Jan 25, 2021   SOURCE: BusinessWire

Asia Pacific Process Instrumentation Market Forecast to 2027 - COVID-19 Impact and Analysis - ResearchAndMarkets.com

The "Asia Pacific Process Instrumentation Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Technology, and Industry" report has been added to ResearchAndMarkets.com's offering.

The Asia Pacific process instrumentation market was valued at $4,570.61 million in 2019 and is projected to reach $7,012.28 million by 2027; it is expected to grow at a CAGR of 5.7% from 2020 to 2027.

Process instrumentations are utilized in the process industry to control process variables, such as levels, temperature, pressure, and flow, with real-time measurement. The right instrumentation helps the industrial users to run processes effectively, efficiently, economically,and safely. Rising demand for these products in wide industrial verticals with critical process measuring requirements is driving the process instrumentation market. Moreover, these devices provide high durability, ease of installation, and safety measures depending on the applications. This is also contributing to the growth of the process instrumentations market. These highly operating devices are getting developed for the harsh environments, which is supplementing the market growth.

The process instrumentation market is segmented into technology and industry. Based on technology, the market is segmented into flow meter, level, pressure &temperature instrument, and analytical. The flow meter segment accounted for a dominant share of the process instrumentation market in 2019. Flow meters are getting majorly adopted in the oil &gas industry to measure the precise flow of oil, gas, and other liquid substances. In terms of industry, the process instrumentation market is segmented into oil &gas, chemical & petrochemical, energy and power, water and waste water, metal and mining, food and beverage, pulp and paper, and others.The oil and gas industrial segment is a crucial end user of process instrumentations. Process instruments, such as flow meter, level meters, temperature meters, and metering systems, are widely used in the oil & gas industry.Rising penetration of smart and advanced technologies in process instruments among the industries is likely to help the market to grow during the forecast period.

The overall process instrumentation market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the process instrumentation market with regard to all the segments. Also, primary interviews were conducted with industry participants and commentators to validate data as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the process instrumentation market.

Reasons to Buy

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Asia Pacific process instrumentation market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific process instrumentation market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.

Market Dynamics

Drivers

  • Increasing Focus Toward Energy Conservation and Cost-Saving Solutions
  • Rising Penetration in Wide Range of Industrial Verticals

Restraints

  • Lack of Skilled Manpower and Preference for Low Cost Solutions

Opportunities

  • Increasing Demand for Smart and Advanced Technology

Future Trends

  • Growing Demand for Digital and Online Solutions and Services

Companies Mentioned

  • ABB Ltd.
  • Emerson Electric Co.
  • Endress+Hauser Group Services AG
  • Honeywell International Inc.
  • KROHNE Messtechnik GmbH
  • Rockwell Automation, Inc.
  • Schneider Electric
  • Siemens AG
  • Yokogawa Electric Corporation
  • Fuji Electric Co., Ltd.

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