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The process automation and instrumentation market size is estimated to grow at a CAGR of 5.95% between 2023 and 2028. The market size is forecast to increase by USD 30.26 billion. The growth of the market depends on several factors such as simplification of manufacturing through automation, a shift toward lean manufacturing and the need for efficient use of resources and reduction of emissions.
The research report on the process automation and instrumentation market offers industry forecasts and segmentation based on End-user including oil and gas, chemical, food and beverages, energy and power, and others. It also segments the market by Type, which comprises process automation and process instrumentation. Geographically, the report covers North America, Europe, APAC, South America, and the Middle East and Africa. The market size, historical data (2018-2022), and future forecasts are presented in terms of value (in USD billion) for all these mentioned segments.
Process Automation and Instrumentation Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Lean manufacturing is the methodology to reduce waste without sacrificing productivity in a manufacturing system. Both lean manufacturing and manufacturing automation share the same goals of removing low-value or non-value activities, reducing waste, and producing predictable quality. The high growth of demand-driven automation technologies in a discrete manufacturing environment enables operators to maintain records of multi-step production operations. This emphasizes replacing paper-based record maintenance, procedure manuals, and data sheets with electronic documents focusing on green production. Consequently, the need for advanced production optimization tools, such as MES, SCADA, PLCs, and DCS, is increasingly felt by manufacturers.
Moreover, as automation control systems facilitate operations on a real-time basis, they provide updated information to operators on the shop floor. This enables a more detailed recording of process data, conditions, and results; it also controls the manufacturing process, thereby reducing the defect rate. It supports the timely execution of production processes while responding and reporting on plant activities as they occur, thereby reducing and eliminating unnecessary activities. Hence, an increasing shift toward lean manufacturing is expected to drive the growth of the global automation and instrumentation market during the forecast period.
The process of generating patterns or trends by analyzing huge volumes of data is called big data analytics. This technology is not only confined to the IT industry but is also used in discrete industries like medical device manufacturing, automotive, semiconductor, and electronics industries. Automated systems like SCADA, MES, and DCS generate a lot of data, and the adoption of IoT in manufacturing has raised the total amount of data generated by a single factory. In the highly competitive Indian market, manufacturers must leverage their market presence by pairing their IoT and big data analytics with manufacturing processes and value chains to stay ahead of their competitors.
Moreover, the growing digitalization will help the global process automation and instrumentation market observe the rising adoption of IoT-enabled devices and big data analytics, which, in turn, will drive the growth of the global process automation and instrumentation market during the forecast period.
The process and discrete industries are migrating toward complete automation by using smart manufacturing technologies. Automated systems such as MES integrate other control systems like the SCADA network with enterprise resource planning (ERP) to increase productivity and minimize the risk of product failure. The adoption of IIoT and connected technologies has eased the operation process, but they have increased the risks of cybersecurity in operational processes. Industrial automation and instrumentation ease many tasks for manufacturers. However, they are prone to cyber threats. Hackers exploit confidential corporate information by attacking classified networks within organizations. The primary cyber threats in the discrete industry include operational downtime, manipulation in the product development procedure, and theft of sensitive information.
However, most of the common attacks entailed ransomware, and smart manufacturers are becoming the prime targets. In industries such as medical devices, consumer durables, and automotive industries, production processes are very sensitive; with the growing number of product patents and high volume of confidential data, it is becoming very difficult for discrete industrial operators to adopt automated devices and IoT due to the looming threat of cyber-attacks. Thus, increasing cyber security threats can become a major challenge for the growth of the global process automation and instrumentation market during the forecast period.
The market share growth of the oil and gas segment will be significant during the forecast period. The global process automation and instrumentation market is expected to witness significant expansion in the oil and gas segment as an end-user during the forecast period. Several factors, such as the rising need for energy, continued exploration efforts, and the industry's growing focus on operational effectiveness and safety, are to blame for this.
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The oil and gas segment was the largest and was valued at USD 20.33 billion in 2018. Governments have a major influence on the development of this situation. For instance, the US Department of Energy makes investments in cutting-edge process automation technologies to improve the sustainability and efficiency of oil and gas operations. Similarly, the Vision 2030 plan of Saudi Arabia intends to encourage automation and digitization in the oil and gas industry while also diversifying the country's economy. Process automation and instrumentation solutions are predicted to become increasingly in demand in the oil and gas sector as a result of these initiatives and expanding global energy consumption. This is expected to increase the adoption of process automation and instrumentation solutions in the oil and gas end-user segment, which in turn will drive the growth of the global process automation and instrumentation market during the forecast period.
Based on type, the market has been segmented into process automation and process instrumentation. The process automation segment will account for the largest share of this segment.?Process automation mechanizes production processes by incorporating field devices and controlling devices in plants. Automation solutions include DCS, SCADA, PLC, and MES, which help end-users optimize their business operations by effectively controlling production processes. The industrial automation market in India is mainly driven by the business imperative to use resources efficiently, improve productivity, and optimize plant operations. Government regulations that seek to control carbon dioxide emissions by limiting power consumption and the need to minimize the wastage of raw materials are also expected to drive the global process automation and instrumentation market during the forecast period.
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APAC is estimated to contribute 37% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. In APAC, it is expected that the process automation and instrumentation market will witness growth during the forecast period as the region is investing constant efforts in the development of industries and improving the work efficiency of industries. The adoption of automation has been slow in the region due to factors such as the presence of cost-conscious industries that have limitations in terms of financial availability. The availability of low-cost industrial workers is the other major factor that has affected the adoption of process automation and instrumentation solutions in APAC. In addition, the intensity of the awareness of process automation and its implementation has been low when compared with other geographies.
In addition, certain process automation summits are being held in the region to facilitate and support the field of automation and the adoption of process automation in industries. Some governments like India are launching initiatives to promote Industry 4.0 in the region. Such initiatives increase awareness about Industry 4.0 in the Indian manufacturing industry through demonstration centers. Such factors are expected to drive the growth of the process automation and instrumentation market in APAC during the forecast period.
The process automation and instrumentation market in APAC faced a few challenges in 2020. However, the removal of lockdowns due to the initiation of vaccination drives in the second half of 2020 led to the resumption of operations in end-user industries such as oil and gas, automobiles, and electronics. Moreover, the increasing adoption of automation and instrumentation in various industries such as service and manufacturing, owing to its time-saving benefits, in the long run, is expected to drive the demand for process automation and instrumentation solutions in several industrial sectors such as service and manufacturing. Thus, the process automation and instrumentation market in APAC is expected to grow during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd. - The company offers process automation solutions such as Control systems, Control Room Solutions, and Measurement Products.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
ABB Ltd., Delta Electronics Inc., Emerson Electric Co., Endress Hauser Group Services AG, Fuji Electric Co. Ltd., General Electric Co., Hitachi Ltd., Honeywell International Inc., KROHNE Messtechnik GmbH, Metso Outotec Corp., Mitsubishi Electric Corp., OMRON Corp., Pepperl and Fuchs SE, Rockwell Automation Inc., Schlumberger Ltd., Schneider Electric SE, Siemens AG, Teledyne Technologies Inc., Titan Co. Ltd., and Yokogawa Electric Corp.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The process automation and instrumentation market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Process Automation And Instrumentation Market Scope |
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Report Coverage |
Details |
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Page number |
187 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.95% |
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Market Growth 2024-2028 |
USD 30.26 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.58 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 37% |
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Key countries |
US, Canada, China, India, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Delta Electronics Inc., Emerson Electric Co., Endress Hauser Group Services AG, Fuji Electric Co. Ltd., General Electric Co., Hitachi Ltd., Honeywell International Inc., KROHNE Messtechnik GmbH, Metso Outotec Corp., Mitsubishi Electric Corp., OMRON Corp., Pepperl and Fuchs SE, Rockwell Automation Inc., Schlumberger Ltd., Schneider Electric SE, Siemens AG, Teledyne Technologies Inc., Titan Co. Ltd., and Yokogawa Electric Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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