Process Automation & Instrumentation Market worth $95.5 billion by 2024 According to the new market research report, "Process Automation & Instrumentation Market by Instrument (Field Instrument, Control Valve, Analytical Instrument), Solution (APC, DCS, HMI, MES, PLC, Safety Automation, SCADA), Industry, and Geography - Global Forecast to 2024," the process automation and instrumentation market is expected to be valued at USD 71.4 billion in 2019 and is projected to reach USD 95.5 billion by 2024, at a CAGR of 6.0%. The factors that are driving the growth of the market include the increasing importance of optimized operating costs and production efficiency, adoption of digital technologies such as IIoT, increased adoption of industrial automation and process control, and optimum utilization of resources to eliminate human intervention. “MES segment to grow at highest CAGR in global process automation and instrumentation market“ The manufacturing execution system (MES) helps improve productivity, reduce cycle time, and eliminate human dependency for processing data. MES applications provide cost savings and opportunities in operations, and help deliver high performance of production assets across the supply chain. MES provides information that helps manufacturers understand about the current conditions of a plant floor, which can be optimized to improve production output. MES works in real time to enable the control of multiple elements of the complex production process, e.g., personnel, inputs, machines, and support services. “Control valves segment to grow at highest CAGR in global process automation and instrumentation market” The requirement of control valves by the industries for ensuring precise flow control, enabling automatic operation, reduced wastage of resources are the factors driving the control valves segment. The increased use of control valves in oil & gas and growing government initiatives pertaining to flow control projects such as gas pipelines and water distribution is positively impacting the growth of control valves. “Oil & gas and energy & power continued to be the major markets from 2019 to 2024” Huge demand for electricity, changing requirements of customers to overcome power generation and distribution losses, increasing need for cleaner and smarter energy are the factors driving the market players of energy & power to adopt process automation and instrumentation solutions. On the other hand, huge delopment across the value chain of the oil & gas industry in past decade due to growing energy requirement helps oil & gas industry to become major industry for process automation. “APAC to be the fastest-growing market for process automation and instrumentation from 2019 to 2024” The market in APAC is expected to grow at the highest CAGR during the forecast period. The growth of the market during the forecast period is expected due to rising infrastructural investments in energy & power owing to the increase in the demand for electricity and policy makers’ pushing for better power reliability; increasing demand for oil & gas and food & beverages to satisfy the growing needs of the large population, rapid industrialization, and consistent growth in industrial activities in the Pacific region, along with favorable government policies. The process automation and instrumentation market for the pharmaceuticals industry in APAC is growing due to lowcost factors and changing regulatory environment. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1172 Major players included in the process automation and instrumentation market are ABB (Switzerland), Siemens (Germany), Emerson Electric (US), Schneider Electric (France), and Honeywell International (US). The other key
players in this market include companies such as General Electric (US), Mitsubishi Electric (Japan), Rockwell Automation (US), Endress+Hauser (Switzerland), Yokogawa Electric (Japan), and HollySys (China). About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Shelly Singh MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: 1-888-600-6441 newsletter@marketsandmarkets.com