According to the new market research report, “Process Automation & Instrumentation Market by Instrument (Field Instrument, Control Valve, Analytical Instrument), Solution (APC, DCS, HMI, MES, PLC, Functional Safety, SCADA), Industry, and Geography — Global Forecast to 2025”, the process automation and instrumentation market is expected to be valued at USD 67.4 billion in 2020 and is projected to reach USD 76.8 billion by 2025, at a CAGR of 2.6%. The factors that are driving the growth of the market include the increasing importance of optimized operating costs and production efficiency, adoption of digital technologies such as IIoT, increased adoption of industrial automation and process control, and optimum utilization of resources to eliminate human intervention.
Browse 241 market data Tables and 57 Figures spread through 300 Pages and in-depth TOC on “Process Automation & Instrumentation Market by Instrument (Field Instrument, Control Valve, Analytical Instrument), Solution (APC, DCS, HMI, MES, PLC, Functional Safety, SCADA), Industry, and Geography — Global Forecast to 2025”
The process automation and instrumentation market is estimated to be worth USD 67.4 billion in 2020 and is projected to reach USD 76.8 billion by 2025, at a CAGR of 2.6%. The growth of this market is propelled by factors such as the growing importance of energy efficiency and cost reduction, emphasis on digitalized technologies such as IIoT, increasing adoption of industrial automation, and optimum utilization of resources.
COVID-19 Impact on the Global Process Automation & Instrumentation Market
The outbreak of COVID-19 has declined the global market for process automation & instrumentation market. This is due to the disruptions in the supply chain across the globe. The economies around the globe have declined as there is major decline in the demand for products. The production across all industries have been limited due to the pandemic, the shortage of raw material, decline in exports and the disruptions in the supply chain are the major factors contributing to the decline in the production as well as the decline in market.
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