Companies in this industry are primarily engaged in the manufacture of instruments that measure, display, and control industrial process variables such as temperature, humidity, pressure, and flow. Major companies include Honeywell and Rockwell Automation (both of the US), as well as ABB (Switzerland), OMRON (Japan), Schneider Electric (France), and Siemens (Germany).
Demand is driven by overall industrial production and by demand for machinery used to automate production of a variety of manufactured products. The profitability of individual companies depends on technological expertise and efficient operations. Large companies have economies of scale in purchasing and greater ability to offer a wide variety of products to a diverse customer base. Small companies can compete by specializing in niche products. The US industry is concentrated: the top 50 companies account for about 75% of industry revenue.
PRODUCTS, OPERATIONS & TECHNOLOGY
Major products include instruments and related devices for measuring, displaying, indicating, recording, transmitting, and controlling industrial process variables such as temperature, humidity, pressure, vacuum, combustion, flow, level, viscosity, density, acidity, concentration, and rotation. Specific product types include chromatographs, flow instruments, hydrometers, liquid analysis instruments, mechanical measuring instruments, pressure gauges, and temperature instruments.