Process Instrumentation and Measurement Market Intelligence

Industry Outlook & Drivers

Process Instrumentation and Measurement Regional Market Outlook

• North America is expected to continue to dominate the market, in terms of growth prospects in adopting automation through to 2020. The APAC region is expected to grow at the fastest CAGR for PIM from 2016 to 2020
• 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

Global PIM Market Maturity 

• The global PIM market was valued at $36.15 billion in 2016, and IT is expected to grow at a CAGR of 7.18 percent from 2017 to 2020, to reach $47.70 billion by 2020
• North America accounted for 30 percent of the market share in 2016. 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 players
• Global suppliers of PIM are entering new geographies in the 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 grow from $36.15 billion in 2016 to $47.40 billion in 2020, at an estimated CAGR of 7.18 percent from 2016 to 2020
• 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 PIM Market (2016 – 2020)

• 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
• The BRIC countries are gaining momentum in the automation industry, with an anticipation to account for one-fourth of the total demand for process instrumentation and automation in the next 2 – 3 years
• The global PIM manufacturers have a strong foothold, as there is a robust need for reliable and accurate instruments to support 24×7 manufacturing process

Global PIM Market by Components (2016)

• 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 Breakup of an Automation Project 

• 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)
• The pricing also varies across industries at a regional level