Rising oil and gas and pharmaceutical projects to drive the growth of the process automation market
The report reflects an overall realistic scenario of the process automation industry with weighted future projections over a period of ten years. The market analysis on the global market for process automation reveals that the market lies in the growth phase of the product life cycle (PLC). This is due to the vast application of process automation solutions with a view to achieve high precision level and handle any type operations. In developing regions the demand has reached high levels in recent times.
According to the market research report, the global process automation market is anticipated to witness robust growth throughout the period of assessment. It is poised to register a high CAGR of 6.0% through 2017-2027. During 2012-2016 period, this market did not experience significant change in market value, however, since 2017, its market standings have gone high. In 2017, the global market for process automation was valued at about US$ 85.5 Bn and is likely to be estimated at a higher US$ 153.6 Bn by the end of 2027.
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This 1.8x increase in revenue can be attributed to the growing oil and gas and pharmaceutical industry coupled with high demand for process automation in order to raise the bar of productivity, quality and speed with reduced errors, thus enhancing business operations.
PLC to cement its dominance in the global process automation market
PLC segment by solution type is the largest segment with respect to market valuation. It is widely used as it is suitable in any atmosphere or any operational condition. It currently holds a major share in the global market and this trend is expected to rise to reach a market valuation of about US$ 41.7 Bn by the end of 2027. This segment is anticipated to grow at a steady growth rate throughout the period of assessment, thus dominating the global market in the coming years.
From a regional standpoint, PLC segment experiences high market value in North America region, followed by Asia Pacific excluding Japan (APEJ) and Western Europe regions. North America being a mature market, the PLC segment is largely used due to prevalence of several industries and their high demands for process automation solutions. In Western Europe region, PLC segment is anticipated to grow at a high 5.5% during 2017-2027 as compared to APEJ and North America. However, higher potential lies in the Asia Pacific excluding Japan region as it includes growing economies such as India and China which have experienced a high industrial renaissance in the recent years.
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APC to witness an upsurge during 2017-2027; SCADA holds high significance
APC segment by solution type is anticipated to grow at the highest rate to reach a significant value by the end of 2027. Throughout the forecast period of 0217-2027, this segment is poised to register a robust CAGR of 6.3%. The high growth of this segment is driven by its increased use in companies that are shifting their focus towards demand driven and customer specific manufacturing environments.
Following APC, other fast growing solution type segments are SCADA, DCS and safety automation. SCADA segment is anticipated to hold high potential as it is holds high market value, second to PLC segment with a higher growth rate. By 2027, DCS segment by solution type is estimated to be valued at about US$ 31.7 Bn with a robust growth rate throughout the assessment period.
Regional Viewpoint – Highlighting North America, Western Europe and APEJ
The global process automation solution type market has grown across important regions in the world. The SCADA segment is anticipated to show high market valuation in regions of North America, Asia Pacific excluding Japan and Western Europe. The APC segment is the fastest growing segment across regions, but experiences low market value during the 2017-2027 period. Following SCADA, the DCS segment by solution type is estimated to hold a significant market share in the years to follow.
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