Global Process Automation and Instrumentation Market 2018-2022
About Process Automation and Instrumentation
The report considers process automation and process instrumentation tools, equipment, and devices that help in seamlessly connecting and integrating different sub-processes within the industries. Under process automation, the report scope includes PLC, SCADA, DCS, and MES while process instrumentation includes control valves and industrial transmitters only.
Technavio’s analysts forecast the global process automation and instrumentation market to grow at USD 91.60 billion during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global process automation and instrumentation market for 2018-2022. To calculate the market size, the report considers the revenue generated from the process automation and instrumentation.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Process Automation and Instrumentation Market 2018-2022
Technavio recognizes the following companies as the key players in the global process automation and instrumentation market: ABB, Emerson Electric, Honeywell, Mitsubishi Electric, OMRON, Rockwell Automation, Schneider Electric, and Siemens
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is IT and OT convergence. The convergence of Information Technology (IT) and Operational Technology (OT) refers to the amalgamation of OT systems such as MES and SCADA with IT systems like Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM). S”
According to the report, one of the major drivers for this market is the adoption of multivendor portable applications. The global process automation and instrumentation market vendors have come up with multivendor portable applications that support standardized products from different vendors. The adoption of such applications can ensure the high adoption of process automation and instrumentation products across industries.
Further, the report states that one of the major factors hindering the growth of this market is High instrument failure rates. The process instrumentation products are susceptible to high failure rates. The vulnerability of breakage of such instruments become even higher when the working conditions are critical. The instruments can have unintended breakdowns in the industries.
ABB, Emerson Electric, Honeywell, Mitsubishi Electric, OMRON, Rockwell Automation, Schneider Electric, and Siemens