The new report by Expert Market Research titled, ‘Global Process Automation Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global process automation market, assessing the market based on its segments like applications and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Value (2022): USD 190 billion
- Forecast CAGR (2023-2028): 6.6%
The global process automation market is fuelled by rapid technological advancements and a growing focus on productivity. North America and Europe are high-maturity regions of the industry, while the Asia Pacific is a medium-maturity market. Europe is the leading market in terms of future expansion, accounting for a significant proportion of the global process automation market share in 2020. The rise of the industry in Germany, the United Kingdom, and France is driving the demand in Europe, with Germany becoming the region’s leading exporter of process automation.
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Industry Definition and Major Segments
The use of automated technologies to execute a procedure or procedures in order to complete a workflow or function is referred to as process automation. Digital process automation is often referred to as “business process automation.” A broad range of business procedures and operations can be automated, or at least partly automated, with human involvement at key points in workflows. Digital process automation benefits sales, marketing, manufacturing, supply chain, quality control, administration, IT, and management processes.
The market can be divided based on application into:
- Oil and Gas
- Chemicals
- Mining
- General Industries
- Consumer Goods
- Pharma and Biotech
- Power
- Others
The regional markets for the product include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
In the forecast period, the global process automation market is expected to be led by a rising focus on increasing efficiency and eliminating dangerous manual activities. North America’s market is mature, making it a better place to absorb advanced technologies, strategic alliances, and product collaborations from industries such as oil and gas, metals and mines, pharmaceuticals, chemicals, and others, boosting process automation’s growth. Because of its proximity to North America, Latin America has the ability to expand process automation contracts in the oil and gas and mining sectors, boosting the market growth in the long run.
Key Market Players
The major players in the market are Siemens, ABB, Emerson, Schneider Electric, Rockwell Automation, Inc., Mitsubishi Electric, Danaher Corporation, Yokogawa Electric Corporation, and Endress+Hauser, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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