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Global Process Instrumentation Industry Report: Analysis and Forecast 2022-2027

Global Process Instrumentation Industry Report: Analysis and Forecast 2022-2027

Regional Category Spend, Primary Demand, Price Analysis and Indicators, and Best Buying Practices of the Process Instrumentation Industry Report

The global Process Instrumentation industry was valued to be worth USD 38 billion in 2021. In the projection period of 2022-2027, the industry is expected to grow at a CAGR of around 5.4 percent, achieving a value of around USD 52 billion by 2027.

The Process Instrumentation industry report broadly studies the industry, together with important segments, movements, drivers, constraints, the competitive landscape, and other critical market features. The equipment utilised in the process instrumentation organizations offers various benefits like improvement in the quality of the products, lessening the radiation, bringing down the faults caused by humans, and saving expenses. North America is the biggest category spender by region which is impelling the demand for the Process Instrumentation industry.

Process Instrumentation: Industry Definition and Segmentation

Scope

Numerous functions usage including industrial manufacturing capabilities and water and wastewater treatment to examine several variables such as flow, pH, pressure, temperature, turbidity, conductivity, speed, humidity, force, and other practices in plants describes process instrumentation. It is a critical part of any procedure in the industry since it allows the real-time measurement and productive management of process variables. By using the alarm signals with the support of efficient instrumentation, the treatment plants can operate efficiently, safely, and cost-effectively.

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The Process Instrumentation industry report comprises segments by:

  • Application – Field Instrumentation, Control Valves, and Analytical Instruments
  • End-Use – Utilities, Chemicals, Refining, Pharma, W&WW, Food & Beverage, Cement, Metals, Pulp & Paper, Oil & Gas, and Mining & Minerals
  • Regions – North America, Europe, Asia Pacific, the Middle East, Africa, and South America

Snapshot of the Report

The regional markets for the industry can be divided into North America, Europe, Asia Pacific, the Middle East, Africa, and South America.

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Category Drivers

The task of process instrumentation services in the complete growth of competency of services and the total development of the value of services is pushing the global process instrumentation market. Additionally, the requirement for businesses to improve and update their existing methods and procedures, reduce operating costs, and better decision-making in industries like oil and gas, chemicals and petrochemicals, power, and water and wastewater. Consequently, increasing employment of process instrumentation throughout industries and ventures is significantly affecting the extended progress of the worldwide market.

Category Insight by Region

Internationally North America is stated to be carrying the greatest market share, followed by the Asia Pacific. The region is expected to expand further due to the developments in generation-next technologies in the United States and Canada. There has been steady and enormous investment in new plants and equipment for the mechanisation of plants in the chemicals and petrochemicals sector in the United States. Moreover, in North America, a greater part of producers in the chemical industry utilise natural gas and ethane, which is a natural gas liquid acquired from shale gas as a feedstock therefore the demand for process instrumentation is comparatively greater.

Best Procurement Practices

The Process Instrumentation industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by the major customers of Process Instrumentation services across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.

Category Management Studies

All disbursement associated with the management of the plant, including operating labour, engineering, and maintenance comes under operational expenses. In addition, financing the procurement, strategy, and building of the most significant resources falls under capital expenditure. Process manufacturing capability of any size and intensity generally requires thousands of the ground instruments like actuators, valves, and other devices. Hence, investment for the buying of process instrumentation signifies capital spending.

Key Supplier Profiles included in the Global Process Instrumentation Industry Report

The key market players are Schneider Electric SE, Rockwell Automation, Inc., Emerson Electric Co., Siemens AG, and ABB Ltd.

The report covers capacity additions, plant shutdowns, investments/divestments, mergers and acquisitions, and other latest developments in the market.

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Procurement Resource ensures that our clients remain at the vanguard of their industries by providing actionable procurement intelligence with the help of our expert analysts, researchers, and domain experts. Our team of highly seasoned analysts undertake extensive research to provide our customers with the latest and up-to-date market reports, cost-models, price analysis, benchmarking, and category insights, which aid in simplifying the procurement process for our clientele. We work with a diverse range of procurement teams across industries to get real-time data and insights that can be effectively implemented by our customers. We also track the prices and production costs of an extensive range of goods and commodities, thus, providing you with the updated and reliable data. We, at Procurement Resource, with the help of the latest and cutting-edge techniques in the industry, help our clients understand the supply chain, procurement, and industry climate, so that they can form strategies which ensure their optimum growth.

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Procurement Resource

Procurement Resource ensures that our clients remain at the vanguard of their industries by providing actionable procurement intelligence with the help of our expert analysts, researchers, and domain experts.