Process Automation & Instrumentation Market to Reach $88.9 Billion by 2023: Key Players are ABB, Emerson Electric, General Electric, Honeywell, Mitsubishi Electric, Rockwell Automation & Others

The process automation & instrumentation market is expected to be valued at USD 62.64 billion in 2017 and is likely to grow at a CAGR of 6.0% to reach USD 88.92 billion by 2023.

The market growth can be attributed to the rising emphasis on regulatory compliance in process industries, increasing adoption of IoT across various industries, shift in production approach from conventional practices to digitalized methods, growing labor wages in major manufacturing hubs, and rising demand for proactive solutions that can determine failures at component level, among others.

The process automation & instrumentation market for the energy & power industry is expected to witness at the highest rate in the coming years. The cost of components and systems used in this industry is high, and consequently, the safety of components is of prime importance. In addition, the companies in the energy & power industry aim on reducing overall production downtime, for which they are increasingly installing ESD systems at their production sites. Moreover, the implementation of solutions such as APC enables to maximize fuel efficiency and reduce environmental emissions.

The investments in energy infrastructure are rising in APAC due to the increase in the demand for electricity and policy makers' push for better power reliability and home-grown industries. Also, the process automation and instrumentation market for the pharmaceuticals industry in this region is growing due to low-cost factors, changing regulatory environment, and significant development in the field of contract manufacturing. Several countries in APAC such as China and India have indulged in offshore production and exploration to increase the domestic production of energy resources and reduce the dependence on other regions for importing oil. Owing to these factors, Asia Pacific is likely to be the fastest-growing market for process automation & instrumentation between 2017 and 2023.

Companies Mentioned

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Trends

7 Process Automation & Instrumentation Market, By Type

8 Process Automation & Instrumentation Market, By Instrument

9 Process Automation & Instrumentation Market, By Communication Protocol

10 Process Automation & Instrumentation Market, By Solution

11 Process Automation & Instrumentation Market, By End-User Industry

12 Geographic Analysis

13 Competitive Landscape

14 Company Profiles

For more information about this report visit https://www.researchandmarkets.com/research/cp58nh/process

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