One of the major factors driving the growth of the global process automation and instrumentation market is the increasing demand for automated processes and instruments from operators. The growing demand for integrated packaged solutions and advanced software tools and services is influencing the growth of the global process automation and instrumentation industry. The reduction in operational and maintenance cost, maximized efficiency, improved quality of a plant, and protection to people and environment are some of the other factors, which are driving the growth of the global process automation and instrumentation market. The maintenance cost of companies reduces with the incorporation of process automation and instrumentation systems, as they allow the companies to monitor operations in real time and improve on-site decision-making, in order to maximize production and raise facility uptimes.
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The oil and gas extraction is the largest segment in the global process automation and instrumentation market. This segment is estimated to account for over half of the global energy demand of the process automation and instrumentation market. The growing demand of oil and gas, exploration and extraction of ‘shale’ gas, increasing emphasis on safety and security, up gradation of old oil and gas platforms, and exploration and extraction from aging oil and gas wells are the major factors, driving the growth of the oil and gas extraction segment in the global market.
The process automation and instrumentation helps in minimizing the overall cost of the final product, as it helps in minimizing the costs expenses related to energy, infrastructure and manpower. Automation is a set of technologies required to achieve high grade performance by systems and machines with minimum human intervention. Instrumentation is the backbone for any process of automation industry. It a process, which goes parallel to automation and is used in automation to monitor, measure, and analyse the level of product’s performance. Process automation and instrumentation becomes efficient after installing instruments at set locations and the gathered data is sent to a group of experts, who facilitate monitoring by eliminating any type of errors.
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The issues related to the integration of data produced by installed automation products, and matured and saturated developed economies are some of the factors, obstructing the growth of the global market. North America dominates the global market of process automation and instrumentation, due to increasing income of customers and strong economic condition of the region. Europe is expected to witness fastest growth during the forecast period, owing to increasing automated retail chains and their product lines. ABB, Danaher Corporation, Emerson Electric Co., OMRON Corporation, Mitsubishi Electric Corporation, Siemens AG are some of the competitors in the global process automation and instrumentation market.
Process Automation and Instrumentation Market Segmentation
- Human Machine Interface (HMI)
- Remote Telemetry Unit (RTU)
- I/O Cards
- Programmable Logic Controllers (PLC)
- Manufacturing Execution Systems (MES)
- Distributed Control Systems (DCS)
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