This report provides exclusive insights into the COVID-19 impact on the Process Instrumentation Market. The detailed analysis provides information about the impact of the outbreak on the demand and supply conditions, trends and forecasts of the Process Instrumentation Market. Moreover, the impact analysis covers the study of the COVID-19 on the supply chain of Process Instrumentation Market. The sectoral impact shall provide insights into both short term and long term effects of the pandemic on the related and support industries.
A recent report published by Infinium Global Research on process instrumentation market provides in-depth analysis of segments and sub-segments in the global as well as regional process instrumentation market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional process instrumentation market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global process instrumentation market. According to the report, the global process instrumentation market is projected to grow at a CAGR of 3.20% over the forecast period of 2018-2024.
Process instrumentation is an integral part of any process industry as it allows real-time measurement. Process instrumentation is mostly used in industrial manufacturing, which facilities to measures things like level, pressure, pH, temperature, conductivity, humidity, speed, and other variables. It plays a major role in automation. Instrumentation is used to monitor and control manufacturing processes, which helps to meet safety, environmental regulations, quality and productivity, profitable operation. Process instrumentation offers single-source measurement solutions to increase plant efficiency and enhance product quality.
The several benefits such as emissions reduction decreased human errors and reduced operating costs offered by process instrumentation is expected to increase the demand of process instrumentation market. Food and beverage manufactures must adhere to high hygiene and quality standard. This requires the capturing of precise data and the ability to monitor it at the core of the production process. Moreover, the rise in demand of process instrumentation from various end-user industries such as oil and gas, mining, food and beverage, waste water, semiconductor manufacturing, and many other process industry have the positive impact on the growth of the market. However, high initial investment related to process instrumentation hampers the growth of process instrumentation market. Less adoption of instrumentation in undeveloped countries is a major challenge for the market. Going further, technological advancement and awareness related to use of process instrumentation are anticipated to create significant opportunities for the process instrumentation market.
North America dominates the global process instrumentation market during the forecast period. The U.S. and Canada are accounted to have the largest market share in the North America region. Growing investment by the U.S. government in several industries includes oil and gas, pharmaceutical and chemical and technological innovation boost the demand of market in North America region. In addition, the high rate of adoption of industrial automation in various end-use industries is escalating the growth of the process instrumentation market. Asia Pacific region is expected to be growing at a significant rate during the forecast period. The factors such as rapid industrialization in emerging counties and rapid penetration of process instrumentation due to favorable government rules have a positive impact on the market growth of process instrumentation in the Asia Pacific region. Moreover, the growing use of process instrumentation in the pharmaceutical industry is boosting the demand of process instrumentation market in this region.
The report on global process instrumentation market covers segments such as technology, instrument, communication protocol, and end-user. On the basis of technology, the sub-markets include a programmable logic controller (PLC), supervisory control and data acquisition (SCADA), distributed control system (DCS), and manufacturing execution system (MES). On the basis of the instrument, the sub-markets include field instrument, control valve, and analyzer. On the basis of communication protocol, the sub-markets include wired communication protocol and wireless communication protocol. On the basis of end-user, the sub-markets include automotive, household, water/wastewater treatment, aircraft, laboratory instrumentation, and oil and gas.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region, as it is the largest market in this region. The Asia-pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China.
The report provides profiles of the companies in the market such as ABB ltd, Endress+Hauser Management AG, Yokogawa, Siemens Ltd.,, FOXBORO (INVENSYS), Honeywell International Inc., Emerson Electric Co., Fuji Electric Co., Ltd., DUON SYSTEM CO., LTD,, General Electri, ROTRONIC AG, and WIKA Alexander Wiegand SE & CO. KG .
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of process instrumentation market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.