Global Process Automation and Instrumentation Market Outlook - Forecast Trends, Market Size, Share and Growth Analysis Report (2024-2032)

Process Automation and Instrumentation Market Growth

The growth of the process automation and instrumentation market is driven by the growing emphasis on digitalised technologies such as IoT. The field instrument segment is expected to grow at the fastest rate due to its ability to provide optimum productivity. The Asia Pacific region is anticipated to hold the largest market share due to the growing oil and gas and food and beverage sectors. Other factors leading to the growth in the region are rapid industrialisation and the enactment of favourable policies by the government.

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Process Automation and Instrumentation Market Trends

Growing investments in automation technologies to enhance the capabilities of automation processes is a crucial trend of process automation and instrumentation market. The growing deployment of automation technology in end-use sectors such as chemicals, metals, and mining, are also some major market trends.

Recent Developments

As per the process automation and instrumentation market dynamics and trends, ABB announced the launch of a value provider program for process automation solutions at its partner conference in September 2023.

Industry Outlook

Process instrumentation in the chemical industry enables precise measurement of variables like temperature, pressure, flow rate, level, density, and composition, ensuring reliability, field-proven accuracy, and ease of maintenance. As per the process automation and instrumentation industry analysis, the chemical sector is a vital global industry and generated USD 3.9 trillion in sales in 2023 and employed over 22 million people, according to the International Council of Chemical Associations (ICCA). A few large multinational corporations dominate the industry, with the top 10 companies contributing over 30% of global sales, primarily based in North America, Europe, and Asia. China leads as the largest producer and consumer of chemicals, holding nearly 40% of global sales, followed by the United States, Germany, Japan, and South Korea.

According to the India Brand Equity Foundation, India's chemical industry is projected to experience significant growth from FY19 to FY25. In FY19, the market size was 178.0 billion, and it increased to 194.6 billion in FY20, which contributed to the growth of the process automation and instrumentation industry. This upward trend continued in FY21, reaching 212.8 billion. The growth trajectory persisted with the market size of 232.6 billion in FY22, marking a consistent rise. By FY23, the market expanded further to 254.3 billion. The growth rate is maintained with an expected market size of 278.1 billion in FY24. By FY25, India's chemical industry is anticipated to reach 304.0 billion, indicating a compound annual growth rate of 9.3% over the period from FY19 to FY25. This consistent growth underscores the sector's expanding footprint and increasing market potential in India.

Growing Adoption of Advanced Automation Technologies in Diverse Industrial Sectors

• Rising demand for enhanced operational efficiency and productivity in manufacturing industries driving the adoption of process automation and instrumentation.
• Technological advancements in automation technologies, including AI, IoT, and machine learning, enhance system capabilities and performance as well as aid process automation and instrumentation demand growth.
• Expansion of applications in diverse sectors such as oil and gas, pharmaceuticals, and food and beverage, increasing market penetration.
• Established presence of key industry players with robust R&D capabilities and extensive service networks.
• Growing emphasis on energy efficiency and cost reduction in industrial operations fuelling demand for automation solutions.

Challenges and Risks in Implementing Advanced Automation Systems in Industrial Setups

• High initial investment costs associated with the deployment of advanced automation systems.
• Limited availability of skilled professionals to manage and maintain sophisticated automation systems impacts process automation and instrumentation demand forecast.
• Challenges in integrating new automation technologies with legacy systems in existing industrial setups.
• Stringent regulatory requirements and standards in various industries impacting the adoption of new technologies.
• Market fluctuations and economic uncertainties affecting capital expenditures in key end-use industries.
• Risks of cybersecurity threats and data breaches in connected automation systems, necessitating stringent security measures.

Rising Focus on Smart Manufacturing Is Driving the Growth of the Global Process Automation and Instrumentation Market

• Increasing focus on smart manufacturing driving the demand for integrated automation solutions fuels the process automation and instrumentation market value.
• Expansion of the renewable energy sector providing opportunities for automation in energy management and grid optimization.
• Growing adoption of wireless instrumentation and control systems for enhanced flexibility and cost-effectiveness.
• Rising demand for automation in emerging markets with expanding industrial bases and increasing investments.
• Development of advanced analytics and real-time monitoring solutions offering significant value-addition to automation systems.
• Opportunities for collaboration with research institutions and technology providers to innovate and enhance automation solutions.
• Government incentives and support for digital transformation initiatives in industrial sectors boosting market growth.

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Process Automation and Instrumentation Industry Segmentations

“Process Automation and Instrumentation Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

The industry can be broadly categorised based on instrument into:

• Field Instrument
  • Pressure Transmitter
    • Absolute Pressure Transmitter
    • Gauge Pressure Transmitter
    • Differential Pressure Transmitter
    • Multivariable Pressure Transmitter
  • Temperature Transmitter
    • Level Transmitter
    • Capacitive Level Transmitter
    • Ultrasonic Level Transmitter
    • Radar Level Transmitter
    • Differential Pressure/Hydrostatic
    • Magnetostrictive Level Transmitter
    • Radiometric Level Transmitter
    • Others
  • Humidity Transmitter
  • Vibration Level Switch
    • Vibrating Fork
    • Vibrating Rod
• Control Valve
  • Valve Body
  • Actuator
  • Others
• Analytical Instrument
  • Ph Analyzer
  • Conductivity Analyzer
  • Gas Chromatograph
  • Liquid Chromatograph

Based on solutions, the process automation and instrumentation market can be segmented into:

• Programmable Logic Controller (PLC)
• Distributed Control System (DCS)
• SCADA 
• Human Machine Interface (HMI)
• Safety Automation
  • Emergency Shutdown System (ESD)
  • Fire and Gas Monitoring and Control (FandG)
  • High Integrity Pressure Protection System (HIPPS)
  • Burner Management System (BMS)
  • Turbomachinery Control (TMC)
• Advanced Process Control (APC)
• Manufacturing Execution System (MES)

By industry, it can be divided into:

• Chemicals
• Energy and Power   
• Food and Beverages
• Metals and Mining 
• Oil and Gas
• Pharmaceuticals
• Pulp and Paper
• Water and Wastewater
• Others

The EMR report looks into the regional markets like North America, Latin America, Europe, Middle East and Africa, and Asia Pacific.

Competitive Landscape

The report presents a detailed analysis of the following key players in the global process automation and instrumentation market, looking into their capacity, competitive landscape, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• ABB Ltd. (SWX: ABBN)
• Emerson Electric Co. (NYSE: EMR)
• Honeywell International Inc. (NYSE: HON)
• Siemens AG (ETR: SIE)
• Schneider Electric SE (EPA: SU)
• Rockwell Automation Inc. (NYSE: ROK)     
• General Electric Company (NYSE: GE)
• Others

The EMR report gives an in-depth insight into the process automation and instrumentation market by providing a SWOT analysis as well as an analysis of Porter’s five forces.

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Process Automation and Instrumentation Market Regional Analysis

The Asia Pacific is projected to witness the fastest growth during the forecast period owing to the rising investment in the energy and power sectors. Furthermore, the growing pharmaceutical industry is boosting the demand of process automation and instrumentation market.

Key Indicators of Prices in the Global Process Automation and Instrumentation Market

• Variations in the cost of electronic components and sensors influence the overall pricing of automation systems.
• Impact of research and development activities and innovation expenses on the pricing of advanced and customized automation solutions.
• Fluctuations in labour and manufacturing costs affecting the cost structure of automation products.
• Influence of international trade policies, tariffs, and regulations on the pricing of imported automation equipment as well as process automation and instrumentation demand.
• Government subsidies and incentives for digitalization and smart manufacturing affecting the affordability of automation solutions.