Process Automation & Instrumentation Market Size, Share & Industry Growth Analysis, 2027

2023-08-18 04:19:05

(MENAFN- GlobeNewsWire - Nasdaq) Chicago, Aug. 18, 2023 (GLOBE NEWSWIRE) -- The process automation & instrumentation market by Instrument (Field Instruments, Process Analyzers), Solution (PLC, DCS, SCADA, HMI, Functional Safety, MES), Industry and Region (2022-2027) ", The growth of this market can be attributed to the growing importance of energy efficiency and cost optimization, increased productivity, minimized errors and better scalability; the increasing use of digital technologies such as IIoT, machine learning, and artificial intelligence; and the rising emphasis on industrial automation and optimum utilization of resources.

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Process Automation & Instrumentation Market Report Scope

Report Attributes	Details
Estimated Market Size	USD 66.2 Billion
Projected Market Size	USD 86.6 Billion by 2027
Growth Rate	5.5%
Base Year Considered	2021
Forecast Period	2022–2027

Key Market Players in Process Automation & Instrumentation Market

ABB Ltd. (Switzerland),
Emerson Electric Co. (US),
Siemens (Germany),
General Electric Company (US), and
Schneider Electric (France)

“Browse in-depth TOC on " Process Automation & Instrumentation Market Trends, Growth Drivers "

188 – Tables
73 – Figures

286 – Pages

Market Dynamics

DRIVERS: Increasing focus of manufacturing firms on achieving cost saving and better efficiency

Industries worldwide increasingly focus on improving production efficiency and reducing operating costs to sustain in the changing global industrial environment. The efficiency of a production site is assessed by its ability to respond quickly to rapid and unexpected changes in demand, preferences, and resource availability.

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RESTRAINTS: High implementation and maintenance costs associated with process automation

Establishing a new automated manufacturing plant requires deploying the latest automation technologies such as SCADA, DCS, PLC, and HMI. One of the most significant factors limiting the growth of the process automation and instrumentation market is the need for high initial investments to set up an automated production plant.

OPPORTUNITIES: Growing adoption of Industry 4.0 by manufacturing firms

The process automation market is expected to grow at a significant rate owing to the rising adoption of Industry 4.0 principles in manufacturing industries, including oil & gas, food & beverages, chemicals. With the adoption of Industry 4.0, most processes and systems in the manufacturing sector are automated using a variety of technologies, such as cyber-physical systems, IoT, cloud computing, which allow production units to operate efficiently 24/7 with zero human errors.

CHALLENGES: Shortage of skilled personnel to operate sophisticated automation systems

Skilled resources are required to operate process automation and instrumentation solutions because of the complex processes, which can be misinterpreted and may lead to errors and faults if handled by an unskilled workforce. As artificial intelligence (AI) and the Internet of Things (IoT) are changing the nature of work, process automation will accelerate the shift in required skill sets.

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Tags process automation market process instrumentation market process automation & instrumen

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