The global process automation and instrumentation market is anticipated to grow at a 2.7% CAGR during the forecast period 2021-2027 and will reach USD 78.6 billion by 2027. The increased emphasis on digitalized technologies like IoT and its implementation across several industry verticals to enhance production process, increased demand for rapid growing IT infrastructure, upgradation of existing business models will influence the growth of the process automation and instrumentation market. Furthermore, the rising prominence on regulatory compliance in the process industries, increased labor wages in the industrial sector, rise in adoption of multivendor portable application, increased demand for oil and gas industry rising importance of energy-efficiency and optimum utilization of resources will accelerate the growth of the process automation and instrumentation market.
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The COVID-19 pandemic has had an impact on process automation and instrumentation market owing to strict lockdowns and implementation of social distancing norms. Their was halt in the production, disruption in the supply chain. However, the market is anticipated to reopen trading activities and will see a steady growth during the forecast period 2021-2027.
The global process automation and instrumentation market is categorised into PLC, SCADA, DCS, HMI, APC, MES, and safety automation based on solutions. Due to the rising deployment of various enterprise solutions, the PLC category is expected to grow significantly in the global process automation and instrumentation market. Because they have no moving parts, PLCs are utilised to reduce power consumption, manage complex logic tasks, and provide superior dependability.
Due to the increasing number of constructional activities, industrialization, and urbanisation, Asia Pacific had a significant part of the global process automation & instrumentation market. In addition, the growing need for automation solutions in the energy and power sectors is expected to benefit this regional market in the future.
In January 2022, ExxonMobil has chosen Yokogawa Electric Corporation as the system integrator for the first field trial of an Open Process Automation (OPA) system designed to operate an entire production facility. The field trial will take place at an ExxonMobil manufacturing site on the US Gulf Coast, with a single, integrated system that fulfils the Open Process Automation Standard (O-PASTM) replacing the old distributed control system (DCS) and programmable logic controllers (PLC). The project will have improved control capabilities made possible by the use of OPA technologies and interfaces.
The prominent players in the global process automation and instrumentation industry include ABB, Honeywell, Mitsubishi Electric Corporation, Emerson Electric Co., Danaher, Siemens, Schneider Electric, Yokogawa Electric Corporation, Rockwell Automation, Inc., and General Electric.
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