LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global process automation and instrumentation market predict the market revenue to reach USD 92 billion by 2022.
The report segments the global process automation and instrumentation market by product (process automation PA and process instrumentation PI), by end-user (oil and gas industry, power, chemical and petrochemical, and water and wastewater), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global process automation and instrumentation market, according to Technavio industrial automation researchers:
- Adoption of multivendor portable applications: a major market driver
- In 2017, the process automation PA segment dominated the market owing to the higher usage and application of DCS, PLC, SCADA, and MES in process industries
- The Americas dominated the global process automation and instrumentation market due to the adoption rate of industrial automation across end-user industries in the region
- ABB, Emerson Electric, Honeywell, Mitsubishi Electric, OMRON, Rockwell Automation, and Scheider Electric are the leading players in the market
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Adoption of multivendor portable applications: a major market driver
The global process automation and instrumentation market vendors have come up with multivendor portable applications that support standardized products from different vendors. High adoption of process automation and instrumentation products across industries is possible due to the adoption of such applications. End-users can select from the cost-efficient products of different vendors or to select the highly efficient products based on their requirements due to the introduction of multivendor portable applications. Such applications are expected to act as a price driver by ensuring a reduction in downtime and reduction in the cost of purchase of the products.
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Americas: largest process automation and instrumentation market
The process automation and instrumentation market in the Americas is expected to occupy the maximum share in 2017. However, the market share of the Americas is expected to decline by 2022.
According to a senior analyst at Technavio for research on automation, “The growth rate of the process automation and instrumentation market in the other regions such as EMEA and APAC will also establish significant growth during the forecast period.”
Competitive vendor landscape
Through innovation, quality, and price, players are trying to compete in the global process automation and instrumentation market. The competition is expected to intensify with players investing heavily in R&D activities. The market players are expected to increase their global footprint with mergers and acquisitions and collaboration with various regional or local players in the market.
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