Automation Instrumentation Market is Projected to Cross USD 89.32 Billion by 2028 at a CAGR of 5.8% from 2022–2028; Improving Product Quality with Reduction of Manufacturing Costs.
SkyQuest’s study on the automation instrumentation market is a crucial resource for anyone aiming to be ahead of the game. The report provides valuable information and insights that can benefit players in the industry, stakeholders, and investors. The study covers the latest market trends, leading players, and advancements, enabling readers to make informed decisions and stay ahead of the competition. So whether you are looking to invest, grow your business, or gain a deeper understanding of the market, this report is a must-read.
Westford USA, Feb. 13, 2023 (GLOBE NEWSWIRE) — North America has a stronghold on the automation instrumentation market due to the high demand for advanced control and monitoring instrumentation for manufacturing purposes. In addition, industries are under growing pressure to increase their production efficiency, leading to increased demand for automated machinery. The requirement for an efficient and seamless product flow, coupled with the need for quality management systems, has driven up the demand for automation instrumentation across various industries. This trend has been a significant contributor to the market’s exponential growth.
According to SkyQuest, oil and gas consumption is estimated to reach 108.6 million barrels per day by 2025, a significant increase from the 94 million per day recorded in 2020. This increase in demand is pushing oil-producing companies to step up their production and investment in exploring new oil fields and extraction zones. This trend is expected to provide a positive growth environment for the automation instrumentation market as companies seek to improve their production processes and efficiency.
Browse in-depth TOC on “Automation Instrumentation Market”
- Pages – 244
- Tables – 68
- Figures – 74
Automation refers to using automated machinery and computer systems to perform tasks smoothly and efficiently. Instrumentation, on the other hand, encompasses both control and measurement functions. These two concepts are interrelated, as instruments are used for the purpose of automation. The integration of automation and instrumentation leads to streamlined processes, improved productivity, and enhanced accuracy in various industries.
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Prominent Players in Automation Instrumentation Market
- ABB (Switzerland)
- Baker Hughes Company (US)
- Yokogawa India Ltd. (Japan)
- SIGIT (Oman)
- BP plc. (UK)
- Mitsubishi Electric Corporation (Japan)
- Emerson Electric Co. (US)
- Endress+Hauser Group Services AG (US)
- Schneider Electric (France)
- Halliburton (US)
- Schlumberger Limited (US)
- Honeywell International Inc. (US)
- Rockwell Automation, Inc. (US)
- OMRON Corporation (Japan)
- INTECH (US)
- Branom Instrument Co. (US)
- Oil India Limited (India)
- Siemens (US)
- Eaton (Ireland)
Field Instruments Segment to Witness Significant Higher Traction Thanks to Increasing Reliance for Boosting the Productivity Ratio
The field instruments segment dominated the automation instrumentation market in 2022 and is expected to continue its dominance from 2023 to 2028. These instruments play a crucial role in managing plant assets, improving safety, and optimizing production operations by collecting, controlling, and measuring important data. They provide crucial information on critical parameters such as temperature, pressure, and level, which help monitor and regulate operations efficiently, effectively, and securely. Field instruments are vital for process industries, as they monitor and manage process parameters, ensuring maximum productivity.
In the recent past, the global automation instrumentation market has been dominated by developed markets such as North America and Europe, and this trend is projected to continue in the forthcoming years. According to a recent research report by SkyQuest, in 2022, North American companies purchased a significant number of industrial robots, totaling 36,457 units and valued at 1.793 billion USD, representing a 26% increase in unit orders and a 28.4% increase in revenue compared to the previous year. Meanwhile, the trend towards automation is rapidly spreading across multiple industries in developing markets, which were previously characterized by their large labor force. In response to this trend, companies are taking steps to tap into these markets by relocating their production operations to these areas.
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Oil and Gas Industry Segment Remains the Top Revenue Contributor owing to the Rising Adoption of Automation Technologies
The oil and gas sector has dominated the automation instrumentation market in 2022 and is expected to retain its leading position from 2023 to 2028. Companies in this industry are increasingly adopting automation technologies to enhance their decision-making processes, address challenges, and improve the efficiency and effectiveness of oil and gas exploration efforts. As a result, automation has profoundly impacted various aspects of the oil and gas sector, covering drilling operations, pipeline monitoring, weather monitoring, and pressure and flow systems. These advancements have not only increased the safety and efficiency of oil and gas operations but have also driven the growth of the automation instrumentation market.
The Asia Pacific region is poised to take the lead in the global market in the coming years, driven by a wide range of industrial applications in sectors such as chemical processing, oil & gas, electric utilities, metallurgy, and mining. Countries like Japan, India, and China are fueling the growth of this market, and favorable government policies are also contributing to its expansion. A combination of favorable government policies, investment in industrial development, and the growing demand for advanced automation solutions in the region is driving the growth of this market.
The global automation instrumentation market is the focus of a comprehensive study that evaluates the major players in the field. The research report gives a broad overview of the industry, including an analysis of the market competition, production capacities, and recent developments such as mergers, acquisitions, investments, and expansion of capacities. Furthermore, the report offers a detailed examination of the market using Porter’s five forces analysis, providing valuable insights into the market’s dynamics and competition.
Key Developments in Automation Instrumentation Market
- Eagle Automation, a prominent industrial measurement and automation company, has recently partnered with VanZandt Controls LLC based in Midland, Texas. This alliance combines the strengths of both companies and extends their services to new locations. VanZandt Controls, known for its dependable distribution of valve automation, flow measurement, instrumentation, and control products, will complement Eagle Automation’s expertise in the field. The partnership aims to expand the reach and capabilities of both businesses, providing their customers with a wider range of solutions and services.
- Northstar Capital announced its latest investment in Automated Handling Solutions, a company part of the May River Capital portfolio. The partnership between Northstar and AHS will bring a new level of innovative material handling equipment and industrial automation solutions to customers worldwide. In addition, Northstar’s expertise in providing junior capital for middle-market private equity transactions will be a valuable asset to the combined companies, helping them to expand and bring cutting-edge solutions to customers in need. With the power of Northstar and AHS together, they are poised to offer a one-of-a-kind and comprehensive range of products to their valued clients.
- Texas-based biopharmaceutical firm, Vyripharm Enterprises Inc. (VEI), has joined forces with Swiss-based global technology company, ABB Robotics, to revolutionize the world of laboratory testing. The companies have signed an official agreement to collaborate on developing an automated laboratory testing platform, which is expected to bring a new level of efficiency and accuracy to the industry. This strategic partnership brings together two leaders in their respective fields to push the boundaries of what is possible in laboratory testing.
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Key Questions Answered in Automation Instrumentation Market Report
- What is the global market’s estimated size and growth rate during the forecast period?
- What are the major drivers and key trends shaping the market’s development?
- Which geographical regions are expected to witness the fastest growth in the market?
- Who are the market’s leading players, and what strategies do they adopt to maintain their position?
- What are the challenges market participants face, and how are they addressing them?
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