Industrial Automation Magazine India

Process instrumentation market capturing valuation of US$ 38 billion by 2033

Published on : Wednesday 07-06-2023

These insights are based on a report on process instrumentation market by Future Market Insights.

June 2023 – The process instrumentation market is capturing a valuation of US$ 18.46 billion in 2023 and is predicted to reach US$ 37.34 billion by 2033. The market is registering a CAGR of 7.3% during the forecast period.

Rising Industrial Automation: The increasing automation trends in several industries, including pharmaceuticals, chemicals, oil & gas, and power, fuel the global market. Process instrumentation is key in monitoring and controlling processes and ensuring safety in these industries.

Stringent Regulations and Standards: Government implements stringent regulations to ensure worker safety and reduce carbon emissions and product quality. This instrumentation can monitor critical parameters, including pressure, level, temperature, and flow.

Technological Advancements: Growing advanced technologies in process instrumentation, such as sensors, data analytics, and wireless technologies, are advancing the global market. These technologies enable remote control, and real-time monitoring, enhance operational efficiency, and reduce time.

Increasing Demand for Energy: The adoption of process instrumentation is rising due to the growing demand for sustainable energy. It helps to consume and optimize energy, operational efficiency, and reduce waste.

Improve Product Quality and Productivity: Manufacturers are focused on developing better product quality to stay ahead of competitors. Instrumentation, high product quality, and enhanced productivity are expanding the global market further.

Improve Safety and Environmental Impact: Environmental consideration and safety are the prior things in industrial operations. The demand for process instrumentation prevents toxic situations such as emissions and abnormal conditions and reduces environmental impact.

Rising Demand for Wastewater Treatment: The increasing population, industrialization, and enhanced effective water treatments drive the global market. It monitors and measures wastewater treatment plants to improve the standard of water quality.

These insights are based on a report on Process instrumentation market by Future Market Insights:

https://www.futuremarketinsights.com/reports/process-instrumentation-equipment-market