Pune, India -- (SBWire) -- 01/22/2020 --A recent report published by Infinium Global Research on Process Instrumentation Market (Technology - Programmable Logic Controller (PLC), Supervisory Control and Data Acquisition (SCADA), Distributed Control System (DCS), and Manufacturing Execution System (MES); Instrument - Field Instrument, Control Valve, and Analyzer; Communication Protocol - Wired Communication Protocol, and Wireless Communication Protocol; End-User - Automotive, Household, Water/Wastewater Treatment, Aircraft, Laboratory Instrumentation, Oil and Gas): Global Industry Analysis, Trends, Size, Share and Forecasts to 2024. According to the report, the global process instrumentation market is projected to grow at a CAGR of 3.20% over the forecast period of 2018-2024.
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Process Instrumentation Market: Insight
Process instrumentation is an integral part of any process industry as it allows real-time measurement. Process instrumentation is mostly used in industrial manufacturing, which facilities to measures things like level, pressure, pH, temperature, conductivity, humidity, speed, and other variables. It plays a major role in automation. Instrumentation is used to monitor and control manufacturing processes, which helps to meet safety, environmental regulations, quality and productivity, profitable operation. Process instrumentation offers single-source measurement solutions to increase plant efficiency and enhance product quality.
Process Instrumentation Market: Drivers and Opportunities
The several benefits such as emissions reduction decreased human errors and reduced operating costs offered by process instrumentation is expected to increase the demand for the process instrumentation market. Food and beverage manufacturers must adhere to high hygiene and quality standard. This requires the capturing of precise data and the ability to monitor it at the core of the production process.
Moreover, the rise in demand for process instrumentation from various end-user industries such as oil and gas, mining, food and beverage, wastewater, semiconductor manufacturing, and many other process industry has a positive impact on the growth of the market. However, high initial investment related to process instrumentation hampers the growth of the process instrumentation market. Less adoption of instrumentation in undeveloped countries is a major challenge for the market. Going further, technological advancement and awareness related to the use of process instrumentation are anticipated to create significant opportunities for the process instrumentation market.
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Process Instrumentation Market: Regional Insights
North America dominates the global process instrumentation market during the forecast period. The U.S. and Canada are accounted to have the largest market share in the North America region. The growing investment by the U.S. government in several industries includes oil and gas, pharmaceutical and chemical and technological innovation boost the demand of the market in the North America region. In addition, the high rate of adoption of industrial automation in various end-use industries is escalating the growth of the process instrumentation market. Asia Pacific region is expected to be growing at a significant rate during the forecast period. The factors such as rapid industrialization in emerging counties and rapid penetration of process instrumentation due to favorable government rules have a positive impact on the market growth of process instrumentation in the Asia Pacific region. Moreover, the growing use of process instrumentation in the pharmaceutical industry is boosting the demand for the process instrumentation market in this region.
Process Instrumentation Market: Segmentation
The report on the global process instrumentation market covers segments such as technology, instrument, communication protocol, and end-user. On the basis of technology, the sub-markets include a programmable logic controller (PLC), supervisory control and data acquisition (SCADA), distributed control system (DCS), and manufacturing execution system (MES). On the basis of the instrument, the sub-markets include field instruments, control valves, and analyzers. On the basis of communication protocol, the sub-markets include wired communication protocol and wireless communication protocol. On the basis of end-user, the sub-markets include automotive, household, water/wastewater treatment, aircraft, laboratory instrumentation, and oil and gas.
Process Instrumentation Market: Competitive Landscapes
The report provides profiles of the companies in the market such as ABB ltd, Endress+Hauser Management AG, Yokogawa, Siemens Ltd.,, FOXBORO (INVENSYS), Honeywell International Inc., Emerson Electric Co., Fuji Electric Co., Ltd., DUON SYSTEM CO., LTD,, General Electri, ROTRONIC AG, and WIKA Alexander Wiegand SE & CO. KG .
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About Infinium Global Research
The Infinium Global research comprises of a team of well-experienced analysts who have qualified in generating incisive reports. The process instrumentation market report offers trends, opportunities, challenges, market size, and forecast for major geographical regions and key countries. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the process instrumentation market.
