What is the global market size of Automation Instrumentation Market?

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).

Global Automation Instrumentation Market Size, Share, Growth Analysis, By Instrument(Field Instruments, Control Valves), By Application(Oil, Gas) - Industry Forecast 2024-2031

Report ID: SQSG20I2017 | Region: Global | Published Date: April, 2024
Pages: 244 | Tables: 68 | Figures: 74

Global Automation Instrumentation Market Insights

Automation Instrumentation Market was valued at USD 66.49 billion in 2019, and it is expected to reach a value of USD 89.32 billion by 2031, at a CAGR of more than 5.8% over the forecast period (2024-2031).

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.

Global Automation Instrumentation Market Report Snapshots

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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. 'ABB (Switzerland) ', 'Yokogawa India Ltd. (Japan)', 'Baker Hughes Company (US)', 'BP plc (UK)', 'SIGIT (Oman)', 'Emerson Electric Co. (US)', 'Mitsubishi Electric Corporation (Japan)', 'Schneider Electric (France)', 'Endress+Hauser Group Services AG (US)', 'Schlumberger Limited (US)', 'Halliburton (US)', 'Rockwell Automation, Inc. (US)', 'Honeywell International Inc. (US)', 'INTECH (US)', 'OMRON Corporation (Japan)', 'Oil India Limited (India)', 'Branom Instrument Co. (US)', 'Eaton (Ireland)', 'Siemens (US)'

Manufacturing companies are putting more of an emphasis on reducing costs and improving efficiency. In order to survive in the rapidly changing global industrial environment, industries throughout the world are concentrating more and more on enhancing production efficiency and lowering operating costs. A production site's effectiveness is measured by how rapidly it can adapt to sudden and abrupt changes in demand, preferences, and resource availability. Using process automation, this is possible. Process automation systems help monitor and regulate processes to lower rework costs, minimise inspection expenses, and reduce system failures. Instrumentation items aid in measuring and analysing process parameters including pressure, temperature, level, and humidity. Process automation enables industrial companies to lower costs and boost revenue. In order to streamline production, and to reduce labor costs industries are aggressively using process automation and instrumentation systems.

Complex and repetitive jobs are common in large production facilities, which raises the possibility of accidents and injuries. For instance, the installation of safety and security devices will help to conduct an operation in a safe environment because oil and gas mining presents the greatest hazards to the lives of miners. Furthermore, process automation and instrumentation provide the potential for defense against attack, accidents, and other unforeseen occurrences in the public domain.

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.

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Global Automation Instrumentation Market Size, Share, Growth Analysis, By Instrument(Field Instruments, Control Valves), By Application(Oil, Gas) - Industry Forecast 2024-2031

Global Automation Instrumentation Market Insights

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