Process instrumentation equipment market revenue and value chain 2016-2026 by Future Market Insights (FMI), provider of syndicated research reports, custom research reports, and consulting services.
Considering the global process instrumentation equipment market region wise, North America is the leader in adopting followed by Western Europe and Japan. Emerging economies like Asia Pacific and Middle East and Africa are also bending more towards the adoption of process instrumentation equipment market to increase work efficiency and achieve efficient output.
Process instrumentation equipment is needed in a wide range of end-use industries. Its use offers a host of benefits, including improvement in the quality of the product, emission reduction, reduction in human errors, and cost-savings. Recording, positioning, measuring and controlling are the major parameters essential for smooth functioning of a manufacturing unit. Hence, top priorities for process instruments are achieving great levels of absolute reliability, accuracy and precision. Thus, Process Instrumentation Equipment satisfies these concerns and provides and efficient means to increase product quality and increase plant efficiency.
The global process instrumentation equipment market can be segmented into four categories namely types, technology, application and geography. On the basis of types, the market can be segmented into transmitters and control valves. On the basis of technology, the market can be segmented on the basis of SCADA, DCS, PLS and MES. On account of application, the market is segmented into household, automotive, aircraft or laboratory instrumentation. On the basis of geography, the market can be segmented into North America, Western Europe, Latin America, Eastern Europe, Asia Pacific, Middle East and Africa and Japan.
The market is driven by technological innovations and increasing demands for process control systems. Moreover, cost efficiency, reduction in engineering time, asset utilization and energy efficiency are some of the major factors driving the growth of the market.
Some of the major challenges are high initial costs, government regulations and durability factor. Furthermore, less adoption of automation and instrumentation in emerging and undeveloped economies is a major challenge.
The leading companies are Danaher Corporation (U.S.), Honeywell International Inc. (U.S), Omron Corporation (Japan), Siemens AG (Germany), Yokogawa Electric Corporation (Japan), ABB Ltd. (Switzerland), Mitsubishi Electric Corporation (Japan), Rockwell Automation Inc. (U.S), Schneider Electric SA (France), Emerson Electric Company (U.S) and others.