The process instrumentation market (henceforth, referred to as the market studied) is expected to register a CAGR of 3.35% over the forecast period, 2021 – 2026. Process instrumentation equipment is needed in a wide range of end-use industries. Use of process instrumentation equipment offers a host of benefits, including improvement in the quality of the product, emission reduction, reduction in human errors, and cost-savings.
– The process instrumentation equipment market is driven by technological innovations and increasing demands for process control systems. Moreover, cost efficiency, reduction in engineering time, asset utilization and energy efficiency are some of the major factors driving the growth of the process instrumentation market.
– The major parameters like recording, positioning, measuring and controlling are fueling the growth of market as they are essential for smooth functioning of a manufacturing unit and are top priorities for process instruments for achieving great levels of absolute reliability, accuracy and precision.
– Factors such as the facilitation of process instrumentation services in the overall increase in efficiency of services as well as the overall enhancement of the quality of services are driving the global process instrumentation market. Factors such as the cost of implementation as well as the time it takes for the initial implementation are restraining the market.
– With the outbreak of COVID-19, the production has come to an abrupt end globally, which influenced the demand of the product in the end user industries worldwide, and influenced the price as well.As a result of the factory shutdowns in China during Q1, many disruptions have been felt across the end user industries which hindered the growth of process instrumentation market , though the full effects are still not clear.
Key Market Trends
Water and Wastewater Treatment is Expected to Witness the Highest Growth
– The current challenges of water availability and sustainability are largely attributed to an enormous increase in demand. However, the Environmental Protection Agency (EPA) claims that over one trillion gallons of water is wasted annually due to household leaks. It is not uncommon for drinking water distribution networks to experience losses greater than 50%.
– The use of instrumentation is becoming increasingly important in the water industry as it is not just used for monitoring purposes but control of processes too. With the advent of the smart water industry, there is a huge potential to use instrumentation and data-based control systems to make large efficiencies on both water and wastewater systems.
– The Water and Wastewater industry faces a huge pressure to deliver more for less due to population growth, climate change, and increasing quality demands of the natural environment versus the pressures to reduce carbon emissions for a less costly service. Companies are adopting process instrumentation to deliver these efficiencies.
– Moreover, the US Environmental Protection Agency (EPA) has accelerated investment in the nation’s aging water infrastructure. The EPA has issued seven WIFIA loans to help finance over USD 4 billion, in water infrastructure projects which is likely to propel the growth of process instrumentation market in the industry.
Asia Pacific to Emerge as the Fastest Growing Market
– Asia Pacific is projected to have fastest growth, owing to rapidly increasing industrial activities, rising cost pressure and production rate, and favourable government policies in developing nations such as China, and India in this region.
– The active role of governments in educating the masses regarding the benefits of technology and rising funds being diverted towards the adoption of technologically advanced machineries in industries has been of prime importance for market growth in the region. In the next few years, the market will be driven by the thriving growth of key end-use industries such as metal and mining, chemical, food and beverages, oil and gas, and metal and mining.
– The water and wastewater management industry are dominating in many countries in the Asia-Pacific region. According to WHO, reducing wastewater generation and implementing on-site sewage and wastewater technology are two strategies that can improve wastewater management.
– Furthermore, the Water Environment Partnership in Asia (WEPA) also aims to contribute to improving the water environment, by offering information and knowledge necessary for the enhancement of water environment governance. These factors have significantly contributed to market growth in the region.
The process instrumentation market is moderately fragmented and the major players uses various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. Some of the key developments in the market are :
– September 2019 – Siemens and Grundfos signed a digital partnership framework for their strategic cooperation between the two companies. The new partnership focuses on the complementary products and solutions provided by both parties in three main areas: water and wastewater applications, industrial automation, and building technology.
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