The Global Process Automation and Instrumentation Market is estimated to register a CAGR of 6.5 % and was valued at USD 5,994.4 Million in 2021
Instrumentation products help measure and analyze process parameters such as pressure, temperature, level, and humidity, while process automation solutions help monitor and control processes to lower rework costs, minimize inspection costs, and reduce system failures. In the research scope we considered the level transmitters such as ultrasonic level measurement, radar level measurement, open-channel flow, and non-contacting pipe flow.
COVID-19 Impact vs Opportunities for Global Process Automation and Instrumentation Market:
The COVID-19 crisis has amplified profound fault lines in global value chains (GVCs) functioning and exposed the fragility of a model characterized by high interdependencies between leading firms and suppliers located across several continents. Before COVID-19, industry 4.0 technologies fostered a reorganization of GVCs involving significant relocation (and reshoring) of productive activities. COVID-19 could accelerate some of these trends. Automation and reshoring allow for more flexible adjustment to changing demand, mitigating firms' risks in a pandemic or other external shock.
Robotics are considered vital tools for boosting productivity. Most robotic adoption has occurred in manufacturing industries, wherein they perform various manual tasks more efficiently and consistently than humans. Robots are getting cheaper, more flexible, and more autonomous by incorporating artificial intelligence. Some robots substitute for human workers; others—collaborative robots, or "cobots," which work alongside workers—complement them. Robotics are expected to promote faster productivity growth in many functions and industries that involve moving or transforming physical things.
Organizations are increasingly elevating the processes and structures required to improve regulatory compliance. Because of the high business impact of new legislation and the consequences of non-compliance within each organization, the provision of applicable legislation has increased the board's focus on regulatory compliance. With today's business landscape, where legislation emerges and changes regularly and increasing requirements to keep businesses on track, every organization must implement adequate and effective structures to embed a culture of compliance.
The Industrial Internet of Things (IIoT) became a reality with the advent of Industry 4.0. The technology-enabled massive data communications and connectivity among all devices. The fourth industrial revolution altered the entire manufacturing landscape. Manufacturers' efficiency and productivity increased dramatically as a result of the technology. However, due to a lack of technological knowledge, high implementation costs, and uncertainty about return on investment, small and medium-sized enterprises (SMEs) face the challenge of adopting new technologies and manufacturing techniques.
The initial investments associated with switching from a human production line to an automatic one are very high. Also, substantial costs involve training employees to handle this new sophisticated equipment. Companies needs to invest in automation, but it would also require more specialized labor to develop software and maintain machinery in the industry.
Value Chain Analysis
The global process automation and instrumentation market value chain has evolved from a conventional approach to highly efficient processes. The value chain of the global market comprises the parts & components manufacturers, mechanical software developers, system integrators, industrial automation service/ solution providers, and end users.
Asia-Pacific led the Global process automation and instrumentation Market in 2021, whereas the market in Asia-Pacific is expected to register the highest CAGR during the forecast period. Additionally, increasing demand for process automation and instrumentation is fueling the growth of the North American market. The growing need for increased operational efficiency, enhanced safety, and new technological breakthrough is expected to drive the demand for this market in the region.
Germany has the EU's most automated economy. In Germany, approximately 230,000 industrial robots are in use. Only 22,300 new units were installed in 2020. Although 2020 is a crisis year, this is the third-highest figure ever achieved. Germany is home to 33% of Europe's robot inventory. This means that factories in Germany use roughly three times as many industrial robots as factories in Italy (78,200 units as of 2021), five times as many as factories in France (44,800 units as of 2021), and ten times as many as factories in the UK (23,000 units as of 2021).
The market for Process automation & instrumentation has been witnessing a significant growth over the forecast period owing to growing adoption of Process automation & instrumentation in various sectors. There exist several local, regional, and global players in the Process automation & instrumentation market who continuously strive to gain a significant share of the overall market. During the study, MRFR has analyzed some of the major players in the global Process automation & instrumentation market who have contributed to the market growth. These include Emerson Electric Co. (US), Honeywell International Inc. (US), Siemens AG (Germany), ABB Ltd. (Switzerland), Schneider Electric SE (France), Hawk Measurement Systems (Australia), Endress+Hauser Group Services AG (Switzerland), FAFNIR GmbH – Sensors & Systems (Germany), Nivelco ZRT (Hungary), Flowtronics (India), Badger Meter Inc. (US), Flexim (Germany), Micronics Ltd. (UK), Katronic (UK), Ametek Inc. (US), Teledyne ISCO (US), HACH (US), ADS (US), Nivus GmbH (Germany), Krohne Ltd. (UK), VEGA Grieshaber KG (Germany), SICK AG (Germany), Riels Instruments S.R.L. (Italy), Garner Industries (US), Markland Specialty Engineering Limited (Ontario), Royce Water Technologies (Queensland), ATI (US), Sontek (US) and GE Panametrics (US).
Emerson Electric Co. follows organic and inorganic growth strategies. Its strong R&D team is building a strong market position by expanding its product portfolio and growing its customer base globally. Furthermore, it is working on enhancing its corporate network by expanding its business to untapped areas and collaborating with industry experts to innovate its products, enabling it to meet the growing consumer demand.
Endress+Hauser intends to be a top player in the global market by combining a broad line of smart measuring equipment with industry-experienced consultancy and expert services to ensure water safety and regulatory compliance flexibly and effectively.
As per MRFR, the global Process Automation and Instrumentation market has been growing significantly over the past few years. The global market has been segmented on the basis of instrument type, application and region. Based on region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Objective of the Study
Scope of the Report
The scope of the global Process Automation and Instrumentation market study includes the market size analysis and a detailed analysis of the vendor's products and strategies. The market has been segmented based on instrument type, application and region.
|Market Size||2021: USD 5,994.4 Million|
|CAGR||6.5% CAGR (2022-2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Instrument Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, Middle East & Africa, and South America|
|Key Vendors||Emerson Electric Co. (US), Honeywell International Inc. (US), Siemens AG (Germany), ABB Ltd. (Switzerland), Schneider Electric SE (France), Hawk Measurement Systems (Australia), Endress+Hauser Group Services AG (Switzerland), FAFNIR GmbH – Sensors & Systems (Germany), Nivelco ZRT (Hungary), Flowtronics (India), Badger Meter Inc. (US), Flexim (Germany), Micronics Ltd. (UK), Katronic (UK), Ametek Inc. (US), Teledyne ISCO (US), HACH (US), ADS (US), Nivus GmbH (Germany), Krohne Ltd. (UK), VEGA Grieshaber KG (Germany), SICK AG (Germany), Riels Instruments S.R.L. (Italy), Garner Industries (US), Markland Specialty Engineering Limited (Ontario), Royce Water Technologies (Queensland), ATI (US), Sontek (US) and GE Panametrics (US)|
|Key Market Opportunities||Rising growth in industrial robotics|
|Key Market Drivers||• Growing Regulatory Compliances in Process Industries • Rising trend of connected enterprises in process industries • Increasing Focus of Manufacturing Firms on Achieving Cost Saving and Better Efficiency|
The global Process Automation and Instrumentation market has been growing rapidly from the past few decades and is expected to grow at a CAGR of 6.5% during the forecast period.
Emerson Electric Co, Honeywell International Inc., Siemens AG, ABB Ltd., Schneider Electric SE, Hawk Measurement Systems, Endress+Hauser Group Services AG, FAFNIR GmbH – Sensors & Systems, Nivelco ZRT, Flowtronics, Badger Meter Inc., Flexim, Micronics Ltd., Katronic, Ametek Inc., Teledyne ISCO, HACH, ADS, Nivus GmbH, Krohne Ltd., VEGA Grieshaber KG, SICK AG, Riels Instruments S.R.L., Garner Industries, Markland Specialty Engineering Limited, Royce Water Technologies, ATI, Sontek and GE Panametrics are expected to be the major competition in the Process Automation and Instrumentation market during the projected period.
The Radar Level Measurement segment is expected to drive the market during the forecasted period.
The Asia Pacific region is expected to be the largest market for Process Automation and Instrumentation market during the forecast period.
High implementation & maintenance costs may slow the growth of the Process Automation and Instrumentation market during the forecast period.