The global process automation and instrumentation market size was valued at USD 65.3 billion in 2021. The market is projected to grow from USD 65.3 billion in 2021 to USD 88.5 billion by 2028, exhibiting a CAGR of 5.20% during the forecast period.
 
The need for process automation and instrumentation technology has increased due to the growing use of industrial automation processes, the desire for energy- and cost-efficient processes, and the focus on digital technologies. The development and expansion of numerous end-user verticals have also aided this market's growth. Additionally, the expansion of this sector has been made possible by the increased use of proactive solutions that identify faults at the component level. However, high initial investment and significant operations and maintenance expenditures will slow the expansion rate. A further obstacle to the market's expansion will be small and medium-sized businesses' hesitation and resistance to embrace process automation and instrumentation procedures.

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COVID-19 IMPACT

Worldwide, the COVID-19 pandemic has had an impact on several businesses. The market for process automation and instrumentation is no different. To slow the rapid spread of COVID-19, governments worldwide employed drastic steps like border seals, lockdowns, and the implementation of tight social distancing measures. These acts severely impacted the world economy. Global industrialists were compelled to suspend manufacturing, disrupting the supply chain and hurting several businesses. However, it is anticipated that once trade activities resume, demand on the market will continue to expand steadily during the ensuing years.
 
DRIVING FACTORS

Growing Focus on Cutting Costs and Increasing Efficiency Supporting Market Demand

Industries worldwide are focusing more and more on increasing production efficiency and reducing operating costs to thrive in the fast-changing global industrial environment. As a result, they are exploring process automation and instrumentation technologies. Process automation involves leveraging software and computer technology to help end-use industries function more safely and effectively. A computer stores and analyzes the data with sensors that gather information on flows, pressures, temperatures, and other variables. Pressure, temperature, level, and humidity are just a few process factors that may be measured and analyzed using instrumentation equipment. They make it possible for industrial businesses to increase profits and cut costs.
 
RESTRAINING FACTORS

Process Automation has High Installation and Maintenance Costs to Limit Market Growth

Developing a new automated manufacturing facility necessitates using cutting-edge automation technologies, including SCADA, DCS, PLC, and HMI. The necessity for large initial investments to set up an automated production facility is one of the most important issues limiting the growth of the process automation and instrumentation market. Deploying instrumentation instruments like process analyzers and transmitters, as well as automation solutions like DCS and SCADA, requires significant cash. Solutions like DCS must be installed at an industrial site through several stages, including system implementation, process operation, data acquisition, and consultation. As a result, overall costs rise, increasing the plant owner's operating costs. Thus, system installation, upkeep, and upgrading involve significant capital expenditure, which limits industry expansion.

LIST OF KEY COMPANIES PROFILED:

ABB Limited
Emerson Electric Company
Mitsubishi Electric Company
Rockwell Automation Inc.
Siemens AG
Schneider Electric SE
Yokogawa Electric Corporation
Honeywell International Inc.
Pepper Fuchs GmbH.
General Electric Company
Hitachi Ltd
Delta Electronics
Fuji Electric
Koyo Electronics Industries Co., Ltd.
Yokogawa Electric Corporation

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