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The process instrumentation market size is forecast to increase by USD 7.46 billion at a CAGR of 6.67% between 2023 and 2028.
The process instrumentation industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The oil and gas segment is estimated to witness significant growth during the forecast period. The market plays a pivotal role in various industries, including manufacturing, energy, and utilities, by enhancing process control systems through the use of sensors, transmitters, switches, and gauges. These instruments enable asset utilization, energy efficiency, emission reduction, and recording of data points from connected equipment. The increasing adoption of automation, labor shortages, and intelligent robotics in production processes necessitates the deployment of precise and accurate process instrumentation equipment. The importance of absolute reliability, long-term contracts, and safety in business operations drives the demand for process instrumentation solutions. Key applications include flow control valves, pressure, level, temperature, humidity, and communication protocols such as Profibus PA, Foundation Fieldbus, and HART.
The market is influenced by economic factors, digital transformation, and the Internet of Things (IoT), leading to the integration of real-time monitoring and M2M communication. Industries like power generation, mining and metals, pharmaceuticals, and agriculture and livestock benefit from process instrumentation, with significant growth expected In the chemical, food and beverages, and water availability sectors. The Energy Information Administration (IEA) and Industrial Bank of China (IBEF) report that the market is expected to grow due to increasing demand for product quality, safety, and environmental impact considerations. Competitor analysis reveals that companies offering process instrumentation solutions include Equilibar, SDO valves, OleumTech, Rising Industrial Automation, and others.
The market faces challenges such as high initial investments, cybersecurity risks, and economic factors. Despite these challenges, the market is expected to continue growing due to the increasing need for process optimization and sustainability.
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The Oil and gas segment was valued at USD 4.25 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in APAC is projected to experience significant growth, with China, South Korea, Japan, India, Thailand, Malaysia, and Australia being key contributors. The increasing manufacturing sector expansion In the region, driven by population growth and rising per capita income, is a major factor fueling market growth. In China, a priority is placed on improving water quality and infrastructure, with substantial investments in advanced water technologies, such as wastewater treatment, recycling, and membrane technologies. The Chinese government allocated over USD104 billion towards water infrastructure development in 2019. Process control systems, including Asset utilization, Energy efficiency, and Emission reduction, are integral to manufacturing businesses.
Process instrumentation equipment, such as sensors, transmitters, switches, and gauges, enable real-time monitoring, automation, and M2M communication. Key sectors rely on process instrumentation for product quality, safety, and environmental iImpact. Companies offer a range of solutions to meet the diverse needs of various industries. The market's high initial investments necessitate careful consideration of Industry applications, competitor analysis, and communication protocols.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising demand for automation in manufacturing processes is the key driver of the market.
Rising demand for wireless field instruments is the upcoming market trend.
Safety issues due to faulty instruments is a key challenge affecting the industry growth.
The process instrumentation market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the process instrumentation market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, process instrumentation market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.
ABB Ltd. - The market encompasses temperature transmitters and sensors, as well as pressure transmitters and remote seals, catering to the life sciences sector. These instruments facilitate process monitoring and control, ensuring optimal performance and compliance with industry regulations. Temperature transmitters and sensors measure and transmit temperature data, enabling real-time process monitoring and temperature maintenance. Pressure transmitters and remote seals, on the other hand, measure and transmit pressure data, ensuring process safety and efficiency. By implementing these advanced process instrumentation solutions, organizations In the life sciences industry can enhance their operational efficiency, product quality, and regulatory compliance.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Process instrumentation plays a crucial role in optimizing production processes and enhancing asset utilization in various manufacturing businesses. By providing real-time data on critical process parameters such as flow, pressure, level, temperature, and humidity, process instrumentation equipment enables manufacturers to improve energy efficiency, reduce emissions, and ensure product quality and safety. The adoption of process instrumentation is driven by several market dynamics. The increasing focus on sustainability and environmental impact reduction has led manufacturers to prioritize energy efficiency and water availability In their operations. Moreover, the rise of industrial automation and digital transformation has resulted In the integration of process instrumentation with connected equipment and M2M communication, enabling intelligent robotics and automation systems to make data-driven decisions in real-time.
Manufacturing businesses across industries, including chemical, food and beverages, metals and mining, pharmaceuticals, energy and utilities, and power generation, are investing in process instrumentation to enhance their production processes. The serviceable addressable market for process instrumentation is expected to grow significantly due to these factors. However, the high initial investments required for process instrumentation and cybersecurity risks associated with connected equipment are some of the challenges hindering the growth of the market. Moreover, economic factors such as labor shortages and business investment trends also influence the adoption of process instrumentation. The market is witnessing significant innovation, with companies developing new technologies and communication protocols such as Profibus PA, Foundation Fieldbus, and HART to improve accuracy, precision, and absolute reliability.
Transmitters, switches, gauges, and flow control valves are some of the key types of process instrumentation equipment in demand. The market for process instrumentation is diverse, with applications ranging from agriculture and livestock to mining and metals, power generation, and transportation. The market is competitive, with several players offering a range of products and services to cater to the varying needs of different industries. Competitor analysis is essential to understand market trends and positioning In the market. In conclusion, process instrumentation plays a vital role in optimizing production processes and enhancing asset utilization in manufacturing businesses. The market is driven by several factors, including sustainability, digital transformation, and industrial automation.
However, challenges such as high initial investments and cybersecurity risks need to be addressed to fully realize the potential of process instrumentation.
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Market Scope |
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Report Coverage |
Details |
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Page number |
191 |
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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 6.67% |
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Market growth 2024-2028 |
USD 7.46 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.28 |
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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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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 Market Segmentation by Instrument
9 Market Segmentation by Technology
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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