Process Automation and Instrumentation Market

Industry Overview

The global process automation and instrumentation market is projected to experience substantial growth in the coming years. Starting from a value of USD 70 billion in 2022, the market is expected to reach a staggering USD 82.6 billion by 2030. This growth trajectory indicates a Compound Annual Growth Rate (CAGR) of 2.7% during the forecast period spanning from 2023 to 2030.

Process automation and instrumentation is a method of monitoring and controlling various business production processes. It is the technology-enabled automation and instrumentation of complex business processes that assist in streamlining operations, meeting organizational goals, improving quality, and lowering operating costs. The technology also entails using numerous interrelated processes to monitor and control physical quantities. The key drivers of process automation and instrumentation market development are mounting concerns about planned functional safety and protection, increasing demand for energy-efficient manufacturing processes, rising labor expenses, and high productivity levels with low prices.

The COVID-19 pandemic has led to huge losses to manufacturers globally. Process automation and instrumentation are serving industries like oil and gas, chemical, and power generation industries. These industries have cut back on their production services for the time being owing to reduced demand and supply chain disruption. As a result, demand for process automation and instrumentation has decreased, which is having a snowball impact on the market. However, the steps taken in fiscal policy by regional financial institutions to help manufacturing facilities floating during the COVID-19 pandemic will drive the growth in the process automation and instrumentation market.

Market Segmentation

Insight by Instrument

The market is classified into three categories based on instrument: field instrument, control valve, and analytical instrument.The field instrument segment dominates the global process automation and instrumentation market as field instrument plays a significant role in process control to measure and track crucial elements like pressure, temperature, level, and flow in process industries such as chemicals, oil & gas, mining, and pharmaceuticals. From a control room, this equipment can be operated or automated. Moreover, it is essential to attain information easily, speedily, securely, and precisely from field instruments in all the process industries.

Insight by Solution

The market is divided into PLC, DCS, SCADA, HMI, safety automation, APC, and MES based on solution. HMI segment is anticipated to have a high CAGR during the forecast period. HMI is a graphical user interface in a computer that interfaces with a specialized computer that is placed in the plant. HMI allows plant operators to extract actionable and useful data from plant equipment. HMI receives data from other connected systems, processes it, and displays it on a display screen for the operator to see. Thus, helps in improving productivity and operator safety by reducing human involvement in production operations. The rising use of HMI systems in process industries is driving the demand of the segment.

Moreover, MES is anticipated to grow at a faster pace owing to enhancing productivity, reducing the cycle time, and eradicating human dependency for processing data. These are cost-effective opportunities in operations and deliver the enhanced performance of production assets across the supply chain.

Insight by Industry Vertical

Food & beverages, pharmaceuticals, chemicals, energy & power, oil & gas, metals & mining, water & wastewater, pulp & paper, and others are the industry verticals in which the market is segmented. The pharmaceutical industry is anticipated to have a high CAGR during the forecast period owing to the increased significance of offering precision measuring equipment so as to provide an accurate dose of medicine, and the mounting need for process automation solutions in various processes like manufacturing, testing, drug development, packaging, and distribution will bolster the growth of the process automation and instrumentation market.

Energy & Power industry holds a significant share owing to the rising demand for electricity, rising need for clean and smart energy, shifting needs of consumers to overcome power generation and distribution losses are some of the factors that drive the industry players of energy & power to have process automation and instrumentation solutions. Furthermore, massive deployment in the value chain of the oil & gas industry owing to rising energy requirements will help the oil & gas industry to have process automation.

Process Automation and Instrumentation Market Report Coverage

Industry Dynamics

Industry Trends

The growing trends of the industry 4.0 revolution have created smart automation in the manufacturing sector which offers benefits like productivity gains, enhanced team performance, error reduction, decrease cost, and producing high-quality. The rising demand for achieving process optimization in reduced time in industrial operations along with initiatives by the government to adopt automation are the trends prevalent in the industry.

Growth Drivers

The growth of the process automation and instrumentation market is driven by several key factors. Firstly, there is a growing emphasis on energy efficiency and cost reduction, which has led to increased demand for these technologies. Additionally, the focus on digitalized platforms like the Industrial Internet of Things (IIoT) has contributed to market growth.

Furthermore, the rising adoption of industrial automation and the implementation of stringent compliances and regulations to enhance production have also played a significant role in driving the market forward. The optimal utilization of resources is another important factor contributing to the market's growth.

The market is also benefiting from increased investment in the automotive industry and continuous upgrades of manufacturing units in the oil & gas and utility sectors. These investments are propelling the demand for process automation and instrumentation solutions.

Moreover, proactive solutions that effectively govern component failures and the growing adoption of multivendor portable applications are further fueling market growth.

Overall, these various factors are creating a favorable environment for the expansion of the process automation and instrumentation market.

Challenges

The massive initial investment for solutions like MES and devices like process analyzers, transmitters, and control valves along with high operational and maintenance costs are acting as a restraint for the market. Moreover, social distancing norms and lockdowns have impacted the demand and supply of products, resulting in short-term and medium-term challenges for the process automation and instrumentation market. Also, limited penetration by small and medium-sized enterprises owing to their definitive budget will pose a challenge in the market.

Opportunities

The increasing demand for safety automation systems to protect any terrorist attacks, theft, and accidents, and malfunctioning of equipment, resulting in providing tremendous opportunities for growth in process automation and instrumentation as they can handle and control emergency and complex processes.

Geographic Overview

APAC is anticipated to be the fastest-growing region in the process automation and instrumentation market owing to the increasing infrastructural investments in the energy & power sector due to the rising demand for electricity and better power reliability, rising demand for oil & gas and food & beverage due to the rising population, robust industrialization, favorable government policies, and constant growth in industrial activities will fuel the growth in the region.

Competitive Insight

The process automation and instrumentation are moderately fragmented with many players entering into partnerships, acquisitions, product launches, and R&D activities to have a competitive edge in the market.

Mitsubishi Electric is focused on technological innovation and ceaseless creativity and its process automation solutions are aiding customers to visualize and optimize their operations.  Mitsubishi Electric combines the power of process automation and digital data to provide cutting-edge solutions to organizations.

ABB is one of the leading global technology companies that is engaged in power automation technologies and is focused on transforming society to achieve a more productive sustainable future. Process Automation business provides a variety of solutions for process and hybrid industries, including industry-specific integrated automation, electrification, and digital solutions, control technologies, software, and advanced services, as well as measurement & analytics, marine, and turbocharging.

In November 2021, Honeywell has delivered a novel process automation functionality Experion Process Knowledge System (PKS) 520.1 for end-users.  It has laid the foundation of Experion PKS Highly Integrated Virtually Environment (HIVE) which has reduced the complexity and cost of automation projects.

Mitsubishi Electric updated its SCADA selection for the EMEA region in March 2021, now offering two additional types of software for system monitoring and process control under the "GENESIS64" series, in addition to the previous "MAPS" SCADA software. The new product line will address a wide range of IoT requirements, from small production line monitoring and control to multi-site monitoring and business intelligence (BI) for plant-wide systems, process automation, and utility and building automation.

Some of the leading players in the process automation and implementation industry include ABB, Honeywell, Mitsubishi Electric Corporation, Emerson Electric Co., Danaher, Siemens, Schneider Electric, Yokogawa Electric Corporation, Rockwell Automation, Inc., and General Electric.

The Process Automation and Instrumentation Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2023–2030.

Segments Covered in the Report

• By Instrument
  • Field Instrument
  • Control Valve
  • Analytical Instrument
• By Solution
  • PLC
  • DCS
  • SCADA
  • HMI
  • Safety Automation
  • APC
  • MES
• By Industry Vertical
  • Food & Beverages
  • Pharmaceuticals
  • Chemicals
  • Energy & Power
  • Oil & Gas
  • Metals & Mining
  • Water & Wastewater
  • Pulp & Paper
  • Others

Region Covered in the Report

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Rest of the World (RoW)
  • Brazil
  • Saudi Arabia
  • South Africa
  • U.A.E.
  • Other Countries

1.    Research Overview

        1.1.    The Report Offers
        1.2.    Market Coverage
                1.2.1.    By Instrument
                1.2.2.    By Solution 
                1.2.3.    By Industry Vertical               
                1.2.4.    By Region
        1.3.    Research Phases
        1.4.    Limitations
        1.5.    Market Methodology
                1.5.1.    Data Sources
                        1.5.1.1. Primary Research
                        1.5.1.2. Secondary Research
                1.5.2.    Methodology
                        1.5.2.1. Data Exploration
                        1.5.2.2. Forecast Parameters
                        1.5.2.3. Data Validation
                        1.5.2.4. Assumptions
                1.5.3.    Study Period & Data Reporting Unit

2.    Executive Summary

3.    Industry Overview

        3.1.    Industry Dynamics
                3.1.1.    Market Growth Drivers
                3.1.2.    Market Restraints
                3.1.3.    Key Market Trends
                3.1.4.    Major Opportunities
        3.2.    Industry Ecosystem
                3.2.1.    Porter’s Five Forces Analysis
                3.2.2.    Recent Development Analysis
                3.2.3.    Value Chain Analysis
        3.3.    Competitive Insight
                3.3.1.    Competitive Position of Industry Players
                3.3.2.    Market Attractive Analysis
                3.3.3.    Market Share Analysis

4.    Global Market Estimate and Forecast

        4.1.    Global Market Overview
        4.2.    Global Market Estimate and Forecast to 2030

5.    Market Segmentation Estimate and Forecast

        5.1.    By Instrument
                5.1.1.    Field Instrument
                        5.1.1.1. Market Definition
                        5.1.1.2. Market Estimation and Forecast to 2030  
                5.1.2.    Control Valve
                        5.1.2.1. Market Definition
                        5.1.2.2. Market Estimation and Forecast to 2030
                5.1.3.    Analytical Instrument
                        5.1.3.1. Market Definition
                        5.1.3.2. Market Estimation and Forecast to 2030       
        5.2.    By Solution
                5.2.1.    PLC
                        5.2.1.1. Market Definition
                        5.2.1.2. Market Estimation and Forecast to 2030
                5.2.2.    DCS
                        5.2.2.1. Market Definition
                        5.2.2.2. Market Estimation and Forecast to 2030
                5.2.3.    SCADA
                        5.2.3.1. Market Definition
                        5.2.3.2. Market Estimation and Forecast to 2030
                5.2.4.    HMI
                        5.2.4.1. Market Definition
                        5.2.4.2. Market Estimation and Forecast to 2030
                5.2.5.    Safety Automation
                        5.2.5.1. Market Definition
                        5.2.5.2. Market Estimation and Forecast to 2030
                5.2.6.    APC
                        5.2.6.1. Market Definition
                        5.2.6.2. Market Estimation and Forecast to 2030
                5.2.7.    MES
                        5.2.7.1. Market Definition
                        5.2.7.2. Market Estimation and Forecast to 2030         
        5.3.    By Industry Vertical   
                5.3.1.    Food & Beverages
                        5.3.1.1. Market Definition
                        5.3.1.2. Market Estimation and Forecast to 2030
                5.3.2.    Pharmaceuticals
                        5.3.2.1. Market Definition
                        5.3.2.2. Market Estimation and Forecast to 2030
                5.3.3.    Chemicals
                        5.3.3.1. Market Definition
                        5.3.3.2. Market Estimation and Forecast to 2030
                5.3.4.    Energy & Power
                        5.3.4.1. Market Definition
                        5.3.4.2. Market Estimation and Forecast to 2030
                5.3.5.    Oil & Gas
                        5.3.5.1. Market Definition
                        5.3.5.2. Market Estimation and Forecast to 2030
                5.3.6.    Metals & Mining
                        5.3.6.1. Market Definition
                        5.3.6.2. Market Estimation and Forecast to 2030
                5.3.7.    Water & Wastewater
                        5.3.7.1. Market Definition
                        5.3.7.2. Market Estimation and Forecast to 2030
                5.3.8.    Pulp & Paper
                        5.3.8.1. Market Definition
                        5.3.8.2. Market Estimation and Forecast to 2030
                5.3.9.    Others
                        5.3.9.1. Market Definition
                        5.3.9.2. Market Estimation and Forecast to 2030    
6.    North America Market Estimate and Forecast

        6.1.    By Instrument
        6.2.    By Solution 
        6.3.    By Industry Vertical      
        6.4.    By Country – U.S., Canada, and Mexico
                6.5.1.    U.S. Market Estimate and Forecast
                6.5.2.    Canada Market Estimate and Forecast
                6.5.3.    Mexico Market Estimate and Forecast

7.    Europe Market Estimate and Forecast

        7.1.    By Instrument
        7.2.    By Solution 
        7.3.    By Industry Vertical        
        7.4.    By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe
                7.5.1.    Germany Market Estimate and Forecast
                7.5.2.    France Market Estimate and Forecast
                7.5.3.    U.K. Market Estimate and Forecast
                7.5.4.    Italy Market Estimate and Forecast
                7.5.5.    Spain Market Estimate and Forecast
                7.5.6.    Rest of Europe Market Estimate and Forecast

8.    Asia-Pacific Market Estimate and Forecast

        8.1.    By Instrument
        8.2.    By Solution 
        8.3.    By Industry Vertical         
        8.4.    By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific
                8.5.1.    China Market Estimate and Forecast
                8.5.2.    Japan Market Estimate and Forecast
                8.5.3.    India Market Estimate and Forecast
                8.5.4.    South Korea Market Estimate and Forecast
                8.5.5.    Singapore Market Estimate and Forecast
                8.5.6.    Rest of Asia-Pacific Market Estimate and Forecast

9.    Rest of the World (RoW) Market Estimate and Forecast

        9.1.    By Instrument
        9.2.    By Solution 
        9.3.    By Industry Vertical        
        9.4.    By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries
                9.5.1.    Brazil Market Estimate and Forecast
                9.5.2.    Saudi Arabia Market Estimate and Forecast
                9.5.3.    South Africa Market Estimate and Forecast
                9.5.4.    Other Countries Market Estimate and Forecast

10.    Company Profiles

        10.1.    ABB
                10.1.1.    Snapshot
                10.1.2.    Overview
                10.1.3.    Offerings
                10.1.4.    Financial Insight
                10.1.5.    Recent Developments
        10.2.    Honeywell
                10.2.1.    Snapshot
                10.2.2.    Overview
                10.2.3.    Offerings
                10.2.4.    Financial Insight
                10.2.5.    Recent Developments
        10.3.    Mitsubishi Electric Corporation
                10.3.1.    Snapshot
                10.3.2.    Overview
                10.3.3.    Offerings
                10.3.4.    Financial Insight
                10.3.5.    Recent Developments
        10.4.    Emerson Electric Co.
                10.4.1.    Snapshot
                10.4.2.    Overview
                10.4.3.    Offerings
                10.4.4.    Financial Insight
                10.4.5.    Recent Developments
        10.5.    Danaher
                10.5.1.    Snapshot
                10.5.2.    Overview
                10.5.3.    Offerings
                10.5.4.    Financial Insight
                10.5.5.    Recent Developments
        10.6.    Siemens
                10.6.1.    Snapshot
                10.6.2.    Overview
                10.6.3.    Offerings
                10.6.4.    Financial Insight
                10.6.5.    Recent Developments
        10.7.    Schneider Electric
                10.7.1.    Snapshot
                10.7.2.    Overview
                10.7.3.    Offerings
                10.7.4.    Financial Insight
                10.7.5.    Recent Developments
        10.8.    Yokogawa Electric Corporation
                10.8.1.    Snapshot
                10.8.2.    Overview
                10.8.3.    Offerings
                10.8.4.    Financial Insight
                10.8.5.    Recent Developments
        10.9.    Rockwell Automation, Inc.
                10.9.1.    Snapshot
                10.9.2.    Overview
                10.9.3.    Offerings
                10.9.4.    Financial Insight
                10.9.5.    Recent Developments
        10.10.   General Electric.
                10.10.1.   Snapshot
                10.10.2.   Overview
                10.10.3.   Offerings
                10.10.4.   Financial Insight
                10.10.5.   Recent Developments         

11.    Appendix

        11.1.    Exchange Rates
        11.2.    Abbreviations

Note: Financial insight and recent developments of different companies are subject to the availability of information in the secondary domain.

List of Tables

Table 1 Sources
Table 2 Study Periods
Table 3 Data Reporting Unit
Table 4 Global Process Automation and Instrumentation Market, By Instrument, 2018-2022 (USD Billion)
Table 5 Global Process Automation and Instrumentation Market, By Instrument, 2023-2030 (USD Billion)
Table 6 Global Process Automation and Instrumentation Market, By Solution, 2018-2022 (USD Billion)
Table 7 Global Process Automation and Instrumentation Market, By Solution, 2023-2030 (USD Billion)
Table 8 Global Process Automation and Instrumentation Market, By Industry Vertical, 2018-2022 (USD Billion)
Table 9 Global Process Automation and Instrumentation Market, By Industry Vertical, 2023-2030 (USD Billion)
Table 10 Global Process Automation and Instrumentation Market, By Region, 2018-2022 (USD Billion)
Table 11 Global Process Automation and Instrumentation Market, By Region, 2023-2030 (USD Billion)
Table 12 North America Process Automation and Instrumentation Market, By Instrument, 2018-2022 (USD Billion)
Table 13 North America Process Automation and Instrumentation Market, By Instrument, 2023-2030 (USD Billion)
Table 14 North America Process Automation and Instrumentation Market, By Solution, 2018-2022 (USD Billion)
Table 15 North America Process Automation and Instrumentation Market, By Solution, 2023-2030 (USD Billion)
Table 16 North America Process Automation and Instrumentation Market, By Industry Vertical, 2018-2022 (USD Billion)
Table 17 North America Process Automation and Instrumentation Market, By Industry Vertical, 2023-2030 (USD Billion)
Table 18 North America Process Automation and Instrumentation Market, By Region, 2018-2022 (USD Billion)
Table 19 North America Process Automation and Instrumentation Market, By Region, 2023-2030 (USD Billion)
Table 20 Europe Process Automation and Instrumentation Market, By Instrument, 2018-2022 (USD Billion)
Table 21 Europe Process Automation and Instrumentation Market, By Instrument, 2023-2030 (USD Billion)
Table 22 Europe Process Automation and Instrumentation Market, By Solution, 2018-2022 (USD Billion)
Table 23 Europe Process Automation and Instrumentation Market, By Solution, 2023-2030 (USD Billion)
Table 24 Europe Process Automation and Instrumentation Market, By Industry Vertical, 2018-2022 (USD Billion)
Table 25 Europe Process Automation and Instrumentation Market, By Industry Vertical, 2023-2030 (USD Billion)
Table 26 Europe Process Automation and Instrumentation Market, By Region, 2018-2022 (USD Billion)
Table 27 Europe Process Automation and Instrumentation Market, By Region, 2023-2030 (USD Billion)
Table 28 Asia-Pacific Process Automation and Instrumentation Market, By Instrument, 2018-2022 (USD Billion)
Table 29 Asia-Pacific Process Automation and Instrumentation Market, By Instrument, 2023-2030 (USD Billion)
Table 30 Asia-Pacific Process Automation and Instrumentation Market, By Solution, 2018-2022 (USD Billion)
Table 31 Asia-Pacific Process Automation and Instrumentation Market, By Solution, 2023-2030 (USD Billion)
Table 32 Asia-Pacific Process Automation and Instrumentation Market, By Industry Vertical, 2018-2022 (USD Billion)
Table 33 Asia-Pacific Process Automation and Instrumentation Market, By Industry Vertical, 2023-2030 (USD Billion)
Table 34 Asia-Pacific Process Automation and Instrumentation Market, By Region, 2018-2022 (USD Billion)
Table 35 Asia-Pacific Process Automation and Instrumentation Market, By Region, 2023-2030 (USD Billion)
Table 36  RoW Process Automation and Instrumentation Market, By Instrument, 2018-2022 (USD Billion)
Table 37  RoW Process Automation and Instrumentation Market, By Instrument, 2023-2030 (USD Billion)
Table 38  RoW Process Automation and Instrumentation Market, By Solution, 2018-2022 (USD Billion)
Table 39  RoW Process Automation and Instrumentation Market, By Solution, 2023-2030 (USD Billion)
Table 40  RoW Process Automation and Instrumentation Market, By Industry Vertical, 2018-2022 (USD Billion)
Table 41  RoW Process Automation and Instrumentation Market, By Industry Vertical, 2023-2030 (USD Billion)
Table 42  RoW Process Automation and Instrumentation Market, By Region, 2018-2022 (USD Billion)
Table 43  RoW Process Automation and Instrumentation Market, By Region, 2023-2030 (USD Billion)
Table 44 Snapshot – ABB
Table 45 Snapshot – Honeywell
Table 46 Snapshot – Mitsubishi Electric Corporation
Table 47 Snapshot – Emerson Electric Co.
Table 48 Snapshot – Danaher
Table 49 Snapshot – Siemens
Table 50 Snapshot – Schneider Electric
Table 51 Snapshot – Yokogawa Electric Corporation
Table 52 Snapshot – Rockwell Automation, Inc.
Table 53 Snapshot – General Electric.
List of Figures

Figure 1 Market Coverage
Figure 2 Research Phases
Figure 3 Secondary Sources for Different Parameters
Figure 4 Methodology
Figure 5 Data Mining & Exploration
Figure 6 Data Triangulation
Figure 7 Assumptions for Market Estimation and Forecast
Figure 8 Market Synopsis
Figure 9 Global Process Automation and Instrumentation Market- Growth Drivers and Restraints
Figure 10 Competitive Benchmark
Figure 11 Global Process Automation and Instrumentation Market, Highlight
Figure 12 Global Process Automation and Instrumentation Market, By Instrument, 2018–2030 (USD Billion)
Figure 13 Global Process Automation and Instrumentation Market, By Solution, 2018–2030 (USD Billion)
Figure 14 Global Process Automation and Instrumentation Market, By Industry Vertical, 2018–2030 (USD Billion)
Figure 15 Global Process Automation and Instrumentation Market, By Region, 2018–2030 (USD Billion)
Figure 16 North America Process Automation and Instrumentation Market Highlight
Figure 17 North America Process Automation and Instrumentation Market, By Instrument, 2018–2030 (USD Billion)
Figure 18 North America Process Automation and Instrumentation Market, By Solution, 2018–2030 (USD Billion)
Figure 19 North America Process Automation and Instrumentation Market, By Industry Vertical, 2018–2030 (USD Billion)
Figure 20 North America Process Automation and Instrumentation Market, By Region, 2018–2030 (USD Billion)
Figure 21 Europe Process Automation and Instrumentation Market Highlight
Figure 22 Europe Process Automation and Instrumentation Market, By Instrument, 2018–2030 (USD Billion)
Figure 23 Europe Process Automation and Instrumentation Market, By Solution, 2018–2030 (USD Billion)
Figure 24 Europe Process Automation and Instrumentation Market, By Industry Vertical, 2018–2030 (USD Billion)
Figure 25 Europe Process Automation and Instrumentation Market, By Region, 2018–2030 (USD Billion)
Figure 26 Asia-Pacific Process Automation and Instrumentation Market Highlight
Figure 27 Asia-Pacific Process Automation and Instrumentation Market, By Instrument, 2018–2030 (USD Billion)
Figure 28 Asia-Pacific Process Automation and Instrumentation Market, By Solution, 2018–2030 (USD Billion)
Figure 29 Asia-Pacific Process Automation and Instrumentation Market, By Industry Vertical, 2018–2030 (USD Billion)
Figure 30 Asia-Pacific Process Automation and Instrumentation Market, By Region, 2018–2030 (USD Billion)
Figure 31 RoW Process Automation and Instrumentation Market Highlight
Figure 32 RoW Process Automation and Instrumentation Market, By Instrument, 2018–2030 (USD Billion)
Figure 33 RoW Process Automation and Instrumentation Market, By Solution, 2018–2030 (USD Billion)
Figure 34 RoW Process Automation and Instrumentation Market, By Industry Vertical, 2018–2030 (USD Billion)
Figure 35 RoW Process Automation and Instrumentation Market, By Region, 2018–2030 (USD Billion)