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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 growth rate of the market depends on several factors such as rising demand for automation in manufacturing processes, the need for efficient use of resources reduction of emissions in production processes and enhancing safety in oil and gas storage and transportation. Our market report examines historical data from 2018-2022, besides analyzing the current and forecasted market scenario.
The process instrumentation market in APAC is projected to witness a higher CAGR than other regions, driven by nations like China, South Korea, Japan, India, Thailand, Malaysia, and Australia, key industry players such as ABB Ltd and Delta Electronics Inc. play pivotal roles. ABB Ltd stands out with its process instrumentation products, encompassing temperature transmitters, sensors, pressure transmitters, and remote seals, specifically tailored for the life science industry. Meanwhile, Delta Electronics Inc. contributes to the market's growth by offering high-performance and reliable process instrumentation solutions, ranging from drives and motion control systems to industrial control and communication, as well as power quality improvement.
Market Forecast 2024-2028
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Our researchers studied the market research and growth 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.
Post the COVID-19 pandemic, from 2022, there has been a rapid rise in the demand for global liquid fuel and natural gas, which has driven the expansion of storage capacities. Moreover, the global oil and gas trade has also witnessed a steep upward trend. The storage and logistics for oil and gas are very difficult and challenging. Therefore, safety in oil and gas handling and operations is vital. The increasing demand for oil and gas is pushing up the capacity limits of existing storage facilities. Oil depot operations include inventory management, custody transfer, metering of oil and gas, and loading and unloading activities in tankers and tank trucks. These activities need to keep pace with the market dynamics related to the demand and supply of oil and gas.
Moreover, the use of automation systems, which involve the installation of various level and pressure measurement instruments, reduces human intervention and increases the level of safety during operations. High accuracy and safety are of prime concern when dealing with high-value hydrocarbons. Thus, the increase in storage capacity and the extensive logistics needed for the storage and transportation of oil and gas will drive the growth of the market during the forecast period.
The rising demand for wireless field instruments in process plants has played a major role in transforming the working of several industries. Wireless technology has been widely used in various process industries for a long time. The incorporation of wireless technology must be considered at the design stage of the plant and can be used for network communication and process control via field instruments. However, this technology is prone to security and reliability issues.
However, interference in radio frequency could lower the reliability of the system and expose plants that deploy this technology to security risks. Despite these shortcomings, wireless communication implementation in plants for field instruments will see increased adoption during the forecast period and is expected to have a significant impact on the operations of an industry. These factors will increase the growth of the market during the forecast period.
Measurement instruments, such as level indicators and pressure sensors, may be relatively small in size but are very critical in ensuring safety in process industries. These instruments provide accurate measurements to ensure safe plant operations. Faulty instruments may fail to show the correct measurement or readings and may ultimately lead to major incidents, resulting in the loss of life and damage to property. For instance, The Oak Grove Plant, located in the town of Oak Grove, Texas, was the scene of an explosion in May 2023, at approximately 8:00 A.M. A new auxiliary boiler was being installed at the plant at the time of the explosion. One contractor died in the explosion, and a few people were injured.
However, a similar incident took place in June 2020 when benzene leaked from a pharma plant in Vizag, India. The cause of the leak was a faulty pressure gauge. The benzene leak contaminated the groundwater, which was found to have a thousand times more benzene than the level defined by the state health standards. These incidents indicate the criticality of such measurement instruments in refinery operations. Therefore, instruments should be thoroughly checked to ensure accurate measurements and reliable plant operations. Increasing such incidents will hinder the growth of the market during the forecast period.
The market share growth by the oil and gas segment will be significant during the forecast period. Instrumentation solutions are used in the midstream oil and gas sector to monitor spills and leaks while transporting oil and gas. One of the main areas of instrumentation in the oil and gas industry is oil refineries. Oil refineries store and process crude oil to make petroleum products, which are stored and transported to end-users. A refinery complex houses many processing plants and uses different types of instrumentation equipment, including level indicators as well as temperature measurement and pressure sensors.
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The oil and gas segment was the largest and was valued at USD 4.25 billion in 2018. Oil and gas instrumentation includes various measurement devices employed at different stages of the petroleum value chain. Various instruments, such as flow meters, pressure measurement instruments, level measurement devices, temperature measurement devices, and others, are deployed for the proper functioning of the complex equipment used in all the processes. Level measurement devices measure and display the level in a vessel/equipment used during a process. A contact-level measurement gauge is one where liquid gets filled in a transparent tube that has a scale marked on it to display the level of the fluid. It is usually used for clear fluids or in water applications. The other device belonging to the contact type is the level transmitter, which has two tappings on the vessel and displays the level of the fluid as a percentage. The non-contact types of level measurement devices used in the oil and gas industry are ultrasonic and radar type of level transmitters. These factors under the segment will drive the growth of the market during the forecast period.
Based on the type, the market has been segmented into field instrument, control valve and analyzer. The field instrument?segment will account for the largest share of this segment.? Field instruments are a broad category of equipment used to measure, track, and control various variables in real-time at the location or field where industrial operations take place. They play a critical role in monitoring and controlling processes with accuracy, precision, and reliability to improve overall operational effectiveness. Pharmaceuticals, food and beverages, petrochemicals, and other industries use level instruments to avoid overflows, maintain uniform product quality, and improve safety. Pressure instruments are another important segment of field instruments. They measure gas or liquid pressure and play an important role in maintaining good conditions in industrial processes. These instruments are used in a variety of industries, from manufacturing to power generation. These factors under the field instruments segment will drive the growth of the market during the forecast period.
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APAC is estimated to contribute 37% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The expanding population and improving per capita income of people have necessitated the expansion of the manufacturing base in the region. China is also working to improve the quality of water in the country, with a special emphasis on developing water infrastructure in northern China through investments in technologies, such as wastewater treatment, recycling, and membrane technologies. Further, the Indian Government is planning to reduce the country's dependence on imports and hence, is increasing the number of manufacturing and process plants in India from 2022. Initiatives such as Make in India and Skill India are aimed at increasing the productivity and manufacturing capacity in the country. Along with this, initiatives relating to the adoption of automation systems within factory premises are propelling the output of process industries, such as oil and gas, food and beverage, and pharmaceutical.
Additionally, carbon emissions are a global problem that requires immediate attention. This issue is predominant in the oil and gas, power, chemical and petrochemical industries. The Indian Government is introducing regulations and standards that are on par with international emission standards to reduce the carbon footprint in these process industries. Low emissions can be achieved by raising the efficiency of existing plants and investing in alternative renewable energy sources. Instrumentation is a proven tactic to enhance plant efficiency, which is a key factor fueling the growth of the market in the region during the forecast.
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.
Emerson Electric Co - The company offers process instrumentation solutions and analytical technologies for process control and clarity which are used for the energy, power, chemical, life science and mining industries.
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 market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies 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 market analysis and 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.
The Process Instrumentation Market is witnessing robust growth driven by factors such as stringent regulations and standards in industries like pharmaceuticals, chemicals, oil & gas, and power. Industries are increasingly focused on worker safety, leading to technological advancements in data analytics, wireless technologies, and smart control valves. This is crucial for energy demand management and achieving sustainable energy goals. Operational efficiency and waste reduction are key priorities, along with minimizing environmental impact.
The industrialization drive, particularly in developing countries, emphasizes water quality and control valves in sectors like chemicals and pharmaceuticals. The adoption of smart sensors for energy efficiency and sustainability is accelerating, aiding in carbon emissions reduction. Manufacturers are launching innovative products to meet safety regulations and enhance industrial automation. United States government agencies, including the Occupational Safety and Health Administration, play a vital role in shaping industry standards. The market is poised for substantial growth, with a focus on product quality, sensors, and wastewater treatment, driven by a growing population and the need for efficiency, accuracy, and reliability in processes.
Process Instrumentation Market Scope |
|
Report Coverage |
Details |
Page number |
191 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.67% |
Market growth 2024-2028 |
USD 7.46 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.28 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 37% |
Key countries |
US, Canada, China, India, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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. |
Market dynamics |
Parent market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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. |
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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 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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