Process Automation & Instrumentation Market by Instrument, Solution, Industry | COVID-19 Impact Analysis | MarketsandMar

1. Process Automation & Instrumentation Market by Instrument, Solution, Industry | COVID-19 Impact Analysis The process automation and instrumentation market is estimated to be worth USD 67.4 billion in 2020 and is projected to reach USD 76.8 billion by 2025, at a CAGR of 2.6%. The growth of this market is propelled by factors such as the growing importance of energy efficiency and cost reduction, emphasis on digitalized technologies such as IIoT, increasing adoption of industrial automation, and optimum utilization of resources. Key Market Players The global process automation and instrumentation market is dominated by ABB (Switzerland), Siemens (Germany), Emerson Electric (US), Schneider Electric (France), Honeywell International (US). The other key players in this market include companies such as General Electric (US), Mitsubishi Electric (Japan), Rockwell Automation (US), Endress+Hauser (Switzerland), Yokogawa Electric (Japan), and HollySys (China). “APAC to be fastest-growing region in process automation and instrumentation market from 2019 to 2024” The market in APAC is expected to grow at the highest CAGR during the forecast period. The growth of the market during the forecast period is expected due to factors such as rising infrastructural investments in the energy & power sector owing to the increase in the demand for electricity and policy makers’ pushing for better power reliability; growing demand of oil & gas and food & beverages due to rising needs of huge population, rapid industrialization, and consistent growth in the industrial activities in the Pacific region, along with favorable government policies. The process automation and instrumentation market for the pharmaceuticals industry in APAC is also growing due to low-cost factors and changing regulatory environment. Driver: Fiscal policy steps taken by regional financial institutions to keep manufacturing facilities floating amidst COVID-19 crisis It is projected that the world GDP growth rate would go down by 0.5% in 2020, thereby giving a negative trend for growth prospects in an already weak world economy. Many countries are already implementing remedial plans to tackle the economic crisis triggered by the COVID-19 outbreak. The US has passed a bill named Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, under which USD 2 trillion will be spent under five components, namely individuals/families, big businesses, small businesses, state and local governments, and public services. The demand for process automation & instrumentation products and solutions is directly dependent on manufacturing activities. Thus, the initiatives taken by different governments will help drive the growth of the companies involved in the development of process automation & instrumentation products and solutions. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1172 Restraints: High investment for implementation and significant maintenance costs of process automation and instrumentation solutions One of the most significant factors that limit the growth of the process automation and instrumentation market is a high initial investment for solutions and devices. High investments are required for solutions such as MES and devices such as process analyzers, transmitters, and control valves. For example, the installation of MES at a production site involves various stages, such as acquisition, adjustment, implementation, running, and consultation; this subsequently increases overall costs, thereby surging the operating expenses of the site. Opportunities: Rising demand for safety automation systems

2. Industrial accidents result in heavy losses in terms of injuries or death and production loss. Oil and gas platforms are generally located in harsh conditions, which require an automated safety and security mechanism for protecting against any terrorist attack, theft, and accidents, as well as malfunctioning of equipment. Process automation and instrumentation can handle and control an emergency as well as control complex processes. 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 incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: 1-888-600-6441