Market Study Process Automation Will Significantly Streamline Process Operations
According to the latest market study released by Technavio, the market size of the global process automation and instrumentation market is predicted to reach close to USD 94 billion in revenue by the end of 2020.
London/UK – The key findings of the market study “Global Process Automation and Instrumentation Market 2016–2020” indicate the growing adoption of automation and instrumentation will significantly streamline process operations in many end-user organizations until 2020. The market will also witness a growing trend of integrating process automation with the cloud during the forecast period.
Its adoption is predicted to help organizations in efficiently controlling and coordinating with dispersed business units, while tracking different processes. Furthermore, coordination among applications, platforms, and technologies will result in real-time data generation for actionable decision making.
Largest Contributor: Oil and Gas Industry
The global process automation and instrumentation market in the oil and gas industry emerged as the largest contributor of the market and is likely to reach over USD 30 billion by 2020. Growing energy demand will encourage companies to explore new conventional and non-conventional hydrocarbon resources. Such exploration will boost the demand for process automation and instrumentation solutions in the oil and gas industry.
Automation solutions such as SCADA (supervisory control and data acquisition), DCS (distributed control systems), and MES (manufacturing execution systems) will play a key role in the communication and control of remotely located units during the forecast period.
The Chemicals and Petrochemical Segment
The research report also features the global process automation and instrumentation market in the chemical and petrochemicals industry as another key contributor of this market. This segment accounted for revenues close to USD 12 billion in 2015 and is expected to witness steady growth augmented by its close association with the oil and gas industry.
There is a growing trend across industries in countries such as Australia, Singapore, and Malaysia to optimize operations and reduce costs by integrating large petrochemical complexes in plants. It is a strategy that is expected to generate significant opportunities for the automation and instrumentation market.
Water and Wastewater Treatment
Process automation and instrumentation systems have become a key technology enabler for the water and wastewater industry over the last decade. Water treatment intake and transmission and distribution activities have become critical in a world plagued by endemic water shortages, low quality of potable water, and rising market demand for processed water. This trend is expected to continue over the next four years and augment the application of process automation and instrumentation in water and wastewater treatment until 2020.