Process Automation and Instrumentation Market Size is forecast to reach $73.9 billion by 2026, growing at a CAGR of 3.9% during 2021-2026. There will be a significant growth in the adoption of data management and analytical software for the purposes of reducing error and assisting with decision making. The integration of predictive modeling, forecasting, optimization and statistical analysis in software such as SCADA and advanced process control (APC) has made it easier to identify and predict possible errors. In accordance with this prediction, automation vendors have reportedly started to incorporate analytics tools into SCADA and APC. For example, sophisticated SCADA systems are used in wind and solar-powered energy generation plants. At times, false alarms in these plants result in shutdowns that reduce efficiency and productivity. Predictive analytics can be used to identify the instance of faulty alarms, thereby raising the efficiency of SCADA systems.
PAC’s combine the elements of a PC-based controller and programmable logic controllers (PLCs). Common issues with PLCs are found in the use of ladder logic programming. This programming language is robust, but time-consuming when compared to the easier-to-program C, C++ and C# languages used in PACs. The technology is more reliable than other control systems such as (DCS), in terms of scalability of production and product flexibility in automotive plants. A SCADA system is used for remote monitoring and control of industrial processes such as power generation, fabrication and refining. These systems use coded signals to communicate over channels with remote stations. These systems are predicted to see a growth in adoption due to their scalability, ease of updating and upgrading, as well as general use through the Cloud. Hacking concerns are believed to be an unlikely deterrent from adopting the technology, as Cloud security features become more sophisticated.
The European paper and pulp industry is in its transformation phase. Manufacturers as well as consumers are ready to accept the new technology, which can produce better end products. The complete process of papermaking will be revolutionized, from forests to end consumers. Therefore, the industry needs to embrace automated technologies to remain competitive. The paper and pulp industry is looking for smart equipment and automated solutions, which can interact with the environment through sensors. The graphic paper demand is declining, however, there are high chances of increase in the demand for paper and cardboard. The decline of graphic paper will be balanced by the increased demand of packaging product and tissue paper. Furthermore, the demand for fiber-based products is set to increase in the European region, which in turn offers ample opportunity for the neighboring CIS countries. As per industry trends, there are high chances to witness an increase in hardwood and softwood pulp. According to researchers, the paper and forest-products industry can reduce the cost base by 15% by embracing automated technology. For example, drones or remote mill automation present tremendous opportunities for increased efficiency and cost reductions. Process automation can influence the efficiencies in energy consumption and the use of materials. It can also enhance highly customizable, on-demand manufacturing.
Process Automation and Instrumentation Market Growth Drivers:
Factory automation in automobile industry booming as the vehicle production attains cruising speed
The automobile industry has witnessed a considerable rise in the global production although the growth rate has dropped in the recent years. The global automotive market has attained a medium yearly growth rate of more than 4% and the production is estimated to exceed 80 million vehicles in 2020. In Europe, OEMs are expanding their production units in unexplored markets and low cost countries such as Poland, Slovenia, Czech Republic, Slovakia and so on. This expansion strategy has a direct impact on the demand of the mechanical components required for setting up new production plants. The technology offered to set up production floors are now in line with the industry and factory automation solutions. The mechanical components for industrial and factory automation have witnessed roaring demand due to the expansion strategy implemented by the OEMs. Need for high efficiency in the manufacturing process of automobiles along with increasing concerns over the production of safe components has given rise to the integration of automated machines and equipment in the automotive industry
The Major Players in this Market Include
Major players in Process Automation and Instrumentation include Honeywell International Inc., Siemens AG, ABB Ltd., Emerson Electric Co., KUKA AG, Schneider Electric, Mitsubishi Electric Corporation, Endress+Hauser AG, Yokogawa Electric Corporation, General Electric and others. Large and small scale players are focusing to increase the reliability, product efficiency, quality of the product to a great extent of different instrumentation product offering by the companies.