Report ID: SQMIG20I2088 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 66 | Figures: 77Global Automated Guided Vehicle Market
Report ID: SQSG20I2017 | Region: Global | Published Date: April, 2023 | Pages: 244 | Tables: 68 | Figures: 74
Automation Instrumentation Market was valued at USD 66.49 billion in 2021, and it is expected to reach a value of USD 89.32 billion by 2028, at a CAGR of more than 5.8% over the forecast period (2022–2028).
Automation instrumentation refers to a variety of tools and gadgets that are used to speed up automated processes including labelling, sorting, dispensing, and material handling, among others. Robotics and other automation devices can communicate with one another thanks to automation instrumentation.
The importance of regulatory compliance in the process industries is a key factor in the growth of the worldwide automation and instrumentation market. Another element boosting the expansion of this market in the upcoming years is the increasing usage of IoT across several sectors and the switch from analogue to digital production processes. Field Instrument is probably going to control the process automation and instrumentation market on a global scale. Because the instrument is essential to the process industries' control over process parameters. The automation instrumentation market is anticipated to benefit from the rising cost of labour in a number of industrial applications, including the manufacturing sector among others. Manufacturers offer competitively priced customised automation solutions that are tailored to the needs of the client. The automation instrumentation market is expanding quickly due to the requirement for reduced part manufacturing cycle times, greater product quality, and lower overall costs in the manufacturing industry. The automation equipment used to provide ideal monitoring and control equipment for manufacturing applications.
US Automation Instrumentation Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global automation instrumentation market is segmented based on the instrument, application, and region. Based on instrument, the market is segmented into field instruments, control valves, leakage detection system, flow computer, communication. Based on application the market is segmented into oil and gas, food and beverages, pharmaceuticals, others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Automation Instrumentation Market Analysis by Instrument
Based on instrument, the market is segmented into field instruments, control valves, leakage detection systems, flow computer, and communication. Field instruments segment held the larger market share. Through data collecting, control, and measurement, field instruments help manage plant assets, improve plant safety, and optimize overall production operations. To monitor and regulate operations quickly, easily, securely, and correctly, as well as to achieve maximum productivity, it is vital to gather important information about critical parameters, such as temperature, pressure, and level. In process industries, these tools are crucial for monitoring and managing process parameters. For instance, Emerson Electric Co. unveiled a new Rosemount 1408H level transmitter in June 2021, that was created especially for the food and beverage sector. The process automation and instrumentation market for field instruments is anticipated to be driven by the ongoing availability of cutting-edge devices to automate industrial processes and measure and regulate various process parameters.
Automation Instrumentation Market Analysis by Application
Based on application the market is segmented into oil and gas, food and beverages, pharmaceuticals, others. Oil and gas industry segment held the larger market share. Automation technologies are being used more frequently by businesses in the oil and gas industry to enhance decision-making, solve issues, and boost the effectiveness and efficiency of oil and gas exploration efforts. Drilling operations, diagnostics and inspections, pipeline monitoring systems, weather monitoring systems, and pressure and flow systems are some of the key areas in the oil and gas industry that are greatly influenced by automation. One of the main industries in need of automation is drilling, which has high prices and significant worker safety risks. Due to an increase in attempts by criminals to steal pipelines, automated monitoring systems are being used more and more for pipe monitoring applications. Pharmaceuticals segment held the second largest market share. Automation permeates secondary aspects like packaging and distribution as well as primary aspects like Active Pharma Ingredients (API). Pharmaceutical enterprises in the area benefit from new levels of operational effectiveness, quality, process automation, and employee productivity thanks to digital transformation.
In addition, Lonza chose Rockwell Automation to carry out its strategic ambition of bringing the digital factory to nine former Capsugel manufacturing plants, where medicine capsules are produced. For its production operations, the company has chosen Rockwell Automation's PharmaSuite MES software to digitise the processes. This approach would assist in preventing hiccups during periods of high volume for on-demand production just-in-time orders.
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Global automation instrumentation market is dominated by North America. The developed infrastructure and presence of developed automation and research and development facilities are the reasons supporting the growth of market in region.
Europe region held the second largest market share. European countries have been in the forefront of implementing industrial automation systems and have received ongoing assistance from the government. For instance, the UK government said that the Industrial Strategy to invest GBP 2 billion per year from 2020 for new research and development in the technology sector. Automation has worked for years to create the foundation for smart manufacturing and the Industrial Internet of Things (IIot). Focusing on the opportunities that automation solutions would open up will give various industries the chance to push the limits of technological innovation, which is essential for the UK economy in a post-Brexit era. Process industries are predicted to undergo a transformation thanks to automation solutions.
Asia pacific region is expected to hold larger market share in future due to industrial applications including chemical reprocessing, oil & gas, electric utilities, metallurgy, and mining, nations like Japan, India, and China are fueling the automation instrumentation market. Favourable government initiatives are also the reasons responsible for market growth. Middle East region held the significant market share owing to the growing need for industrial automation in the oil and gas industry. The expansion of the region's oil and gas automation and instrumentation market will also be aided by the rising number of oil reserves and refineries over the course of the projected period.
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Automation Instrumentation Market Driver
Automation Instrumentation Market Restraint
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The global automation instrumentation market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Top Players in the Global Automation Instrumentation Market
Automation Instrumentation Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global automation instrumentation market analysis, in terms of instrumentation analysis, Field instruments segment held the larger market share. Due to the its multifaceted usage. According to the application, the segment of oil and gas held the larger market share owing to the increased mining and research and development activities worldwide.
|Market size value in 2021||USD 66.49 billion|
|Market size value in 2028||USD 89.32 billion|
|Growth Rate||more than 5.8%|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Automation Instrumentation Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Automation Instrumentation Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG20I2017