Energy efficient equipment is the need of the hour for the automation and instrumentation industries. It also influences the cost, sustainability and resource efficiency. It is also the reason why process automation market holds importance in different industrial verticals. It deals with control room automation and instrumentation including different field instruments like transmitters and valves. The process involves scaling of different technologies, which optimizes efficiency and productivity during varied stages of production. This seemingly complex process is essential for industries, which keeps the industry busy with constantly advancing technologies and growing revenue channels.
Opportunities in Process Automation Systems
Increasing need for energy efficiency, environmental concerns, upsurge in labor costs and positive feedback from global governments are the major driver for the global process instrumentation market. Considering the growing industrial applications, the market naturally has an interesting segmentation. Apart from relying geographical trends in demands and production, researchers have segmented the market into several other parts. Basic categorization in the market is based on the types of technologies, types of transmitters and modes of communication. All these aspects need careful analysis for better perspective about market trends and future business strategies.
Basic Segmentation in the Global Market for Process Automation
Based on technologies, the global process automation market is divided into the following segments:
Based on communication platforms, the market is divided into the following sections:
• Wireless HART
Based on transmitters, the industry is segmented into the following categories:
Market Trends and Forecasting
According to extensive study performed by researchers, the global market for process automation is set to witness steady growth. Based on the reports studying trends from 2013 to 2018, the global industry for process instrumentation is poised to grow at an estimated CAGR of 5.07%. At this rate, the market will reach to $36.71 billion by the end of 2018, which was set at $26.50 billion in 2012. Automation market on the other hand is expected to grow at the CAGR of 6.05%, which will take it to $124.29 billion by 2018. The market was estimated at $86.07 billion in 2012. These trends are exciting for the global process automation and instrumentation systems market.
Steady growth in the market creates various attractive business opportunities. Increasing concerns for energy and environment and improved approach from governments is creating numerous revenue channels in the global market. As far as the challenges are concerned, finding skilled workforce, over-dependence on technology, negligence from the end users and rising risk of cyber crime are some major issues that the industry needs to resolve.