Process Instrumentation Market Size, Share, Growth, Trends, and Forecast 2030

Process Instrumentation Market Size And Forecast

The global process instrumentation market size was worth around USD 17219.5 million in 2021 and is estimated to grow to about USD 28093.05477 million by 2028, with a compound annual growth rate (CAGR) of approximately 8.5 percent over the forecast period. The report analyzes the digital remittance market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.

Process Instrumentation Market: Overview

Process Instrumentation is a collective term for sensors incorporated into measuring instruments used for indicating, measuring, and recording physical quantities. It is used in several applications including industrial manufacturing facilities and water & wastewater treatment to measure several variables such as pressure, flow, pH, level, conductivity, temperature, turbidity, force, speed, humidity, and other variables in process plants. In the process instrumentation market, the major parameters like recording, positioning, measuring, and controlling are fueling the growth of the market as they are vital for the smooth functioning of a manufacturing unit and are top priorities for process instruments for attaining great levels of absolute reliability, accuracy, and precision.

COVID-19 Impact:

COVID-19 pandemic has negatively impacted the growth of the process instrumentation market due to disruptions in the supply chain and a decline in demand. Production has come to an unforeseen end globally, which influenced the demand for the product in the end-user industries worldwide and affected the price as well. Many disruptions have been felt across the end-user industries which hindered the growth of process instrumentation market.

Process Instrumentation Market: Growth Drivers

Increasing focus of manufacturing firms on attaining cost-saving and better efficiency

Process automation can help in achieving the efficiency of a production site that is assessed by its ability to respond quickly to rapid and unexpected changes in demand, preferences, and resource availability. Instrumentation products help to measure and analyze process parameters such as pressure, temperature, level, and humidity, while process automation solutions help monitor and control processes to lower rework costs, minimize inspection costs, and reduce system failures. Thus, process instrumentation helps manufacturing firms cut costs and increase revenue. Industries are vigorously adopting process automation and instrumentation solutions across their production sites to streamline industry operations, achieve enhanced productivity, and reduce costs.

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Process Instrumentation Market: Restraints

High implementation and maintenance costs related to process instrumentation

There is a need for high initial investments to set up an automated production plant which is one of the most significant factors limiting the growth of the process instrumentation market. Huge capital is required to deploy automation solutions, as well as instrumentation devices such as process analyzers and transmitters. Moreover, automation software solutions require recurrent upgrades owing to ongoing technological advancements. It is not feasible for small businesses to bear such expenditures. Thus, system installation, maintenance, and upgrade require huge capital investment, confining market growth to a certain extent.

Process Instrumentation Market: Segmentation

The global process instrumentation market is segregated based on instrument, solution, and industry.

By instrument, the market is classified into Field Instruments and Process Analyzers. Field instruments dominated the global process instrumentation market in 2021. Field instruments assist in managing plant assets, enhancing plant safety, and optimizing overall production processes through data acquisition, control, and measurement. It is necessary to obtain significant information regarding major parameters, including temperature, pressure, and level, to monitor and control processes quickly, smoothly, securely, and accurately, as well as to achieve optimum productivity.

By solution, the global market is classified into PLC, DCS, SCADA, HMI, Functional Safety, and MES. Among them, the PLC segment is estimated to dominate the overall process instrumentation market, owing to the increasing deployment of various enterprise solutions. They are used to lower power consumption, handle complicated logic operations and offer better dependability since they have no moving parts.

Recent developments

• In June 2020, Emerson Electric Co. launched ASCO Series 353 pulse valves. These valves are expected to help end-users achieve effective, efficient, and convenient bag cleaning. These valves can be used in different applications in agriculture, pharmaceuticals, mining, rubber, metals, cement, and power industries
• In February 2019, General Electric Company launched the sixth version of iFIX, an HMI/SCADA software designed to improve operational productivity by providing plant operators with high performance to give users the most informed view of the problem or task and secure visualization from anywhere at any time.
• In September 2019, Siemens and Grundfos signed a digital partnership framework for their strategic collaboration with the two companies. The new partnership focuses on the complementary products and solutions provided by both parties in three main areas: water and wastewater applications, industrial automation, and building technology.

Report Scope:

Regional Landscape

The Asia Pacific is anticipated to have the fastest growth during the forecast period, followed by North America. In the Asia Pacific, the demand for process instrumentation solutions is growing from the oil & gas and food & beverages industries due to the ever-increasing population in the Asia Pacific. Development in technologies such as using autonomous underwater vehicles and unmanned aerial vehicles, onshore and offshore pipelines is being done to protect against terrorist attacks, criminal activities, and even repair damages. These factors lead to the growth of the instrumentation market in this region. Additionally, the provision of IoT platform capabilities is expected to propel the process automation and instrumentation market in North America.

Competitive Landscape

Some of the main competitors dominating the global process instrumentation market include - ABB Ltd (Switzerland), Emerson Electric Co. (US), Siemens (Germany), General Electric Company (US), Schneider Electric (France), and Others.

Global process instrumentation market is segmented as follows:

By Instrument

• Field Instruments
• Process Analyzers

By Solution

• PLC
• DCS
• SCADA
• HMI
• Functional Safety
• MES

By Industry

• Oil & Gas
• Chemicals
• Pulp & Paper
• Pharmaceuticals
• Metals & Mining
• Food & Beverages
• Energy & Power
• Water & Wastewater Treatment
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa