Nov 18, 2021   SOURCE: BusinessWire

Insights on the Process Automation and Instrumentation Global Market to 2026 - Featuring ABB, Schneider Electric and Eaton Among Others - ResearchAndMarkets.com

The "Process Automation and Instrumentation Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The process automation and instrumentation market is expected to grow at a CAGR of 6.1% over the forecast period (2021-2026).

Companies Mentioned

  • ABB Ltd
  • Emerson Electric Co.
  • Honeywell International, Inc.
  • Mitsubishi Electric
  • Rockwell Automation, Inc.
  • Schneider Electric SE
  • Siemens AG
  • Yokogawa Electric Corporation
  • General Electric Company
  • Eaton Corporation

Key Market Trends

Oil and Gas Industry to Hold Significant Market Share

  • In the oil and gas industry, protecting a pressurized pipeline from corrosion and leaks and minimizing downtime are a few of the crucial responsibilities in the industry. According to the NACE (National Association for Corrosion Engineers) that, the oil and gas industry suffers the cost of over USD 1.6 billion per year due to corrosion alone. The presence of oxygen in the gas sample determines that there is a leak in the pressurized pipeline system.
  • According to the BP 2019 report on energy consumption, the total oil reserves across the world has increased to 1,730 million barrels in 2018, which grew by 2 million barrels from the previous year. The detection and monitoring of hydrogen sulfide (H2S) and carbon dioxide (CO2) are pertinent in natural gas processing.
  • Advanced automation is capable of significantly reducing energy utilization in all areas of the oil and gas industry, including process units, utilities, and offsite units. Energy is the single largest controllable cost for most oil and gas refineries, often comprising more than 50% of non-crude operating expenses. Further, the increase in operational costs has caused most refineries to look even more closely at their energy utilization.

North America is Expected to hold the Largest Share

North America is one of the largest markets for the process automation and instrumentation market globally. The United States is renowned for its innovation capabilities and is at the forefront of prominent developments surrounding the emerging technologies of the Fourth Industrial Revolution. New-found shale resources in the United States, and an increasing number of oil and gas projects in Canada, are an additional indicator of the market potential.

The governments in the region are also focusing on increasing its energy generation capacity, and the American government is investing in such projects. For instance, in July 2019, the US DOE (Department of Energy) announced the funding of USD 16 million for 14 tribal energy infrastructure deployment projects. And, they also announced their plan to develop an environmental impact statement (EIS) to study the impacts of building a versatile nuclear test reactor in the US.

There are currently over 20 major upcoming water treatment construction projects across the United States; each is worth about USD 5 billion on average. Also, major companies are taking an interest in building waster water pipeline rehabilitation across the world. For instance, in August 2019, Insituform Technologies signed a contract to build a wastewater pipeline valued USD 5.7 million from the Montgomery Water Works & Sanitary Sewer Board (WWSSB) in Alabama.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.2.1 Importance of Energy Efficiency and Cost Reduction

4.2.2 Increasing Adoption of IIoT Solutions

4.3 Market Restraints

4.3.1 High Investment for Implementation and Significant Maintenance Cost for Process Automation and Instrumentation Solutions

4.4 Industry Value Chain Analysis

4.5 Industry Attractiveness - Porter's Five Force Analysis

4.5.1 Threat of New Entrants

4.5.2 Bargaining Power of Buyers/Consumers

4.5.3 Bargaining Power of Suppliers

4.5.4 Threat of Substitute Products

4.5.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION

5.1 By Instrument

5.1.1 Field Instruments

5.1.2 Control Valve

5.1.3 Analytical Instruments

5.2 By Solution

5.2.1 Advanced Process Control (APC)

5.2.2 Distributed Control System (DCS)

5.2.3 Human Machine Interaction (HMI)

5.2.4 Manufacturing Execution System (MES)

5.2.5 Programmable Logic Controller (PLC)

5.2.6 Safety Automation

5.2.7 Supervisory Control and Data Acquisition (SCADA)

5.3 By End-user Industry

5.3.1 Oil and Gas

5.3.2 Food and Beverage

5.3.3 Pharmaceutical and Biopharma

5.3.4 Chemical and Petrochemical

5.3.5 Other End-user Industries

5.4 Geography

5.4.1 North America

5.4.2 Europe

5.4.3 Asia Pacific

5.4.4 South America

5.4.5 Middle East and Africa

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

7 INVESTMENT ANALYSIS

8 FUTURE OF THE MARKET

For more information about this report visit https://www.researchandmarkets.com/r/djb0wx