Process Automation & Instrumentation Market Growing at a CAGR of 6.0% During 2017 to 2023 - ReportsnReports
PUNE, India, July 13, 2017 /PRNewswire/ --
Process automation & instrumentation market is expected to be valued at $62.64 Billion in 2017 and is likely to grow at a CAGR of 6.0% to reach $88.92 Billion by 2023. Market for control valves and manufacturing execution system to grow at the highest rate during the forecast period
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"Process automation & instrumentation market to exhibit significant growth between 2017 and 2023"
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. 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 labour wages in major manufacturing hubs, and rising demand for proactive solutions that can determine failures at component level, among others.
Some of the key 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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"Market for control valves to grow at the highest rate between 2017 and 2023"
Based on instrument, the process automation & instrumentation market has been segmented into field instrument, control valve, and analyzer. Control valves are the most commonly used control elements in process control systems. These are being devised to enable the flow of a fluid through a pipe based on the commands received from loop controllers such as a programmable logic controller (PLC).The burgeoning population worldwide is leading to an increase in the demand for energy, resulting in the rise of investments in the energy sector. In addition, the rising demand for clean portable water, along with safe and efficient waste collection and waste disposal facilities, is anticipated to augment the growth of the market for control valves in the coming years.
"Market for manufacturing execution system to grow at the highest rate during the forecast period"
The process automation and instrumentation market for manufacturing execution systems is anticipated to grow at the highest rate between 2017and 2022. MES is capable of performing multiple activities and provides efficiency by checking quality, as well as production optimization. It tracks prosecution processes with the help of process automation and helps plants maintain a proper track from the initial phase of raw materials to the end phase of distribution of products to end users. It is easier to gather data when the processes are executed using industrial automation as the control and technology systems are connected to MES and have a shared database. However, it is difficult to track the data collected manually as it requires manual addition of data in the system, which may lead to human errors. Due to this, MES is actively being adopted by process industries worldwide.
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"Energy & power industry to outpace the process automation & instrumentation market by 2023"
The energy & power industry is projected to outpace the process automation & instrumentation market by 2023.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 be the fastest-growing market for process automation & instrumentations during the forecast period"
The investments in energy infrastructure are rising in APAC due to the increase in the demand for electricity and policy makers' push for better power reliability and home-grown industries. Also, the process automation and instrumentation market for the pharmaceuticals industry in this region is growing due to low-cost factors, changing regulatory environment, and significant development in the field of contract manufacturing. Owing to these factors, Asia Pacific is likely to be the fastest-growing market for process automation & instrumentation between 2017 and 2023.
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