17-May-2022 | Zion Market Research
The global process instrumentation market was worth around USD 17219.5 million in 2021 and is estimated to grow to about USD 28093.05477 million by 2028, with a compound annual growth rate (CAGR) of approximately 8.5 percent over the forecast period. The report analyzes the digital remittance market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.
Process Instrumentation is a collective term for sensors incorporated into measuring instruments used for indicating, measuring, and recording physical quantities. It is used in several applications including industrial manufacturing facilities and water & wastewater treatment to measure several variables such as pressure, flow, pH, level, conductivity, temperature, turbidity, force, speed, humidity, and other variables in process plants. Forming the basis of process control, instruments continue to improve their capability, repeatability, correctness, dependability, and cost. The progress of this market can be attributed to the rising importance of energy efficiency and cost optimization, increased productivity, minimized errors, and better scalability, increasing use of digital technologies such as machine learning, and artificial intelligence, and the rising emphasis on industrial automation and optimal utilization of resources. With the increasing role of process instrumentation in various industries and organizations for the effective control of their processes and improving visibility, there is an increased adoption of process instrumentation systems in the discrete and process manufacturing industries.
In the process instrumentation market, the major parameters like recording, positioning, measuring, and controlling are fueling the growth of the market as they are vital for the smooth functioning of a manufacturing unit and are top priorities for process instruments for attaining great levels of absolute reliability, accuracy, and precision. These arrangements range from domestic water heaters and HVAC to complex industrial process control applications in the petroleum and chemical industries. The process instrumentation market is determined by business requirements to upgrade existing systems, reduce operational costs, and improve decision-making in industries such as oil and gas, chemicals and petrochemicals, power, and water and wastewater.
The global process instrumentation market is segregated based on instrument, solution, and industry. Based on instrument, the global market is distinguished into Field Instruments and Process Analyzers. Based on solution, the global market is segregated into PLC, DCS, SCADA, HMI, Functional Safety, and MES. Based on industry, the global market is bifurcated into Oil & Gas, Chemicals, Pulp & Paper, Pharmaceuticals, Metals & Mining, Food & Beverages, Energy & Power, Water & Wastewater Treatment, and Others.
The Asia Pacific is anticipated to have the fastest growth during the forecast period, owing to rapidly increasing industrial activities, rising cost pressure and production rate, and favorable government policies in developing countries such as China, and India in the region. The demand for process instrumentation is growing in this region from the oil & gas and food & beverages industries due to the ever-increasing population. It is followed by North America and Europe. The chemicals and petrochemicals industry in the US has been constantly investing in new plants and equipment for plant automation.
Key players functioning in the global process instrumentation market include ABB Ltd (Switzerland), Emerson Electric Co. (US), Siemens (Germany), General Electric Company (US), Schneider Electric (France), and Others.
Browse the full “Process Instrumentation Market By Instrument (Field Instruments and Process Analyzers), By Solution (PLC, DCS, SCADA, HMI, Functional Safety, and MES), By Industry (Oil & Gas, Chemicals, Pulp & Paper, Pharmaceuticals, Metals & Mining, Food & Beverages, Energy & Power, Water & Wastewater Treatment, and Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028” Report at https://www.zionmarketresearch.com/report/process-instrumentation-market
Global process instrumentation market is segmented as follows:
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