Process Automation and Instrumentation Market worth $98.6 billion in 2029 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 1, 2024 /PRNewswire/ -- The global process automation and instrumentation market size is projected to reach USD 98.6 billion in 2029 from USD 74.2 billion by 2024, with a CAGR of 5.9% according to a new report by MarketsandMarkets™. The process automation and instrumentation market encompass players that offer HMI, MES, PLCs, DCS, SCADA, and functional safety solutions; along with field instruments such as level, temperature and pressure transmitters, vibration level switches and humidity sensors. The market is highly segmented, with many companies in the value chain competing to solidify their position and expand their market share. Increasing demand for efficiency and cost effectiveness coupled with increasing adoption of digital technologies is shaping the trend of this market towards its growth.
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110 – Tables
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270 – Pages
Process Automation and Instrumentation Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 74.2 billion |
Estimated Value by 2029 | $ 98.6 billion |
Growth Rate | Poised to grow at a CAGR of 5.9% |
Market Size Available for | 2020–2029 |
Forecast Period | 2024–2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Transmitter, Analyzer, PLC, DCS, SCADA, HMI, MES, Industry and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Integration with existing systems and infrastructure |
Key Market Opportunities | Rise of Cloud-based Solutions |
Key Market Drivers | Increasing focus of manufacturing firms on achieving cost saving and better efficiency |
Field instruments dominated the global process automation and instrumentation market in 2024.
Field Instruments is expected to dominate the global process automation and instrumentation market in instruments. Field instruments excel in providing accurate and reliable measurements of variables such as temperature, pressure and flow. The ability to provide predictive maintenance through continuous monitoring also helps reduce downtime and operating costs, making them indispensable in the oil and gas, pharmaceutical, food and beverage industry. Field instruments also help in cost saving by reducing manual monitoring and minimizing errors associated with human intervention. They are essential to maintain optimal operational efficiency and safety in industrial systems.
HMI to grow at the highest CAGR during the forecast period of 2024 to 2029.
Human Machine Interfaces (HMI) are poised to experience the highest growth rate (CAGR) within the process automation market. HMI provide a user-friendly interface that allows operators to monitor, control, and optimize production processes. It helps in efficient decision making, improved productivity and reduces human error. Increasing complexity of processes, rise of IIoT and a focus on security all combine to make HMIs the most dynamic part of the process automation market. The emergence of cloud-based HMI solutions and the increasing use of mobile devices for remote monitoring and control are expected to contribute to the high growth rate of the HMI segment in the process automation market during the forecast period.
Pharmaceuticals to grow at the highest CAGR during the forecast period of 2024 to 2029.
Pharmaceutical Industry is expected to grow at the highest compound annual growth rate (CAGR) in the process automation and instrumentation market, owing to increasing demand for sophisticated tools and equipment to support drug discovery, development, analysis, and modeling of compounds. Companies focus on growth through innovation and adoption of advanced automation technologies, such as human-machine interface (HMI), Supervisory Control and Data Acquisition Systems (SCADA) and Manufacturing Execution Systems (MES), it is expected that operations will increase efficiency, reduce reliance on manual processes, and improve compliance with stringent regulatory standards, contributing to the highest CAGR in the process automation and instrumentation market.
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Asia Pacific to grow at the highest CAGR during the forecast period of 2024 to 2029.
Asia Pacific is expected to grow with the highest CAGR in the global process automation and instrumentation industry. In Asia Pacific, the demand for process automation and instrumentation solutions is due to rapid industrialization in countries like China, India, and Vietnam which is driving the demand for efficient and automated production processes. The region has shown investments in research and developments while increasing the adoption of advanced technologies, thereby boosting demand for automation solutions. And the government policies aimed at promoting automation and digitalization is further boosts the market. The region's established industries, such as pharmaceuticals, oil & gas, also boost the demand for process automation solutions.
Major companies operating in this process automation and instrumentation companies include ABB (Switzerland), Emerson Electric Co. (US), Siemens (Germany), General Electric Company (US), and Schneider Electric (France).
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