Automation Instrumentation Market Size, Share, Growth Analysis, By Instrument(Field Instruments, Control Valves, Leakage Detection System, Flow Computer), By Application(Oil, Gas, Food, Beverages), By Region - Industry Forecast 2024-2031

Automation Instrumentation Market was valued at USD 66.49 billion in 2019, and it is expected to reach a value of USD 89.32 billion by 2031, at a CAGR of more than 5.8% over the forecast period (2024-2031).

The automation instrumentation market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'ABB (Switzerland) ', 'Yokogawa India Ltd. (Japan)', 'Baker Hughes Company (US)', 'BP plc (UK)', 'SIGIT (Oman)', 'Emerson Electric Co. (US)', 'Mitsubishi Electric Corporation (Japan)', 'Schneider Electric (France)', 'Endress+Hauser Group Services AG (US)', 'Schlumberger Limited (US)', 'Halliburton (US)', 'Rockwell Automation, Inc. (US)', 'Honeywell International Inc. (US)', 'INTECH (US)', 'OMRON Corporation (Japan)', 'Oil India Limited (India)', 'Branom Instrument Co. (US)', 'Eaton (Ireland)', 'Siemens (US)'

Manufacturing companies are putting more of an emphasis on reducing costs and improving efficiency. In order to survive in the rapidly changing industrial environment, industries throughout the world are concentrating more and more on enhancing production efficiency and lowering operating costs. A production site's effectiveness is measured by how rapidly it can adapt to sudden and abrupt changes in demand, preferences, and resource availability. Using process automation, this is possible. Process automation systems help monitor and regulate processes to lower rework costs, minimise inspection expenses, and reduce system failures. Instrumentation items aid in measuring and analysing process parameters including pressure, temperature, level, and humidity. Process automation enables industrial companies to lower costs and boost revenue. In order to streamline production, and to reduce labor costs industries are aggressively using process automation and instrumentation systems.

Complex and repetitive jobs are common in large production facilities, which raises the possibility of accidents and injuries. For instance, the installation of safety and security devices will help to conduct an operation in a safe environment because oil and gas mining presents the greatest hazards to the lives of miners. Furthermore, process automation and instrumentation provide the potential for defense against attack, accidents, and other unforeseen occurrences in the public domain.

automation instrumentation market is dominated by North America. The developed infrastructure and presence of developed automation and research and development facilities are the reasons supporting the growth of market in region.