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The global process automation and instrumentation market is estimated to be valued at $71.4 billion in 2019 and is anticipated to register a CAGR of 6% to reach $95.5 billion by 2024 during the forecast period.
Increasing importance of reduced 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 are expected to be the key factors propelling the growth of the process automation and instrumentation market.
Process automation can be termed as the use of computer technology and software engineering in process industries to automate their processes to eliminate human intervention. Process automation and instrumentation refers to the procedure of enabling smooth and efficient functioning of production processes across a myriad of process industries. Due to the elimination of human intervention, time is saved during the entire production process leading to high precision. Process instrumentation is referred to the instruments used for measurement and control of various process parameters such as pressure, temperature, flow, level, and humidity.
Process industries are characterized by uninterrupted production processes. Through process automation, maintenance time is saved, and also the production equipment can be monitored for their performance effortlessly. Rising pressure on market players of these industries to deliver cost-effective products is encouraging these players to adopt process automation and instrumentation in production sites. Market players focus on developing solutions for process industries to cater to their needs.
For instance, in March 2017, ABB commercially launched ABB Ability, comprising more than 180 solutions and services as a powerful solution to solve real business problems and yield tangible business opportunities. ABB Ability helps in optimizing production planning and controlling operations in real time. In the process automation and instrumentation market, high capital investment is required to develop process automation systems. This is due to the integration of solutions along with process automation techniques; for a new market player, a high degree of expertise is required to step into this market.