Process Automation and Instrumentation Market

1. Process Automation & Instrumentation Market Size Global Forecast to 2027 | MarketsandMarkets The global process automation and instrumentation market size is expected to grow from USD 66.2 billion in 2022 to USD 86.6 billion by 2027, at a CAGR of 5.5%. The growth of this market can be attributed to the growing importance of energy efficiency and cost optimization, increased productivity, minimized errors and better scalability; the increasing use of digital technologies such as IIoT, machine learning, and artificial intelligence; and the rising emphasis on industrial automation and optimum utilization of resources. DRIVERS: Increasing focus of manufacturing firms on achieving cost saving and better efficiency Industries worldwide increasingly focus on improving production efficiency and reducing operating costs to sustain in the changing global industrial environment. The efficiency of a production site is assessed by its ability to respond quickly to rapid and unexpected changes in demand, preferences, and resource availability. This can be accomplished through process automation. Instrumentation products help 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 automation helps manufacturing firms decrease costs and increase revenue. Industries are actively adopting process automation and instrumentation solutions across their production sites to streamline industry operations, achieve enhanced productivity, and reduce labor-related costs. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1172 RESTRAINTS: High implementation and maintenance costs associated with process automation Establishing a new automated manufacturing plant requires deploying the latest automation technologies such as SCADA, DCS, PLC, and HMI. One of the most significant factors limiting the growth of the process automation and instrumentation market is the need for high initial investments to set up an automated production plant. Huge capital is required to deploy automation solutions such as DCS and SCADA, as well as instrumentation devices such as process analyzers and transmitters. The installation of solutions such as DCS at an industrial site involves various stages, including system implementation, process running, data acquisition, and consultation; this subsequently increases the overall costs, thereby increasing the operating expenses of the plant owner. Furthermore, automation software solutions require frequent upgrades owing to ongoing technological advancements. It is not feasible for small businesses to bear such expenses. Thus, system installation, maintenance, and upgrade require huge capital investment, restricting market growth to a certain extent. About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model –GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of

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