28 April 2021
The new report the Process Automation & Instrumentation Market Report to 2031: Forecasts by Instrument (Field Instrument, Control Valve, and Analytical Instrument), Solution (PLC, DCS, SCADA, HMI, Functional Safety, APC, and MES), Application (Food & Beverage, Pharmaceutical, Chemical, Energy & Power, Oil & Gas, Metals & Mining, Water & Wastewater, Pulp & Paper, and Others), by Region, Country, and Leading Companies Profiles indicates that the Global Process Automation & Instrumentation Market will see $ XX bn in spending in 2020.
The lead analyst of the report said: "The process automation & instrumentation market is about to enter a period of phenomenal growth and innovation. The next ten years will see the upsurge demand of the process automation & instrumentation."
Industries are using process automation & instrumentation with big data analytics to get a better and accurate output. The market growth of the automation and instrumentation depends on the growing prominence of regulatory compliance in the process industries. The rising adoption of IoT across various industries and shifts in the production process from conventional to digital is another factor stimulating the growth of the market in the coming years.
The market’s growth is boosted by various factors such as the growing importance of energy efficiency and cost reduction, emphasizing digitalized technologies such as IIoT, increasing industrial automation adoption, and optimum utilization of resources. However, aspects such as the instrument's failure rate, the vulnerability of instrument breakage are high during critical working conditions, and uncertainty of breakdown.
The increase in automation awareness and rising growth for the incorporation of process automation across industrial plants has expected to highly enhance the profits for the manufacturing companies in the global market amid the COVID-19 outburst. However, the small companies are restricting the use of process automation & instrumentation owing to the high cost of the service and limited capital to invest in the new technology in the financial crisis due to the COVID-19 pandemic.
The XX page report contains 158 tables and 269 graphs that add visual analysis in order to explain developing trends within the process automation & instrumentation market. The report provides $ XX bn forecasts during the forecast period 2021-2031 for the process automation & instrumentation submarkets, namely by instrument, i.e., field instrument, control valve, and analytical instrument.
The XX page report offers market forecasts and analysis for 24 leading national markets and the rest of the world market. In addition, the report contains a dedicated leading companies' chapter covering more than 15 companies leading the field in the process automation & instrumentation.
The global process automation & instrumentation market 2021-2031 report will be of value to anyone who wants to understand better the process automation & instrumentation market and its various segments. It will be useful for businesses who wish to comprehend the part of the market better they are already involved in, or those wishing to enter or expand into a different regional or technical aspect of the process automation & instrumentation industry.
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