$88.92 Billion A 2023 Target For Process Automation & Instrumentation

According to the market research report "Process Automation & Instrumentation Market by Instrument, Solution, End-User Industry, and Geography - Global Forecast to 2023" published by MarketsandMarkets, the process automation & instrumentation market is expected to be valued at USD 62.64 Billion in 2017 and is likely to grow at a CAGR of 6.0% to reach USD 88.92 Billion by 2023. Market growth can be attributed to the rising emphasis on regulatory compliance in process industries, increasing adoption of IoT across various industries, shift in production approach from conventional practices to digitalized methods, growing labor wages in major manufacturing hubs, and rising demand for proactive solutions that can determine failures at component level.

 

  • Process automation & instrumentation market for control valves to grow at the highest rate between 2017 and 2023
  • Distributed control system (DCS) to dominate the process automation and instrumentation market during the forecast period
  • Process automation & instrumentation market for energy & power industry to grow at the highest rate between 2017 and 2023
  • Asia Pacific to lead the overall process automation & instrumentation market between 2017 and 2023 

Some of the major players operating in the process automation & instrumentation market include ABB Ltd. (Switzerland), Emerson Electric Co. (US), General Electric Co. (US), Honeywell International, Inc. (US), Mitsubishi Electric Corporation (Japan), Rockwell Automation, Inc. (US), Schneider Electric SE (France), Siemens AG (Germany), Yokogawa Electric Corporation (Japan), and Metso Corporation (Finland).

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Browse 68 Market Data Tables and 57 Figures spread through 248 Pages and in-depth TOC on "Process Automation & Instrumentation Market - Global Forecast to 2023" at http://www.marketsandmarkets.com/Market-Reports/process-automation-market-1172.html

 

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