The process automation and instrumentation market is expected to be valued at USD 71.4 billion in 2019 and is projected to reach USD 95.5 billion by 2024, at a CAGR of 6.0%. The rapid increase in the use of automated solutions to handle and control all processes, consequently result in the adoption of process automation and instrumentation solutions. Demand for process automation solutions in various industries for increasing output and improving economic conditions of developed and developing countries, as well as the need for resource optimization and need of carrying out complex processes with reduced efforts are further pressing the requirement for process automation and instrumentation solutions. Factors such as the inclination of process automation in various end-user industries, shift from traditional approach to digitalized methods, cost and resource optimization, and need of automated solutions leading to energy saving are driving the growth of the process automation and instrumentation market.
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ABB (Switzerland), Siemens (Germany), Emerson Electric (US), Schneider Electric (France), and Honeywell International (US) are among the leading players in the process automation and instrumentation market. These players have been relying on their strong R&D capabilities and a balanced product portfolio to increase their customer base in the process automation and instrumentation market.
ABB (Switzerland) is an innovative technology leader and a pioneer in the field of power and automation. The company’s process automation and instrumentation-related product portfolio comprises control systems and field instruments. With comprehensive portfolio of automation and instrumentation solutions, the company caters to a wide range of process industries such as chemical, oil & gas, energy & power, metals & mining, pharmaceuticals, food & beverages, as well as standalone products and solutions to enhance efficiency, optimize performance, improve reliability, and minimize environmental impact from project start-up throughout the entire plant life cycle.
Siemens (Germany) is a major player in the process instrumentation market as it covers a wide range of measuring solutions for process parameters. Siemens is a global provider of products and services to process and discrete industries, with a revenue mix strategically balanced across geographies. It is actively involved in strategic alliances with internationally renowned players for strengthening its brand value. The company focuses on the areas of automation, digitalization, and electrification. It is among the leading players that develop energy-efficient, resource-saving technologies. Siemens’s products enable overall component integration while ensuring maximum quality and production optimization across all manufacturing facilities. Siemens’ process automation and instrumentation solutions combine production efficiency with quality to enable enhanced production optimization, leading to increased productivity and throughput. Factors such as strong technical expertise and brand image are helping Siemens gain competitive edge in major geographies.
Honeywell International (US) is a Fortune 100 diversified technology and among the manufacturing leader of process automation and instrumentation solutions. The company is well known for its total solution capabilities, life cycle services, and vertical domain expertise primarily into key industries such as chemical and petrochemical, oil & gas, mining, pharmaceuticals, and pulp & paper The company’s process automation and instrumentation offerings include control systems and instruments that help in managing plant assets efficiently and optimize overall productivity. The company’s solutions enable these industries to make smarter and faster decisions to improve operational efficiency, reliability, sustainability, and safety in their facilities. Emerson Electric (US) is among the major leaders in the process automation and instrumentation market. The company manufactures products and provides services to a wide range of markets, including consumer, commercial, and industrial. Emerson’s Automation Solutions segment is engaged in automating the production and distribution processes in industries such as chemicals, oil & gas, power generation, water & wastewater treatment, pulp & paper, metals & mining, life sciences, marine, medical, automotive, packaging, and food & beverages. The company focuses in bringing innovative products in the market by creating a diversified portfolio of process automation and instrumentation market. In addition, a wide range of different process industries are served by the company, consituting its major strength.
