Process Automation & Instrumentation Market Worth 81.69 Billion USD by 2020
PUNE, India, February 8, 2016 /PRNewswire/ --
According to the new market research report "Process Automation & Instrumentation Market by Instrument (Pressure, Temperature, Level and Humidity Transmitter), Solutions (PLC, DCS, SCADA, HMI, APC, MES and Safety Automation), Application, and Geography - Global Trend and Forecast to 2020", published by MarketsandMarkets, the market is estimated to reach USD 81.69 Billion by 2020, at a CAGR of 4.68% between 2015 and 2020.
Browse 74 market data Tables and 96 Figures spread through 191 Pages and in-depth TOC on "Process Automation & Instrumentation Market".
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Factors driving the process automation and instrumentation market include the increasing demand for energy-efficient production processes, rising concerns related to functional safety, and the demand for a software system that would determine failures at the component level. Factors such as the increasing importance of regulatory compliance, implementation of automation solutions for manually uncontrollable processes, predictive maintenance and factor visibility, increased labor cost, high level of efficiency with the help of wireless networks are also supporting the growth of the process automation and instrumentation market.
HMI, APC, and MES markets expected to grow rapidly during the forecast period
The market for software products such as human machine interfaces (HMI), advanced process controls (APC), and manufacturing execution systems (MES) is expected to grow at a higher CAGR compared to non-software products. The main driving factor for the demand for software products includes the increasing cost of production; the demand to increase the production rate to meet the increasing demand of products from customers. This is mainly due to the fact that software systems help in identifying and collecting data regarding the problem area in a production process. Companies are actively looking for such a software product which is expected to help in increasing the production efficiency by eliminating wastage and in-efficient elements in a production process.
The market in oil & gas held the largest share of the total market in 2015
The application in the oil & gas sector accounted for the largest market share, in terms of value, in 2015. This is mainly due to the fact the production processes in oil & gas companies are extremely complex and hazardous. Although the demand for automation in oil & gas units is huge, the recent decline in oil prices could impact the growth rate of the process automation and instrumentation market. It has been estimated that if the current price trend continues then the growth of process automation and instrumentation for oil and gas will be very slow.
Market in APAC expected to grow at a high CAGR during the forecast period
The implementation of automation is increasing in APAC due to the rising necessity for high-quality products associated with increased production rates. It also helps in the reduction of labor costs and human interference. Implement of process automation and instrumentation products and services is expected to help improve the efficiency of production processes.
Companies involved in the development of process automation and instrumentation include ABB Ltd. (Switzerland), Emerson Electric Company (U.S.), Endress+Hauser AG (Switzerland), HollySys Automation Technologies Ltd. (China), Honeywell International Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Pepperl+Fuchs GmbH (Germany), R. STAHL AG (Germany), Rockwell Automation Inc. (U.S.), Schneider Electric SA (France), Siemens AG (Germany), and Yokogawa Electric Corporation (Japan).
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This research report categorizes the global process automation and instrumentation market based on instruments, solutions, applications, and geography. This report describes the drivers, restraints, opportunities, and challenges with respect to the process automation and instrumentation market. The Porter's five forces analysis has been included in the report with a description of each of its forces and their impact on the process automation and instrumentation market.
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