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Dublin, May 17, 2023 (GLOBE NEWSWIRE) — The “Industrial Process Automation Market by Component, by Industry Vertical – Global Opportunity Analysis and Industry Forecast, 2023-2030” report has been added to ResearchAndMarkets.com’s offering.
The Industrial Process Automation Market size was valued at USD 58.36 billion in 2022 and is expected to reach USD 96.06 billion by 2030, at a CAGR of 5.4% during the forecast period from 2023 to 2030.
The growth of the Internet of Things (IoT) and sensor technology has led to an increase in the amount of data that can be collected from industrial processes. This data can be used to optimize and automate production processes, leading to improved efficiency and productivity, which in turn increases demand for industrial process automation solutions.
However, lack of standardization related to security issues in the industrial process automation that creates cybersecurity risks hinders the market growth. On the contrary, integration of Industry 4.0, which includes automation, artificial intelligence, IoT, and other digital technologies as companies seek to remain competitive in an increasingly digital marketplace is expected to create ample opportunities for the key players operating in the industrial process automation market during the coming decade.
Segment Overview
- The global industrial process automation industry is segmented on the basis of components, end user, and geography.
- Based on components, the market is bifurcated into Manufacturing Execution System (MES), Distributed Control System (DCS), Programmable Logic Control (PLC), Supervisory Control & Data Acquisition (SCADA), field instruments, industrial robots, Human Machine Interface (HMI), industrial PCS, process analyzers & drives.
- Based on end-user, the market is classified into oil & gas, chemicals & refining, energy & power, pulp & paper, metals & mining, pharmaceuticals, cement & glass and others.
- Region wise, the market is segmented into North America, Europe, Asia-Pacific, and RoW.
Regional Analysis
The European market holds the dominant share
Europe dominates the global industrial process automation market and is expected to remain dominant in the market throughout the forecast period. The European Union has implemented strict environmental regulations, which drive the adoption of automation technologies that can help businesses reduce waste, minimize emissions, and conserve energy.
Developments such as energy-efficient sensors and smart building systems enable businesses to reduce their environmental footprint while also enhancing their profitability. Industrial process automation can play a significant role in helping companies achieve their sustainability goals while also improving their financial performance.
Moreover, various market leaders are taking robust initiatives to revolutionize the automation processes with Industry 4.0 technologies in industries such as oil and refinery, pharmaceuticals, and energy among others. For instance, in January 2023, Schneider Electric partnered with Ryse Energy – the global leader in decentralised renewable energy systems – to design and implement a new standardised control system for improved power quality.
It enables the integration of small wind turbines with the National Grid, which could lead to increased use of renewable energy sources and a reduction in greenhouse gas emissions. This is expected to accelerate the growth of the market throughout the forecast period.
Key Market Players
The emerging and efficient key players in the industrial process automation market include the following:
- Hitachi Ltd.
- Siemens AG
- Mitsubishi Electric
- Schneider Electric
- Honeywell International
- ABB Ltd.
- Toshiba Corporation
- Emerson Electric Co.
- Rockwell Automation
- Omron Corporation
- Fanuc Corporation
- Valmet OYJ
- Yokogawa Electric
- Endress Hauser
- Dwyer Instruments
Recent Developments
February 2023
Yokogawa Electric Corporation developed a new sensor called FKDPP for measuring oxygen concentration in industrial processes. The sensor offers high accuracy & stability even in harsh environments, and is expected to contribute to improved productivity and efficiency in a variety of industries.
January 2023
ABB opened a new industrial automation HQ in Mexico to serve process industries in North and South America. The move aims to expand ABB’s presence in the region and meet the growing demand for automation solutions in various industries.
December 2022
Emerson introduced a new Crosby J-Series pressure relief valve product line designed to offer reliable and efficient overpressure protection for various industries. The new product line features advanced technology, a soft-seat design for tightness and durability, and customization options for users.
July 2022
Mitsubishi Electric announced its plan to build a new factory for its factory automation control system products in Nagoya, Japan. The new facility is expected to start operating in October 2023 and help to meet the growing demand for factory automation control system products in the global market.
March 2022
Hitachi Vantara, a subsidiary of Hitachi Ltd, launched Lumada DataOps Suite, which provides data integration, orchestration, and management capabilities for enterprise & industrial control. The Lumada SuiteOps suite simplifies data management processes, offers data governance, and quality controls, and is available in both cloud-based and on-premises options.
KEY BENEFITS
- The industrial process automation market report provides a quantitative analysis of the current market and estimations through 2023-2030 that assists in identifying the prevailing market opportunities to capitalize on.
- The study comprises a deep dive analysis of the industrial process automation market trend including the current and future trends for depicting the prevalent investment pockets in the market.
- The information related to key drivers, restraints, and opportunities and their impact on the industrial process automation market is provided in the report.
- The competitive analysis of the market players along with their market share in the industrial process automation market is provided in the report.
- The SWOT analysis and Porter’s Five Forces model is elaborated in the study.
- Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
Key Topics Covered:
1. Introduction
2. Industrial Process Automation Market- Executive Summary
3. Market Overview
3.1. Market Definition and Scope
3.2. Market Dynamics
3.2.1 Drivers
3.2.1.1. Increasing Adoption of Industrial IoT
3.2.1.2. Integration of Ar Technology and Digital Twins in Manufacturing
3.2.1.3. Government Initiatives to Promote Industrial Automation
3.2.2 Restraints
3.2.2.1. Growing Fluctuations in End-Use Industries
3.2.2.2. Lack of Standardization Processes
3.2.3 Opportunities
3.2.3.1. Industry 4.0 Revolution to Embrace Collaborations and Partnerships
3.2.3.2. Increasing Adoption of Cloud-Based Automation Solutions
4. Market Share Analysis
4.1. Market Share Analysis of Top Industrial Process Automation, 2022
5. Global Industrial Process Automation Market, by Component
5.1. Overview
5.2. Mes
5.2.1 Global Mes Market, by Component
5.2.1.1. Hardware Market, by Region
5.2.1.2. Software Market, by Region
5.2.1.3. Services Market, by Region
5.2.2 Mes Market, by Region
5.3. Dcs
5.3.1 Global Dcs Market, by Component
5.3.1.1. Hardware Market, by Region
5.3.1.2. Software Market, by Region
5.3.1.3. Services Market, by Region
5.3.2 Dcs Market, by Region
5.4. Plc
5.4.1 Global plc Market, by Component
5.4.1.1. Hardware Market, by Region
5.4.1.2. Software Market, by Region
5.4.1.3. Services Market, by Region
5.4.2 Plc Market, by Region
5.5. Scada
5.5.1 Global Scada Market, by Component
5.5.1.1. Hardware Market, by Region
5.5.1.2. Software Market, by Region
5.5.1.3. Services Market, by Region
5.5.2 Scada Market, by Region
5.6. Hmi
5.6.1 Hmi Market, by Region
5.7. Field Instruments
5.7.1 Field Instruments Market, by Region
5.8. Industrial Robots
5.8.1 Industrial Robots Market, by Region
5.9. Process Analyzers & Drives
5.9.1 Process Analyzers & Drives Market, by Region
6. Global Industrial Process Automation Market, by Enduser
6.1. Overview
6.2. Oil & Gas
6.2.1 Oil & Gas Market, by Region
6.3. Chemicals & Refining
6.3.1 Chemicals & Refining Market, by Region
6.4. Energy & Power
6.4.1 Energy & Power Market, by Region
6.5. Pulp & Paper
6.5.1 Pulp & Paper Market, by Region
6.6. Metals & Mining
6.6.1 Metals & Mining Market, by Region
6.7. Pharmaceutical
6.7.1 Pharmaceutical Market, by Region
6.8. Cement & Glass
6.8.1 Cement & Glass Market, by Region
6.9. Others
6.9.1 Others Market, by Region
7. Global Industrial Process Automation Market, by Region
8. Company Profile
A selection of companies mentioned in this report includes
- Hitachi Ltd.
- Siemens
- Mitsubishi Electric Corporation
- Schneider Electric SE
- Honeywell International Inc
- ABB Ltd.
- Toshiba Corporation
- Emerson Electric Co.
- Rockwell Automation Inc
- Omron Corporation
- Fanuc Corporation
- Valmet OYJ
- Yokogawa Electric
- Endress+Hauser
- Dwyer Instruments Inc.
For more information about this report visit https://www.researchandmarkets.com/r/mtcblm
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