13 May 2021
Visiongain has published a new report on Automation Instrumentation Market Report to 2031: Forecasts by process (Process Automation, Process Instrumentation), by type of instrument (Collaborative Robots, Connectors & Cordsets, Human Machine Interface (HMI) Displays, Others), by industry vertical (Oil &Gas, Pharmaceuticals, Chemicals, Others). PLUS Profiles of Leading Automation Instrumentation Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Automation instrumentation market was valued at US$ xx billion in 2020 and is projected to reach at a market value of US$ xx billion by 2031. Automation instrumentation engages in providing communication between robotics & other automation equipment. It comprises a range of instruments & devices which are further used for streamline automated processes such as dispensing, material handling, assembling, material handling, sorting, labeling, among others. Moreover, with having a collaborative connectors & cordsets, robots, encoders, human-machine interface displays, inductive sensors, and signal conditioners, automation instrumentation promotes better process & product consistency, and improved workplace safety.
Factors such as surge in labor cost & demand to optimize resource utilization requirements and increased adoption of automation instrumentation in various industries are some of the major factors driving the market growth. Conversely, government initiatives towards investing in automation instrumentation and developing economies adoption automation instrumentation across several industry vertical are becoming major factors expected to create lucrative opportunities to the market in the upcoming years.
COVID-19 Impact on Automation Instrumentation Market
With an unprecedented COVID-19 outbreak which has declined the global market for several end user verticals in the market. This is attributed to the disruptions in the supply chain across the globe. Moreover, the production across process across several industries have been limited, due to the pandemic, the shortage of raw material, decline in exports & the disruptions in the supply chain are the major factors contributing to the decline in the production. These factors are therefore becoming major reason behind the decline in process automation & instrumentation market.
Surge in labor cost & demand to optimize resource utilization requirements
Due to increasing labor cost which reducing efficiency of the production is driving the automation instrumentation market. As automation instrumentation provide customized solutions & meets the need for improved product quality, decreased parts manufacturing cycle time, and reduction in overall costs in manufacturing industry. Therefore, due to surge in labor cost, demand for automation instrumentation is continuing to rise, which is fuelling the market growth.
Increased adoption of automation instrumentation in various industries
Industries such as oil & gas, petrochemicals, chemical, among others are expected to enhance their operational efficiency by implementing automation instrumentation solutions. In addition, demand for accuracy in the installation of engine pistons, retrofitting control systems to existing infrastructures, and eliminate product defect, is propelling the growth of automation instrumentation in various industries.
Government initiatives towards investing in automation instrumentation
Government across several countries are entering into partnership, supporting businesses by heavily investing in automation technologies in the market. Therefore, due to increased business requirements, rising manufacturing sectors, the demand for automation instrumentation is expected to grow tremendously, which, as a result anticipated to create lucrative opportunities to the market in the upcoming years.
Developing economies adoption automation instrumentation across several industry vertical
Countries such as India, Mexico, South Korea, Brazil, among others are expanding their existing industrial vertical, which is expected to provide an immense growth opportunities to the key players in the market. Therefore, with increased development & technological advancements in the emerging economies, demand for automation instrumentation is expected to boost the market growth.
Some of the companies profiled in the report include ABB Ltd., Yokogawa Electric Corp., Branom Instrument Co., Emerson Electric Co., Honeywell International Inc., Mitsubishi Electrical Corp, Siemens AG, Rockwell Automation, Robert Bosch GmbH, and General Electric.
In March 2020, in Turkey, Yokogawa Electric Corp. has signed an agreement with Renaissance Heavy Industries, which specializes in construction services. In addition, the agreement aimed at providing a control system & field instruments for Zerger gas-fired power plant in Turkmenistan.
In October 2019, Rockwell Automation, which is an American provider of industrial automation & information technology acquired a providers of provides manufacturing execution systems consulting & software, MESTECH Services. Moreover, the acquisition was facilitated in order to leveraging Rockwell's products & solutions in the areas of the process, control, and power information solutions.
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