January 16, 2020 by Monica nerkar
Process Automation and Instrumentation Market – Overview
The burgeoning growth in self-learning technology available in markets around the world has spurred the development of process automation and instrumentation considerably. Market reports linked to the semiconductor & electronics sector made available by Market Research Future along with published reports on other industry have been recently published along with a report on this industry. Process Automation and Instrumentation Market is anticipated to reach USD 72 billion in revenues approximately in the forecast period while developing at a CAGR of over 6 percent in the duration of the forecast period.
The amplifying demand being observed for enhancing the operating charge and boosting the production efficiency has been driving markets across the world. The implementation of multivendor portable applications is anticipated to be among the top factors for driving hr expansion of the market in the forecast period. The market is also expected to gain significantly from the adoption of IoT technology across diverse industrial domains.
The market for process automation & instrumentation is segmented on the basis of solution, instrument, and end-users. The segment based on solution includes HMI, APC, DCS, PLC, MES, safety automation & SCADA. The instrument based segmentation of the market consists of control valve, field instrument, and analyzer. The segment of field instrument is additionally sub-segmented into temperature, level, pressure, and humidity. The segment of control valves is further sub divided into actuator, valve body, and others. The analyzer segment is also further sub divided into gas chromatograph, pH analyzer conductivity analyzer, and a liquid chromatograph. The end-user segment comprises of energy & power, chemicals, metals & mining, water & wastewater, food & beverages, pulp & paper, oil & gas, pharmaceuticals, and others.
Detailed Regional Analysis
The Process Automation and Instrumentation Market covers regions such as Europe, Asia Pacific, North America, and Rest of the World. It has been witnessed that the North America region is responsible for the principal share in the market. Due to the technological advancements around the world, such as a well-established industrial area and intensifying investment by the government in the U.S. in the chemical & petrochemical industry is aiding the market’s development in the past few years. The Asia Pacific region is anticipated to be the most rapidly growing region due to the occurrence of oil refineries in several nations, but the region has in the past undergone a low market value.
Global Competitive Analysis
The market attractiveness and competitors’ dynamics are greatly enhanced by the strategies that are being employed by market players. The market shows a great deal of potential for developing at an expedited pace. The product offering of the market has diversified tremendously as compared to the past few years, thereby making the market more lucrative for current and new contenders. The enhanced financial liquidity of the competitors in the market has increased thereby proving new opportunities for growth of the market. The market is very well defined in terms of segments relating to the products as well as the end users that are a part of the market. The long term sustainability of the market is however greatly dependent on the tactics and the strategic roadmaps that are employed by market players.
General Electric Co. (U.S.), Honeywell International, Inc. (U.S.), Schneider Electric SE (France), ABB Ltd. (Switzerland), Emerson Electric Co. (U.S.), Yokogawa Electric Corporation (Japan), Siemens AG (Germany), Mitsubishi Electric Corporation (Japan), Rockwell Automation, Inc. (U.S.), and Metso Corporation (Finland) are a few of the prominent players in the market for process automation & instrumentation.
July 2018 $250 million dollars were raised by Automation Anywhere in a series-A round which valued it at $1.8 billion. The investment was headed by New Enterprise Associates (NEA) and Goldman Sachs Growth Equity with participation from General Atlantic and World Innovation Lab (WiL). Automation Anywhere is on track to intensify its customer engagements in Latin America, South Korea, India, Europe, North America, Australia, Japan, and Singapore with this large round of funding, and plans to position its technology in other geographies as well. The company will also take an effort to improve its cognitive technology abilities.