Asia Pacific Process Instrumentation Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Technology (Flow Meter, Level, Pressure and Temperature Instrument, and Analytical), and Industry (Oil and Gas, Chemical and Petrochemical, Energy and Power, Water and Waste Water, Metal and Mining, Food and Beverages, Pulp and Paper, and Others)
The Asia Pacific process instrumentation market was valued at US$ 4,570.61 million in 2019 and is projected to reach US$ 7,012.28 million by 2027; it is expected to grow at a CAGR of 5.7% from 2020 to 2027.
Process instrumentations are utilized in theprocess industry to control process variables, such as levels, temperature, pressure, and flow, with real-time measurement. The right instrumentation helps the industrial users to run processes effectively, efficiently, economically,and safely. Rising demand for these products in wide industrial verticals with critical process measuring requirements is driving the process instrumentation market. Moreover, these devices provide high durability, ease of installation, and safety measures depending on the applications. This is also contributing to the growth of the process instrumentations market. These highly operating devices are getting developed for the harsh environments, which is supplementing the market growth.
The process instrumentation marketis segmented intotechnology and industry. Based on technology, the market is segmented into flow meter, level, pressure &temperature instrument, and analytical. The flow meter segment accounted for a dominant share of the process instrumentation market in 2019. Flow meters are getting majorly adopted in the oil &gas industry to measure the precise flow of oil, gas, and other liquid substances. In terms of industry, the process instrumentation market is segmented into oil &gas, chemical & petrochemical, energy and power, water and waste water, metal and mining, food and beverage, pulp and paper, and others.The oil and gas industrial segment is a crucial end user of process instrumentations. Process instruments, such as flow meter, level meters, temperature meters, and metering systems, are widely used in the oil & gas industry.Rising penetration of smart and advanced technologies in process instruments among the industries is likely to help the market to grow during the forecast period.
Major players operating in the process instrumentation market include ABB Ltd; Emerson Electric Co; Endress+Hauser Group Services AG; Honeywell International Inc.; KROHNE Messtechnik GmbH; Rockwell Automation, Inc.; Schneider Electric; Siemens AG; Yokogawa Electric Corporation; and Fuji Electric Co., Ltd.
The overall process instrumentation market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the process instrumentation market with regardto all the segments. Also, primary interviews were conducted with industry participants and commentators to validate data as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the process instrumentation market.
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