North America Process Automation & Instrumentation Market By Instrument (Field Instrument, Control Valve and Analytical Instrument), By Solution (Distributed & Advanced Control System, PLC & SCADA, Functional Safety, Human Machine Interface and Others), By End User (Chemical, Energy & Power, Oil & Gas, Food & Beverages, Pharmaceuticals, Metals & Mining and Others), By Country, Industry Analysis and Forecast, 2020 - 2026
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Market Report Description
The North America Process Automation & Instrumentation Market would witness market growth of 2.7% CAGR during the forecast period (2020-2026). Process automation and instrumentation involves the usage of computer software and technically sophisticated devices to track, manage and reduce costs by improving productivity at different manufacturing plants. Process control simplifies processes and repairs by utilizing devices at various positions across the factory to help track optimal working conditions and certain metrics including temperature and pressure.
Across the globe, growing concerns related to the planned functional safety and protection, increasing demand for energy-efficient production processes, rising labour costs, high productivity rates with minimum costs are the primary drivers of process automation & instrumentation market development. Furthermore, advancing technology in process automation & instrumentation and increasing the adoption of Process Automation & Instrumentation in emerging economies such as China, India and others will create new opportunities for the process automation & instrumentation markets. Nonetheless, the primary constraints for the process automation & instrumentation market are higher research and development costs, and higher implementation and maintenance costs of technologies and equipment.
The growing demand for automated processes and software from large companies coupled with increasing Internet of Things (IoT) adoption through various industries are some of the main factors driving the growth of the process automation and instrumentation industry. Process automation is the automation of complex and repetitive manual procedures, allowed by technology. Process automation and instrumentation optimizes communication between personnel, improves efficiency, provides accountability, reduces costs and ensures compliance by simplifying and streamlining the organizational processes.
Based on Instrument, the market is segmented into Field Instrument, Control Valve and Analytical Instrument. Based on Solution, the market is segmented into Distributed & Advanced Control System, PLC & SCADA, Functional Safety, Human Machine Interface and Others. Based on End User, the market is segmented into Chemical, Energy & Power, Oil & Gas, Food & Beverages, Pharmaceuticals, Metals & Mining and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: Process Automation & Instrumentation Market in North America is expected to register a CAGR of 2.7% during the forecast period (2020-2026)
The market research report covers theanalysis of key stake holders of the market. Key companies profiled in the report include 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.
Scope of the North America Process Automation & Instrumentation Market Analysis
- Field Instrument
- Control Valve
- Analytical Instrument
- Distributed & Advanced Control System
- PLC & SCADA
- Functional Safety
- Human Machine Interface
- Energy & Power
- Oil & Gas
- Food & Beverages
- Metals & Mining
- Rest of North America
- 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
- HollySys Automation Technologies Ltd.
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