(PRWEB) June 21, 2014
According to the recent market research report, "Process Automation and Instrumentation Market by Types (Hardware, Software, Service), Technology (SCADA, PLC, DCS, MES), Application (Chemical, Oil & Gas, Solar, Metal, Water & Waste, Energy, Food, Automotive) and Geography - Analysis & Global Forecasts to 2013 - 2020," the Process Automation and Instrumentation Market is projected to cross $180.26 Billion by 2020, growing at a CAGR of 6.08% from 2014 to 2020.
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The last decade witnessed a well-paced transformation in the Process Automation and Instrumentation Market. The difficulties identified in Process Automation and Instrumentation Market like cost of operation, migration, reliability, open connectivity, energy efficiency, visualization brought into market new types of automation technologies, hardware, software and services.
The Process Automation and Instrumentation Market is segmented into four categories that include technology, types, application, and geography. This report divides the overall market into four main geographical segments, namely, Americas, Europe, APAC, and ROW. The Americas region currently contributes highest in the market growth as compared to the other regions.
Global process automation and instrumentation has recently seen a major growth in the oil and gas industry. It is mainly attributed to the fact that the rapid industrialization coupled with growing population has led to the increase in the demand of oil and gas, which has further been encouraging the companies to increase the production.
Process automation serves different connotations for different geographies across the globe. The European region, though on a lower scale, lays emphasis on the automation of the control systems because of the stringent federal norms testament to the revised emission norms. The APAC region, which is expected to scale itself as a game-changer for the process automation market, mainly emphasizes on mass production, thereby enriching monetary dividends. The major verticals consolidating their stake in the process automation market and the associated hardware, software and the service domains, comprise of pharmaceutical, chemical, oil & gas and power generation.
Development and implementation of process automation and instrumentation technology is expected to help the oil and gas companies to streamline their production processes in the coming days. Process automation technology, which includes SCADA, DCS, PLC, and MES, has helped the oil and gas companies to increase the efficiency, reduce down time, and increase the productivity. Yokogawa introduced its initial CENTUM series Distributed Control Systems (DCS) in 1975, thus, becoming the pioneer in its development.
The characteristics and features of process automation and instrumentation, like real-time process monitoring, continuous improvement, standardization of maintenance procedure, and maximization of production efficiency, are serving to incorporate in different application verticals. Key automation technologies like SCADA, PLC, DCS, and MES have been introduced in the market.
The industrial output across the globe clearly portrays the fluctuating demand-supply ratio which has been plaguing the profitability of the manufacturing bases of the various industry majors across the developing nations. The process automation taxonomy helps in bridging this gap and maintains a prudent check on maintaining maximum profitability in a scenario where is witnessing scarcity in the available resources.
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