Process Automation Market Continues Growth

Monday, July 17, 2017 @ 04:07 PM gHale


Process automation & instrumentation market is on course to grow to $62.64 billion this year and is likely to grow at a CAGR of 6 percent to reach $88.92 billion by 2023, new research found.

The 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 digitized methods, growing labor wages in major manufacturing hubs, and rising demand for proactive solutions that can determine failures at component level, among others, according to the research on Research and Markets.

RELATED STORIES
Exec Survey: Risk Management Weak
ICS Firms Admit to Attacks: Report
Companies Held for Ransom: Report
Cost of a Security Incident

The process automation & instrumentation market for the energy & power industry is expected to achieve the highest growth rate, according to the report.

The cost of components and systems used in this industry is high, and consequently, the safety of components is of prime importance.

In addition, the companies in the energy & power industry aim on reducing overall production downtime, for which they are increasingly installing ESD systems at their production sites.

In addition, the implementation of solutions such as APC enables to maximize fuel efficiency and reduce environmental emissions.

The investments in energy infrastructure are rising in APAC due to the increase in the demand for electricity and policy makers’ push for better power reliability and home-grown industries. Also, the process automation and instrumentation market for the pharmaceuticals industry in this region is growing due to low-cost factors, changing regulatory environment, and significant development in the field of contract manufacturing.

Several countries in APAC such as China and India took part in offshore production and exploration to increase the domestic production of energy resources and reduce the dependence on other regions for importing oil.

Owing to these factors, Asia Pacific is likely to be the fastest-growing market for process automation & instrumentation between 2017 and 2023.



Leave a Reply

You must be logged in to post a comment.