LONDON--(BUSINESS WIRE)--The global industrial process recorders market is expected to grow at a CAGR of just above 3% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global industrial process recorders market for 2017-2021. The market research report provides a detailed analysis based on the product (paperless recorders and chart recorders) and end-user (power, beverage, and wastewater treatment industries).
| The global industrial process recorders market size is expected to reach USD 1,335.8 million by 2021. The increasing need for business optimization to decrease maintenance costs, make optimal use of natural resources, and increase productivity is the key driver responsible for the growth of the market. |
Technavio’s research study segments the global industrial process recorders market into the following regions:
- APAC
- EMEA
- Americas
APAC: largest industrial process recorders market segment
“APAC is the largest segment of the industrial process recorders market, generating over 38% of the overall revenue. China, India, South Korea, Japan, Indonesia, and the Philippines are key contributors from the region, driven by an increase in industrialization and urbanization,” says Bharath Kanniappan, one of the lead analysts at Technavio for automation research.
China is increasingly focusing on sustainable energy development while investing in nuclear energy to meet the rising energy demands. This is indicative of the rising trend of industrialization, thereby creating a demand for industrial process recorders.
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EMEA: swiftly developing African countries drives growth of market segment
In EMEA, the UK, Germany, and France are the leading contributors to the industrial process recorders market, driven by retrofit activities carried out for paperless chart recorders and stringent regulatory policies in these countries. On the other hand, Africa has the highest potential for growth due to the presence of swiftly developing countries such as Ethiopia, Democratic Republic of Congo, Mozambique, Tanzania, and Rwanda. Major processing and manufacturing industries are setting up plants in Africa due to the high amount of available natural resources in the region, thereby creating a demand for industrial process recorders.
Americas: flourishing oil and gas industries driving growth of market segment
“The US is the key contributor to the industrial process recorders market in the Americas, driven by the flourishing oil and gas and power sectors in the region. The increasing number of natural gas-based power plants is creating a favorable market for industrial process recorders in the Americas,” says Bharath.
Latin America is a market segment with high potential due to considerable infrastructural development and construction activities in the region. The stabilizing political situation is likely to create larger opportunities for industrial investment in Brazil, further accelerating the demand for industrial process recorders.
The top vendors in the global industrial process recorders market highlighted in the report are:
- ABB
- Fuji Electric
- Honeywell International
- Siemens
- Yokogawa
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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