This portion of the report includes some of the key players functioning in the global process automation and instrumentation market. Some of the players operating in the global process automation and instrumentation market are Siemens, Mitsubishi Electric, Rockwell Automation, Honeywell and Schneider Electric.
The process automation and instrumentation market is likely to grow at healthy pace during the course of forecast period from 2018 till 2026. The growth in the global automation and instrumentation market depends on growing prominence on regulatory compliance in the process industries. The rising adoption of IoT across various industries and shift in production process from conventional to digital is another factor stimulating growth of this market in coming years.
On the basis of instrument, Field instrument is likely to dominate the global process automation and instrumentation market. As the instrument plays crucial role in the control of process parameter in the process industries.
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The study provides comprehensive analysis of the global process automation and instrumentation market along with this the growth prospect of this market is also highlighted in great details. The report also provides factors promoting and deterring growth of this market. The report also offers competitive dynamics in the global market by factoring the weakness and strength of the key players, key products and degree of competition among the players are also included.
The global process automation and instrumentation market is driven by increasing regulatory compliance in the processed industries. The rising labor wages in the industrial sector is another trend supporting growth of this market. Further, increasing demand for proactive solutions that can determine failure at the component level, has also provided a boost to the growth of this market in coming years.
The increase in adoption of multivendor portable application will be one of the key factor influencing growth of this market. In addition, the increasing industrial automation rate of adoption among several end-user industries are stimulating growth of this market in the upcoming years. Further, the growing demand for utilities and energy is anticipated to offer highest growth over the forecast period. The industry helps in reducing emission and is pushing for increasing efficiency. The process automation and instrumentation offers proficient output and input energy management and thereby promoting towards growth of this market. The ever-growing demand for energy and government initiatives to improve power reliability and to increase inclination towards the local industries. These are some of the factors propelling growth of this market in the upcoming years.
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Geographically, North America dominate the global process automation and instrumentation market owing to increase in industrialization automation rate of adoption in the region, especially in U.S. This is one of key reason behind growth of this market and this is further trailed by Europe. Additionally, U.S. is the largest revenue contributor in the global process automation and instrumentation market during the course of forecast period.