NEW YORK, May 17, 2024 /PRNewswire/ — The global process instrumentation market size is estimated to grow by USD 7.46 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 6.67% during the forecast period.
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Forecast period |
2024-2028 |
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Base Year |
2023 |
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Historic Data |
2018 – 2022 |
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Segment Covered |
End-user (Oil and gas, Chemical, Food and beverages, Energy and power, and Others), Type (Field instrument, Control valve, and Analyzer), and Geography (APAC, North America, Europe, South America, and Middle East and Africa) |
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Region Covered |
APAC, North America, Europe, South America, and Middle East and Africa |
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Key companies profiled |
ABB Ltd., Delta Electronics Inc., Emerson Electric Co., Endress Hauser Group Services AG, Fuji Electric Co. Ltd., General Electric Co., Hitachi Ltd., Honeywell International Inc., KROHNE Messtechnik GmbH, Metso Outotec Corp., Mitsubishi Electric Corp., OMRON Corp., Pepperl and Fuchs SE, Rockwell Automation Inc., Schlumberger Ltd., Schneider Electric SE, Siemens AG, Teledyne Technologies Inc., Titan Co. Ltd., and Yokogawa Electric Corp. |
Key Market Trends Fueling Growth
The process instrumentation market is experiencing significant growth due to the increasing adoption of wireless field instruments in industries such as transportation, power plants, and manufacturing. Real-time monitoring and control of parameters like flow, pressure, level, temperature, and humidity are key benefits. However, challenges in communication protocols, ex-proof/intrinsically safe requirements, and reliability and security concerns persist. Applications span various industries, including pharmaceuticals, energy and utilities, metals and mining, and process control systems. Asset utilization, energy efficiency, and emission reduction are primary drivers. Long-term contracts are common in this serviceable addressable market. Key trends include the integration of smart sensors, IoT, and Industry 4.0 technologies. Absolute reliability, accuracy, and precision are essential for success.
Market Challenges
- Process instrumentation plays a pivotal role in process industries, ensuring safety and optimal plant performance through accurate measurement and control of various parameters. Instruments such as level indicators, pressure sensors, and flow control valves provide essential data points for process control systems, asset utilization, energy efficiency, and emission reduction. Their long-term contracts are crucial for manufacturing businesses, particularly in sectors like metal and mining, chemical, food and beverages, and oil and gas. These instruments facilitate M2M communication, automation, and digital transformation, addressing labor shortages and cybersecurity risks. Despite high initial investments, their absolute reliability, precision, and contribution to product quality, safety, and environmental impact justify their use. Key economic factors driving the market include sustainability, water availability, and the rising trend of industrial automation.
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Segment Overview
This process instrumentation market report extensively covers market segmentation by
- End-user
- 1.1 Oil and gas
- 1.2 Chemical
- 1.3 Food and beverages
- 1.4 Energy and power
- 1.5 Others
- 2.1 Field instrument
- 2.2 Control valve
- 2.3 Analyzer
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and Africa
1.1 Oil and gas- The process instrumentation market in the oil and gas industry is segmented by end-user, with significant applications in energy, product quality, safety, and environmental impact sectors. Instrumentation solutions are essential for monitoring and controlling various parameters such as flow, pressure, level, temperature, humidity, and others in refineries. Rising industrial automation and digital transformation are driving the demand for advanced process instrumentation, including Equilibar’s pressure regulators, SDO valves from OleumTech, and control valves. Economic factors, including business investment and GDP growth, also influence market size. Cybersecurity risks and high initial investments are challenges. Industry applications include transportation, power plants, and field instruments, with communication protocols like Profibus PA, Foundation Fieldbus, and HART facilitating real-time monitoring. Ex-Proof/Intrinsically safe instruments ensure safety in hazardous environments. Competitor analysis and market trends involve analyzing market leaders and emerging players, with focus areas including transmitters, switches, and gauges. Applications extend to agriculture and livestock, mining and metals, pharmaceutical, and energy and utilities sectors.
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Research Analysis
The Process Instrumentation Market encompasses a wide range of technologies and applications, primarily focused on Process Control Systems. These systems optimize Asset Utilization and Energy Efficiency in various Industry Applications, including manufacturing, oil and gas, and power generation. Process Instrumentation Equipment plays a crucial role in this domain, providing essential measurements for Positioning, Recording, and Monitoring parameters such as Flow, Pressure, Level, Temperature, Humidity, and Emission Reduction. Rising Industrial Automation and the increasing demand for Product Quality, Safety, and Environmental Impact reduction have fueled market growth. However, High Initial Investments and Cybersecurity Risks pose challenges. Communication Protocols like Profibus PA facilitate seamless integration and data exchange between various components. Ex-Proof/Intrinsically Safe devices ensure safety in hazardous environments. Competitor Analysis is essential to understand market dynamics and maintain a competitive edge. Economic Factors also significantly influence market trends.
Market Research Overview
The Process Instrumentation Market encompasses various technologies and solutions designed to measure, monitor, and control industrial processes. These systems enable efficient production, ensure product quality, and maintain safety standards. The market consists of sensors, transmitters, recorders, controllers, and software for data acquisition and analysis. Applications include oil and gas, power generation, pharmaceuticals, food and beverage, and water and wastewater treatment. The market is driven by factors such as increasing automation in industries, stringent regulations, and the need for real-time process data. Technological advancements, including wireless communication and the Internet of Things (IoT), are also fueling market growth.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
- Oil And Gas
- Chemical
- Food And Beverages
- Energy And Power
- Others
- Type
- Field Instrument
- Control Valve
- Analyzer
- Geography
- APAC
- North America
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
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Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
