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The global Process Automation market reached a value of about USD 178 billion in 2021. The industry is projected to grow at a CAGR of around 6.6% in the forecast period of 2022-2027 to reach a value of about USD 261 billion by 2027.
The global Process Automation industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The growing need to automate tasks in various industries drives the market's growth. In the industry report, the key demand indicator is the highest category spender by region—North America and Europe.
Process automation or automation system (PAS) is a device that automates the control of a process at a facility such as a chemical plant, an oil refinery, or a paper and pulp mill. Sensors, actuators, computer technology, and software engineering are used in process automation to assist power plants and factories. It is a method of automating complex commercial processes via technology. It usually serves three purposes: automating operations, centralising information, and eliminating the need for human input. It is intended to eliminate bottlenecks, decrease mistakes, and prevent data loss while boosting transparency, cross-departmental collaboration, and processing speed. The Process Automation industry report comprises segments by region (North America, Europe, Asia Pacific, the Middle East, Africa, and South America).
The North American and European region holds the largest share of the market. North America's market is mature, making it a better place to absorb sophisticated technologies, strategic alliances, and product collaborations from sectors such as oil and gas, metals and mining, pharmaceuticals, chemicals, and others, boosting process automation's growth.
The industry is being driven by the benefits of an automated industry that has enticed companies who operate non-automated process industries. Such businesses are investing in upgrading their process facilities, fueling the process automation industry. Process automation is becoming more popular among industrial players due to its energy efficiency, cost efficiency, and shorter time to market concepts, which is helping the process automation market. The process automation market is aided by the fact that one of the primary concerns of enterprises these days is to raise their sustainability in terms of energy cost and resource efficiency. Process automation allows for greater asset management and industrial flexibility. The most prolific growth factors in the process automation industry are industrial automation and factory automation. The growing need to reduce human contact in various processes to save money on labour and reduce mistakes has opened up a world of possibilities for automated systems in the industrial sector. Another aspect pushing the market is the expanding government incentive scheme and rising labour costs.
However, the high cost of installing the systems hinders the industry's growth.
The global Process Automation industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Process Automation regions, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Process automation makes this easier by placing sensors in hundreds of locations around the plant that collect data on temperatures, pressures, and flows, among other things. On a widescreen in a control room, the information is recorded and evaluated, and the entire plant and each piece of manufacturing equipment can be monitored. The operational settings of the plant are then automatically modified to generate the best possible output. When required, plant operators can override the process automation systems manually. The computer software in process automation employs measurements to illustrate how the plant works and simulate several operating modes and discover the best strategy for the plant. This software's capacity to "learn" and forecast patterns is a standout feature, helping to reduce response time to changing situations. The software and controls set the equipment to run at the fastest possible speed while using the least energy. They also maintain quality consistency, which means less energy is squandered making defective goods. They anticipate when maintenance is required, which means less time and energy is spent stopping and restarting equipment for periodic inspections.
The market is witnessing growth due to technological advancements in the industry, such as Bluetooth, WLAN, and VoIP, to process automation. The second trend is for businesses to transfer data from their equipment directly to the cloud or link industrial devices to the cloud. Integration of big data analytics and automation is another trend. The current trend in the process automation sector is the 'Industry 4.0' industrial revolution. Cooperative robots are becoming more popular in the process automation business. Some of the industry's key growth factors include the need for operational efficiency, rapidly growing SMEs, a growing inclination toward the Internet of Things (IoT) and cloud-based automation, increasing demand for smart factories, mass customisation, supply chain synchronisation, system integration through system integrators or SI, increasing R&D, artificial intelligence (AI), and advancement in M2M communication technology.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
Manufacturers are looking for methods to save money, increase efficiency, and increase production in process automation. Suppliers continue to spend on product development and market penetration to meet this underlying demand. The top ten providers in the market are fiercely competitive, with the top ten capturing almost 58 percent of the worldwide automation market share. Sourcing from various regional vendors or a single global supplier that produces high-quality items is one of the newer engagement tactics.
1. Executive Summary
2. Global Process Automation Market Snapshot
2.1. Process Automation Market Outlook
2.2. Process Automation Industry Analysis By End-Use
2.2.1. Oil & Gas
2.2.2. Chemicals & Mining
2.2.3. General Industrial
2.2.4. Consumer Goods
2.2.5. Pharma & Biotech
2.2.6. Water
2.2.7. Technology Hardware
2.2.8. Automotive
2.2.9. Power
2.3. Regional Overview
2.3.1. North America
2.3.2. Europe
2.3.3. Asia Pacific
2.3.4. Latin America
2.3.5. Middle East & Africa
3. Impact of Recent Events
4. Process Automation Value Chain Analysis
5. Trade Analysis
6. Major Risk Factors in Sourcing
7. Process Automation Cost Structure
8. Process Automation Price Analysis
9. Key Demand Indicator Analysis
10. Key Price Indicator Analysis
11. Process Automation Market Dynamics
11.1. Drivers & Constraints
11.2. Industry Events
11.3. Innovations & Trends
11.4. SWOT Analysis
11.5. Porter’s Five Forces
11.5.1. Buyer Power
11.5.2. Supplier Power
11.5.3. Threat of New entrants
11.5.4. Threat of Substitutes
11.5.5. Industry Rivalry
12. Industry Best Practices
12.1. Sourcing Strategy
12.2. Procurement Model
12.3. Contract Structure
12.4. Negotiation Levers
12.5. Pricing Model
12.6. Key Factors Influencing the Quotation
13. Key Supplier Analysis
13.1. ABB Ltd.
13.2. Emerson Electric Co.
13.3. Honeywell International, Inc.
13.4. Siemens AG
13.5. Rockwell Automation, Inc.
13.6. General Electric Company
The global Process Automation market size was valued at USD 178 billion in 2021.
As per the type provided, the Discrete automation segment is anticipated to lead the market between the period 2022 – 2027.
The significant demand for automation in a wide range of industries is one of the essential drivers of the Process Automation market growth.
ABB Ltd., Emerson Electric Co., Honeywell International, Inc., Siemens AG, Rockwell Automation, Inc., and General Electric Company are some of the key companies in the market.
The North America and Europe region of the Process Automation industry holds a significant share in the market.
The global Process Automation market attained a value of USD 178 billion in 2021, driven by the benefits of an automated industry that has enticed companies who operate in non-automated process industries. Process automation offers energy efficiency, cost efficiency, and shorter time to market concepts, furthering the industry's expansion. Aided by the growing technological advancements, like the integration of Bluetooth, WLAN, VoIP, Internet of Things (IoT), cloud-based automation, artificial intelligence (AI), and progress in M2M communication technology, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 6.6%. The market is projected to reach USD 261 billion by 2027. Some of the leading players in the industry are ABB Ltd., Emerson Electric Co., Honeywell International, Inc., Siemens AG, Rockwell Automation, Inc., and General Electric Company.
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