power, changing requirements of customers, increasing need for cleaner and smarter energy are encouraging the players in the energy & power industry to adopt process automation and instrumentation solutions. To maintain quality standards strictly and to provide energy & power services in competitive prices, market players are required to digitally collaborate with suppliers. This digital collaboration would also help these players develop a robust infrastructure that assures energy & power supply for medium and long term. Moreover, energy & power companies need to effectively manage their operating costs and integrate multiple power generation sources into their large-scale plants. The rising necessity to reduce unplanned downtime, improve plant efficiency, optimize operations, increase cost savings, and lower emissions is expected to propel the demand for process automation and instrumentation solutions in the energy & power industry.
"Asia Pacific to lead the overall process automation & instrumentation market between 2017 and 2023"
The rising infrastructural investments in the energy & power sector, rapid industrialization in Asia, and consistent growth in the industrial activities in the Pacific region, along with favorable government policies, are driving the growth of the process automation & instrumentation market in APAC. The demand for process automation and instrumentation solutions is high in APAC due to the rising investments in power transmission and distribution.
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Some of the major players operating in the process automation & instrumentation market include ABB Ltd. (Switzerland), Emerson Electric Co. (US), General Electric Co. (US), Honeywell International, Inc. (US), Mitsubishi Electric Corporation (Japan), Rockwell Automation, Inc. (US), Schneider Electric SE (France), Siemens AG (Germany), Yokogawa Electric Corporation (Japan), and Metso Corporation (Finland).
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