The global process automation and instrumentation market is expected to exhibit strong growth, reaching USD 88.5 billion by 2028. As per the report titled “Process Automation and Instrumentation Market Size, Share COVID-19 Impact Analysis, By Instrument Type (Transmitters, Flow Meters, Analyzers, Controllers, Recorders, Switches, and Vacuum Instruments), By Solution (PLC, SCADA, DCS, HMI, APC, MES, and Safety Automation), By Application (Chemical, Metal Mining, Food Beverage, Oil Gas, Pharmaceutical, Pulp Paper, Wastewater Treatment, and Others) and Regional Forecasts, 2022-2028″ observes that the market size in 2021 stood at USD 65.3 billion and USD 88.5 billion in 2028. The market is expected to exhibit a CAGR of 5.20% during the forecast period.
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ABB Disclosed its Intention to Separate Accelleron (formerly ABB Turbocharging)
In July 2022, ABB stated that it would separate Accelleron (formerly ABB Turbocharging). Process automation and instrumentation service providers might benefit greatly from landing a long-term contract because such agreements guarantee a consistent flow of income. As a result, winning contracts, particularly from governments, is a vital strategy for top players.
Growing Industry 4.0 Trend To Support Market Growth
The market is anticipated to increase substantially during the forecast period due to the growing acceptability of Industry 4.0 principles in manufacturing industries, including food and beverage, oil and gas, and chemicals. Since the advent of Industry 4.0, the majority of manufacturing industry processes and systems have been automated using various technologies, such as cloud computing, IoT, and cyber-physical systems. This has allowed production units to operate efficiently around the clock without the risk of human error. These technologies help to shorten the production cycle and achieve process efficiency from the stage of collecting raw materials to the manufacture of the finished product.
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Lack of Qualified Employees to Maintain Complex Automation Systems to Limit Market Growth
Process automation and instrumentation solutions require trained personnel to operate due to the complexity of the processes, which can be misunderstood and may result in errors and defects if handled by an unskilled workforce. Process automation will hasten the change in skill sets needed as work is changing due to artificial intelligence (AI) and the Internet of Things (IoT). As businesses use IoT data to forecast outcomes, improve operations, avoid failures, develop new products, and implement sophisticated analytics capabilities, such as artificial intelligence (AI) and machine learning (ML), in manufacturing, the need for a competent workforce will rise. Therefore, the lack of experienced workers presents difficulties for companies that produce process automation and instrumentation.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the process automation and instrumentation market plan acquisitions to improve their brand recognition globally. For instance, in August 2022, to improve total electric vehicle inductive charging, the business announced a deal with MAHLE. One of the main objectives of this collaboration is to meet the rising demand for wireless charging of electric cars.
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List of Key Players Profiled in the Report
- Deloitte LLP
- Hitachi Vantara Corporation
- International Business Machine Corporation
- Microsoft Corporation
- Oracle Corporation
- Rosslyn Data Technologies
- SAP SE
- Symphony Teleca Services, Inc.
- Teradata Corporation
- TIBCO Software Inc.
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