New York, NY, Oct. 25, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Process Instrumentation Market by Instrument (Transmitter and Control Valve), by Technology (Programmable Logic Controller (PLC), Distributed Control System (DCS), Supervisory Control and Data Acquisition (SCADA), and Manufacturing Execution System (MES)), and by End-User (Household, Automotive, Water/Wastewater Treatment, Aircraft, and Laboratory Instrumentation): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, global process instrumentation market was valued at approximately USD 17.12 billion in 2017 and is expected to generate around USD 21.62 billion in revenue by the end of 2024, growing at a CAGR of around 3.34% between 2018 and 2024.
Process instrumentation has several benefits, such as decreased human errors, improved product quality, lower plant emissions, and reduced operating costs. Measuring, recording, controlling, and positioning are the key parameters needed for trouble-free operations of a manufacturing unit. Increase in the technological advancements and innovation are the major factors primarily driving the growth of this market. Increasing demand for automated processes and instruments by producers is the key factor bolstering the expansion of process instrumentation market. In addition, cost efficiency, asset utilization, and reduction in engineering time and energy efficiency with the help of process instruments are some of the considerable factors positively influencing the growth of this market.
Browse through 81 Tables & 22 Figures spread over 110 Pages and in-depth TOC on “Global Process Instrumentation Market: Industry Size, Share, Application, Analysis and Forecast, 2017 – 2024”.
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On the basis of the instrument, the process instrumentation market is categorized into the transmitter and control valve. The control valve segment accounted for a major revenue share in 2017 and is anticipated to continue its supremacy during the forecast period. Control valves are majorly used to control the elements in the procedure control systems. Additionally, the growing demand for hygienic portable water along with secure and proficient devastate collection and discarding facilities is expected to propel the market for control valves in the upcoming years.
Based on technology, this market is segmented into Programmable Logic Controller (PLC), Distributed Control System (DCS), Manufacturing Execution System (MES), and Supervisory Control and Data Acquisition (SCADA). The Distributed Control System (DCS) segment is anticipated to grow at a high rate in the upcoming years. DCS solutions are majorly used in various industries, which include food and beverages, packaging, oil and gas, energy and power, chemical, pharmaceutical, and pulp and paper.
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On the basis of geography, North America accounted for a major market share in 2017 and is anticipated to continue its dominance during the forecast period. This growth can be attributed to the rising next-generation technological advancements. The U.S. and Canada accounted for a major share in this market in North America. Owing to technological advancements, the increasing investments by the U.S. government in various industries, such as chemical and oil and gas, is aiding the market growth for process instrumentation. Moreover, an increase in the adoption rate of industrial automation in various end-user industries, such as oil and gas, chemicals, pharmaceuticals, petrochemicals, and others, is primarily boosting the growth of this market.
The Asia Pacific region is projected to witness the highest growth rate in the upcoming years in this market. This is due to rapid industrialization in emerging countries, such as India and China. Moreover, these developing countries are projected to witness the rapid penetration in the process instrumentation market due to favorable government policies and rising investments made in the energy and power sector. The use of process instrumentation by the pharmaceutical industry in this region is growing due to the developments made in the field of contract manufacturing, changing regulatory environment, and low cost. Furthermore, Europe is anticipated to hold a substantial share in this market in the upcoming years.
Browse the full "Process Instrumentation Market by Instrument (Transmitter and Control Valve), by Technology (Programmable Logic Controller (PLC), Distributed Control System (DCS), Supervisory Control and Data Acquisition (SCADA), and Manufacturing Execution System (MES)), and by End-User (Household, Automotive, Water/Wastewater Treatment, Aircraft, and Laboratory Instrumentation): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/process-instrumentation-market
The major players operating in the process instrumentation market are Metso Corporation, Honeywell International Inc., Danaher Corporation, Omron Corporation, Yokogawa Electric Corporation, Siemens AG, ABB Ltd., Rockwell Automation Inc., Mitsubishi Electric Corporation, Emerson Electric Company, and Schneider Electric SA, among others.
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This report segments the global process instrumentation market as follows:
Global Process Instrumentation Market: Instrument Segment Analysis
- Transmitter
- Control Valve
Global Process Instrumentation Market: Technology Segment Analysis
- Programmable Logic Controller (PLC)
- Distributed Control System (DCS)
- Supervisory Control and Data Acquisition (SCADA)
- Manufacturing Execution System (MES)
Global Process Instrumentation Market: End-User Segment Analysis
- Household
- Automotive
- Aircraft
- Laboratory Instrumentation
Global Process Instrumentation Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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