Process Automation Instrumentation Market Analysis

Global Process Automation and Instrumentation Market Overview:

Process Automation and Instrumentation Market Size was valued at USD 4.0 billion in 2023. The Process Automation and Instrumentation industry is projected to grow from USD 4.2 Billion in 2024 to USD 6.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.7% during the forecast period (2024 - 2032). Companies are raising the bar on the procedures and frameworks necessary to enhance regulatory compliance. The supply of appropriate legislation has raised the board's focus on regulatory compliance because of the significant commercial impact of new legislation and the penalties for non-compliance inside each company, contributing to the market drivers. 

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Process Automation and Instrumentation Market Trends

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  Growing Prevalence of Industry 4.0 to boost the market growth

  
  

With the introduction of Industry 4.0, the Industrial Internet of Things (IIoT) became a reality. The technology allowed for connectivity between all devices and enormous data communications. The fourth industrial revolution transformed the entire landscape of manufacturing. The technique greatly improved the productivity and efficiency of manufacturers. Small and medium-sized businesses (SMEs) are faced with the issue of adopting new technologies and manufacturing practices due to a lack of technological understanding, high implementation costs, and uncertainty about return on investment.

Moreover, the growth of the examined market is supported by the rising significance of cost optimization, improved productivity, energy efficiency, better scalability, and decreased errors. Combining the digital and physical parts of manufacturing to achieve peak performance has changed the automation sector. The process automation and instrumentation market used in the processing industries has grown due to the focus on a quicker time to market and achieving zero waste output. Manufacturing process automation has several advantages, including easy monitoring, decreased waste, and increased production rates. The adoption of SCADA, HMI, PLC, and visualization software has been greatly aided by the connection of industrial machinery and equipment and the acquisition of real-time data. This enables the reduction of product faults, the reduction of downtime, the scheduling of maintenance, and the transition from the reactive state to the predictive and prescriptive stages for decision-making. Therefore, such advancements are enabling the Process Automation and Instrumentation market CAGR across the globe in the recent

While the technology relating to these valves has improved greatly, instruments like the physical control valve assembly have changed little over time. Future advancements in control valve automation will only be possible because of improved real-time digital intelligence-gathering capabilities. Automation of control valves is on the rise. It is expected to positively impact all contemporary process plants when combined with the most advanced intelligent digital control valve positioners and cutting-edge electric valve actuators, increasing the footprint of the Process Automation and Instrumentation market revenue.

Process Automation and Instrumentation Market Segment Insights:

Process Automation and Instrumentation Type Insights

Based on instruments, the Process Automation and Instrumentation market segmentation includes field instruments, control valves, and analyzers. The field instruments segment held the majority share in 2022, contributing to around ~65-67% of the Process Automation and Instrumentation market revenue. Field instruments assist in managing plant assets, leading to enhanced plant quality while optimizing overall production processes. This is achieved through data acquisition, control, and measurement. Additionally, these instruments are used for reading major parameters such as temperature, pressure, and level for monitoring processes rapidly and securely.

Figure 1: Process Automation and Instrumentation Market, by Instruments, 2022 & 2030 (USD billion)Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Process Automation and Instrumentation Solution Insights

Based on the solution, the Process Automation and Instrumentation market segmentation includes APC, DCS, HMI, MES, PLC, and Safety automation & SCADA. The PLC segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. The market for programmable logic control, which manages different industrial processes by integrating a PC and a PLC into a single system. This controller comprises two or more processors and PC-based software programs with PLC capabilities, including HMI (human-machine interface) features, asset management, history, advanced process control (APC), and others. Due to its programmable interface's lack of ladder logic, this system can handle analog and digital signals. Technology advances can improve production and product flexibility in various industries, adding value to market growth.

Process Automation and Instrumentation End-User Insights

The Process Automation and Instrumentation market data has been bifurcated by end-user into chemicals, energy & power, and food & beverages. The energy and power segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. There has been an increase in exploration and extraction activities and the upgrading of existing oil and gas rigs due to the rising demand for petroleum products, including gasoline, diesel, and natural gas. These are the primary drivers of process automation and instrumentation demand in the market.

March 2020: A contract was struck between Renaissance Heavy Industries and Yokogawa Turkey Industrial Automation Solutions A.S. (Yokogawa Turkey). As a result of this arrangement, the former company will supply a control system and field instruments for Turkmenistan's Zerger gas-fired power plant. This will increase the footprint of the Process Automation and Instrumentation industry.

January 2020: A contract was struck between Renaissance Heavy Industries and Yokogawa Turkey Industrial Automation Solutions A.S. (Yokogawa Turkey). As a result of this arrangement, the former company will supply a control system and field instruments for Turkmenistan's Zerger gas-fired power plant.

Process Automation and Instrumentation Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America Process Automation and Instrumentation market accounted for USD 1.7 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The United States is famous for its capacity for innovation and is leading important advancements in the cutting-edge technologies of the Fourth Industrial Revolution.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: PROCESS AUTOMATION AND INSTRUMENTATION MARKET SHARE BY REGION 2022 (%)Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe Process Automation and Instrumentation market account for the second-largest market share during the forecast period in 2022. The demand for this market in the region is anticipated to be driven by the growing need for improved operational efficiency, higher safety, and new technological advancements. The EU's most automated economy is found in Germany. There are about 230,000 industrial robots in operation in Germany. In 2020, only 22,300 new units were put in place. As a result, German industries use around three times as many industrial robots as Italian factories (78,200 units as of 2021), five times as many as French factories (44,800 units as of 2021), and ten times as much as UK factories (23,000 units as of 2021). Further, the Germany Process Automation and Instrumentation market held the largest market share, and the UK Process Automation and Instrumentation market was the fastest-growing market in the European region

The Asia-Pacific Process Automation and Instrumentation Market are expected to grow at the fastest CAGR from 2024 to 2032. This is due to increasing focus of government programs to promote automated technologies, extensive domestic manufacturing, and information technology development. Moreover, China Process Automation and Instrumentation market held the largest market share, and the India Process Automation and Instrumentation market was the fastest-growing market in the Asia-Pacific region

For instance, India Process Automation and Instrumentation market will grow with the fastest-growing CAGR in the Asia Pacific region during the forecast period. The process automation and instrumentation market is expanding significantly due to industrial companies' increased focus on cost reduction and improved efficiency. The process automation and instrumentation industry is expanding due to increased productivity and reduced mistake rates. The post by Gesrepair claims that manufacturing companies worldwide are investing in modern manufacturing technologies and making wise decisions to enhance their production process. Hence, the process automation and instrumentation market is expanding as industrial companies emphasize attaining cost savings and greater efficiency.

Process Automation and Instrumentation Key Market Players & Competitive Insights

The major market players are increasing their investments in their research and development departments to increase their product portfolios. They also focus on introducing various market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations to widen their consumer base. Studies indicate that the Process Automation and Instrumentation industry is expected to decrease prices to appeal to a wider consumer base.

One of the primary business strategies manufacturers adopt in the Process Automation and Instrumentation industry is to introduce regional and local manufacturing to keep their prices at a moderate pace. The Process Automation and Instrumentation market major player such as ABB Ltd (Switzerland), General Electric Co. (U.S), Mitsubishi Electric Corporation (Japan), Rockwell Automation Inc. (U.S), Emerson Electric Co. (U.S), and others are working to expand the market demand by investing in research and development activities.

Swedish-Swiss multinational company ABB Ltd. has its headquarters in Zürich, Switzerland. Allmänna Svenska Elektriska Aktiebolaget (ASEA) of Sweden and Brown, Boveri & Cie of Switzerland combined in 1988 to establish ASEA Brown Boveri, which was eventually abbreviated to ABB. Both businesses were founded in the late 1800s and produced significant electrical equipment; ABB is still involved in this industry today. Since then, the business has also branched into robotics and automation technology. It has been a Fortune 500 company for 24 years and is currently rated 341 on the Fortune 500 list of 2018. ABB was the largest industrial employer in Switzerland up to the sale of its Power Grids segment in 2020.

The General Electric Company (GE) is a worldwide business headquartered in Boston and was established in the United States in 1892. The business engages in venture capital and finance as well as aviation, power, renewable energy, the digital sector, and additive manufacturing. According to gross revenue, GE was the 33rd-largest company in the United States according to the Fortune 500 in 2020. GE was the 14th most profitable business in the Fortune 20 in 2011, but when its profitability declined, it significantly underperformed the market (by nearly 75%). Irving Langmuir (1932) and Ivar Giaever (1973), both GE employees, were given the Nobel Prize. The business intended to split into three investment-grade public entities on November 9, 2021.

Key Companies in the Process Automation and Instrumentation market includes

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  ABB Ltd (Switzerland)

  
  


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  General Electric Co. (U.S)

  
  


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  Mitsubishi Electric Corporation (Japan)

  
  


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  Rockwell Automation Inc. (U.S)

  
  


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  Emerson Electric Co. (U.S)

  
  


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  Siemens AG (Germany)

  
  


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  Yokogawa Electric Corporation (Japan)

  
  


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  Metso Corporation (Finland)

  
  


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  Schnieder Electric SE (France), among others

  
  

Process Automation and Instrumentation Industry Developments

July 2023: The main ICT service provider in Pakistan, Pakistan Telecommunication Company Limited (PTCL, has announced the use of RPA (robotic process automation) in the customer care operations like a critical component of its digital transformation plan. The objective is to enhance the entire consumer experience at each touchpoint. By thoroughly aligning PTCL with the highest international standards in digitization and automation, the project will strengthen its position as the market leader. Ahmad Kamal, Group Chief Customer Care Officer at PTCL & Ufone 4G, offered the following statement on the initiative: they are pleased to announce the execution of Robotic Process Automation, a critical milestone in their ongoing efforts to improve the customer journey. By automating a variety of tasks, this cutting-edge technology enables us to provide the finest client experience.

July 2023: An industry leader in advanced business process automation solutions, Bautomate is pleased to announce the release of its ground-breaking platform, which is expected to revolutionize the way organizations run and address workflow issues for improved productivity, efficiency, and profitability. The day of labor-intensive, error-prone, and ineffective manual processes is over. Bautomate provides cognitive automation solutions made to automate repetitive operations, remove bottlenecks, and enable smooth workflows in response to these difficulties. It offers a revolutionary way to enable companies of all sizes and in all sectors to attain previously unheard-of levels of efficiency and success.

June 2023- Fuji Electric India, with a wide range of innovative products and solutions, serves several industries and applications. The organization's knowledge bridges power backup and conditioning solutions, industrial automation, power electronics, and instrumentation. Its allegiance to quality, customer satisfaction, and reliability has received the trust of over 500 customers with installations of 1 MW and above. It is the vision for the future that concentrates on sustainable development, technological advancements, and energy efficiency. Fuji Electric India, a subsidiary of Fuji Electric Co, has found a robust presence in the Indian market, providing a broad variety of innovative products and solutions in the energy sector. With the company's 100 years of expertise and extensive product range, the professionals at Fuji Electric India are well-positioned to deal with the emerging energy requirements of the Indian market. They are committed to offering innovative, reliable, and sustainable solutions to contribute to the growth and development of India. The firm is famous for producing a wide range of protective energy products. Fuji Electric India's power backup and power conditioning solutions are intended to improve and protect equipment and power reliability and optimize energy usage. Their knowledge of power electronics and energy solutions guarantees the delivery of high-quality and efficient products, fulfilling the diverse requirements of our customers.

October 2023- SICK, a German sensor company, and Endress+Hauser, the Swiss measurement and automation technology specialist, are planning a deliberate collaboration for SICK's process automation business segment and have contracted a joint memorandum of understanding. By uniting their strengths, the organizations want to offer even better support for their customers in vital areas such as energy and resource efficiency, as well as protection of the climate and environment.

May 2023: For the third year in a row, Everest Group's PEAK Matrix for the Intelligent Process Automation Solutions has named Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) as a Leader[1]. The research emphasized TCS' transformation strategy and broad variety of solutions that make use of its integrated operations, Machine FirstTM Delivery Model (MFDMTM), and partner ecosystem. TCS CognixTM, a human-machine AI-driven collaboration suite, is emphasized as a major strength since it uses a variety of technologies for assisting businesses in achieving their targeted business goals.

August 2022: At their Rajahmundry mill's lime kiln, Andhra Paper Limited (APL), a well-known integrated pulp and paper company in India, installed an ABB advanced process control (APC) solution. ABB implemented its OPT800 Lime APC solution into APL's current ABB Ability System 800xA distributed control system to assist the business in reducing its energy demand (DCS).

January 2022: For the first-ever field test of an Open Process Automation system created to run a complete production facility, ExxonMobil chose Yokogawa Electric Corporation as the system integrator. The field trial, according to the company, will take place at a manufacturing facility for ExxonMobil on the Gulf Coast of the United States, replacing the current distributed control system (DCS) and programmable logic controllers (PLC) with a single, integrated system that complies with the Open Process Automation Standard (O-PAS).

Process Automation and Instrumentation Market Segmentation:

Process Automation and Instrumentation Instrument Outlook

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  Field Instrument

  
  


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  Control Valve and Analyzer

  
  

Process Automation and Instrumentation Solution Outlook

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  APC

  
  


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  DCS

  
  


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  HMI

  
  


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  MES

  
  


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  PLC

  
  


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  Safety automation & SCADA

  
  

Process Automation and Instrumentation End-User Outlook

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  Chemicals

  
  


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  Energy & Power

  
  


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  Food & Beverages

  
  

Process Automation and Instrumentation Regional Outlook

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  North America

  
  

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  US

  
  


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  Canada

  
  

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  Europe

  
  

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  Germany

  
  


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  France

  
  


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  UK

  
  


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  Italy

  
  


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  Spain

  
  


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  Rest of Europe

  
  

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  Asia-Pacific

  
  

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  China

  
  


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  Japan

  
  


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  India

  
  


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  Australia

  
  


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  South Korea

  
  


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  Australia

  
  


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  Rest of Asia-Pacific

  
  

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  Rest of the World

  
  

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  Middle East

  
  


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  Africa

  
  


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  Latin America

  
  

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