Published Date: 12-Aug-2020
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According to a new report Global Process Automation & Instrumentation Market, published by KBV research, The Global Process Automation & Instrumentation Market size is expected to reach $80.5 billion by 2026, rising at a market growth of 3% CAGR during the forecast period.
DCS segment is projected to account for highest share in global process automation and instrumentation market. DCS is a digital, industrial control system (ICS) that utilizes geographically scattered loops across a plant, unit, or control area. The growth of the DCS market is guided primarily by increasing demand for energy & electricity, the advent of open source DCS solutions, and cost and time effectiveness. The PLC & SCADA market is expected to witness a CAGR of 2.5% during (2020 - 2026).
Field instrument segment is anticipated to account for the largest share of the global process automation and instrumentation market. In process control, field instruments play a significant role in measuring main factors such as temperature, pressure, flow and level. Field instruments help monitor plant assets, improve plant safety, and automate overall production operations by data collection, monitoring, and measurement.
The North America market dominated the Global Process Automation & Instrumentation Market by Region 2019. The process automation and instrumentation market in APAC is projected to have the highest growth rate due to factors such as growing per capita income, rapid industrialization and rapid urbanization, and steady growth of industrial activities in the Asia Pacific. The Europe market is expected to witness a CAGR of 2.8% during (2020 - 2026).
Structural Insights: https://www.kbvresearch.com/process-automation-instrumentation-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of ABB Group, Siemens AG, Emerson Electric Co., Schneider Electric SE, Honeywell International, Inc., General Electric (GE) Co., Mitsubishi Electric Corporation, Rockwell Automation, Inc., Yokogawa Electric Corporation, and HollySys Automation Technologies Ltd.
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