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(Wireless-NewsWire.Com, September 19, 2018 ) According to Verified Market Intelligence, the global process automation & instrumentation market was valued at USD 60.09 billion in 2016 and is projected to reach USD 101.70 billion by 2025, growing at a CAGR of 6.02% from 2017 to 2025.
Automation is defined as a process that uses information technology and control systems in order to replace the worker controlling and regulating various processes and instruments. It plays an important role in both collecting information from the field and changing the field and field parameters. Process automation & instrumentation is an interdisciplinary branch of engineering that is helping in developing new & advanced sensors, MEMS technology, Bluetooth technology, and smart transducers. It offers numerous benefits such as enhanced product quality, reduced costs, increased profits, improved process safety, and accuracy.
Increasing importance on robust IT infrastructure, growing industrial revolution, rising wages of labor in major manufacturing countries and increasing demand to boost production efficiency, thereby optimizing operating costs have been driving the global process automation & instrumentation market. While increasing digitization raising security concerns, reluctance from SMEs and high initial cost acts a potential restraint for the overall market at a global level.
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The “Global Process Automation & Instrumentation Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Emerson Electric Co., Siemens AG, General Electric Co., Mitsubishi Electric Corporation, Yokogawa Electric Corporation, ABB Ltd. and Honeywell International Inc… Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis.
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