Process Instrumentation and Measurement

Process Instrumentation and Measurement Regional Market Outlook

• Europe is expected to continue to dominate the market, in terms of growth prospects in adopting automation; however, APAC is growing at a competitive rate as well

• Increasing focus on adopting automation across all industry verticals and spending more on new technologies are expected to be major drivers for the coming few years

Process Instrumentation and Measurement Demand Market Outlook

• Process instrumentation equipment application is in a wide range of end-use industries. Process instrumentation equipment enables a plenty of benefits, including improvement in the quality of the product, safety, emission control, repeatability, accuracy, waste reduction, and cost savings. The current modern technology manufacturing, robotics, etc., cannot be imagined without sophisticated instruments

• The market of process instrumentation equipment is driven by the increasing demand for automation technologies, Industry Internet of Things, Industry 4.0, digitization, BIG data, analytics, etc. Efficient measurement and control, data collection lies at the heart for the success of the above technologies. Also, cost and energy efficiency, asset utilization and reduction in engineering time are few of the major factors driving the growth of the process instrumentation market

Global PIM Market Maturity 

• The PIM market is fragmented and is competitively catering to a variety of industries with vast end-user segments across industries, such as utilities, chemicals, refining, pharmaceuticals, W&WW, food, etc. 

Global PIM Industry Trends 

• Increasing levels of focus on high-quality PIM equipment in the developed regions, like North America and Western Europe, such as heavy-duty dust-tight enclosures, remote-mounted transmitters, etc., signal an increasing buyer maturity and willingness to partner with process control industry suppliers

• Global suppliers of PIM are entering new geographies in developing regions, such as Chile, Brazil, India, etc., through M&A, thus offering multi-location solutions to global buyers

• The fragmented automation market in APAC and LATAM has proven to be a big opportunity for global automation OEMs and service providers to tap into this market, thus, boosting the market for PIM.

Global PIM Market Overview 

• The global PIM market is expected to be at $45 billion in 2023 and grow at a CAGR of 5.18 percent from 2021 to 2025

• The global process instrumentation market accounts for 30–35 percent of the global process automation market. With a rising adoption of automation across various industry verticals, growth of the PIM market is also paved simultaneously

Global Process Instrumentation Market Size (in US $ Billion)

• The global PIM market is driven by technological innovations and increasing demands for automation. Also, cost efficiency, reduction in engineering time, asset utilization, and energy efficiency are some of the major factors driving the growth of the PIM market

• Automation companies are trying to mitigate the impact of semiconductor chip shortages by sourcing alternative components, purchasing more than usual and being flexible and improvisational.

• As Russia and Ukraine are major exporters of raw materials such as Neon, palladium and platinum and it is critical for chip manufacturing, prolonged supply disruption due to war will worsen the existing chip shortage issue. 

Global PIM Market by Components (2023 E)

• Field instruments are critical products often supporting 24×7 manufacturing processes, and quality is a very essential parameter

• Control valves are very important to increase efficiency, safety, and profitability of process industries

• Global process industries use different types of field instruments for monitoring and controlling their plants. The amount of benefit businesses reap from process instruments, such as improvement in product quality, emission reduction, reduction in human errors, and cost savings, etc., which are offering more growth opportunities to the PIM market

Cost Structure of Process Instruments

• Major cost components of a measurement instrument are the cost of parts (which includes the cost of raw material) and the labor, while in the case of an automation control system (e.g., PLC, DCS), the major cost drivers will be the cost of system integration, system validation and design/engineering cost.

• Complete pricing of an automation project depends on different phases of engaging with an OEM (for product/integration or both), an integrator (for technical consultation/integration of the entire process), end-user benefits (validation/testing) etc. of the complete solution.

• Variation and increased complexity of design in customization increases the cost of a project

Why Should You Buy This Report

• Information about process instrumentation market overview, industry trends, maturity, regional market outlook, etc.
• Porter’s five force analysis of the global process instrumentation market.
• Supplier trends and insights, profiles, product portfolio, etc.
• SWOT analysis of major players like Siemens, Emerson Electric, and ABB Ltd.
• Cost structure analysis, cost breakup, cost saving strategies, pricing models.
• Automation and instrumentation procurement intelligence including best sourcing models, engagement practices, etc.