Industrial process variable instruments market comprises of sales of industrial process variable instruments & related services, which is used to control, measure, and record industrial variables such as pressure, vacuum, temperature, flow, combustion, level, acidity, concentration, viscosity, density, and rotation. The process variable instruments are used for indicating, recording, transmitting, measuring, displaying, and controlling industrial process variables. The industrial process variable can work electronically, or electrically, mechanically, pneumatically, and comprises of instruments for instance boiler controls, chromatographs, buoyancy instruments, and combustion control instruments. The industrial process variable instruments are used in oil & gas industries for monitoring & controlling the operating conditions. These operating conditions are monitored to meet safety, environmental regulations, and also to ensure stability in plant operations. The augmented demand for oil & gas will require more production facilities to be set up, thus, rising the demand for industrial process variable instruments.
According to study, “Industrial Process Variable Instruments Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global industrial process variable instruments market are Honeywell International Inc., ABB Ltd., Emerson Electric Company, Schneider Electric SE, Siemens AG, Applitek NV, Arizona Instrument LLC, Aventics GmbH, LAR Process Analyzers AG. Ametek Inc., Applied Instrument Technologies Inc., Union Park Capital, Hach Company, The key companies in the industrial process variable instruments market are investing in assimilating the Internet of things technology (IoT) to process variable instruments. The industrial process variable instruments for instance pressure, flow level monitoring & controlling devices and temperature are being integrated with IoT to boost their efficiencies and usage.
Based on type, industrial process variable instruments market is segmented as pressure, temperature, flow, level and others. In addition, based on application, market is segmented as oil & gas, chemicals, electronic & electrical and others.
The industrial process variable instruments market is driven by rise in disposable income, followed by increase in demand for consumer durable goods & non-consumer durable goods, rise in demand for chemicals and oil & gas and growth in economy in emerging markets. However, high investment for implementation, considerable maintenance cost for process instrumentation solutions and complexities of using the process variable instruments in the food industry may impact the market. Moreover, integration of cloud based tools into industrial instrumentation is a key opportunity for market.
Based on geography, the global industrial process variable instruments market is segmented as North America, Eastern Europe, South America, Western Europe, Asia-Pacific, Middle East and Africa. The Asian-Pacific region holds major share in global market owing to rise in demand for energy-efficient production process in the region. The European and North-American regions are predicted to witness higher growth rate due to increase in requirement of process instrumentation across industries over the forecast period. The global industrial process variable instruments market was valued at US $100.78 billion in 2019 and it is estimated to grow at a compound annual growth rate (CAGR) of 7.36% and reach US $133.88 billion by 2023.
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Ankur Gupta, Head Marketing & Communications