Market Overview
The Process Control Instrumentation and Analytical Products for Process Industry market size was estimated at USD 22.17 billion in 2023 and is projected to reach USD 38.86 billion in 2030 at a CAGR of 8.35% during the forecast period 2023-2030.
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Process Control Instrumentation and Analytical Products for the Process Industry refer to a wide range of equipment, devices, and systems used in industrial processes to monitor, control, and analyze various parameters and variables to ensure the efficient and safe operation of manufacturing processes. These products play a crucial role in industries such as chemical processing, oil and gas, pharmaceuticals, food and beverage, water treatment, and many others.
The adoption of process control instrumentation and analytical products in the process industry is primarily driven by the increasing trend toward automation and Industry 4.0, which enhances process efficiency and reduces operational costs. Stringent regulatory compliance requirements, especially in industries like pharmaceuticals and chemicals, are compelling companies to invest in accurate process monitoring and control. Safety concerns and the need for safety instrumented systems (SIS) further drive the demand, ensuring the protection of personnel and assets. Additionally, a growing focus on energy efficiency and environmental sustainability, along with ongoing technological advancements, contributes to the expansion of this market. Emerging markets and the need for advanced instrumentation in new manufacturing facilities provide additional growth opportunities.
However, the adoption of process control instrumentation and analytical products faces several challenges, including the high initial costs associated with implementing advanced solutions. The complexity of highly integrated control systems and analytical instruments can be a barrier to entry, requiring skilled personnel for operation and maintenance. Legacy systems, still prevalent in many industrial facilities, may not be easily compatible with modern instrumentation, leading to costly upgrades. Cybersecurity concerns related to the increasing connectivity of industrial systems pose a significant challenge, while resistance to change and conservatism in some industries hinder the adoption of new technologies. Market fragmentation, economic factors, and skill shortages further contribute to the restraints in this market.
The COVID-19 pandemic has had a notable impact on the process control instrumentation and analytical products market. During the initial phases of the pandemic, many industries experienced disruptions in their supply chains and manufacturing operations, leading to delayed or reduced investments in new instrumentation. However, as the need for pharmaceuticals, chemicals, and healthcare-related products surged, demand for accurate process monitoring and control instruments, especially in vaccine production and healthcare facilities, witnessed a substantial uptick. The pandemic also accelerated the adoption of remote monitoring and predictive maintenance solutions, as companies sought to minimize on-site personnel.
Delvens Industry Expert's Standpoint
The Process Control Instrumentation and Analytical Products for Process Industry Market is expected to grow during the forecast period. This growth can be attributed to several factors. A growing focus on energy efficiency and environmental sustainability, along with ongoing technological advancements, contributes to the expansion of this market. Emerging markets and the need for advanced instrumentation in new manufacturing facilities provide additional growth opportunities. However, high initial costs associated with implementing advanced solutions. The complexity of highly integrated control systems and analytical instruments can be a barrier to entry, requiring skilled personnel for operation and maintenance. Legacy systems, still prevalent in many industrial facilities, may not be easily compatible with modern instrumentation, leading to costly upgrades are hampering the growth of the market.
Key Findings
• Based on technology, the market is segmented into spectroscopy, chromatography, particle size analysis, capillary electrophoresis, programmable logic controller (plc), distributed control system (dcs), supervisory control and data acquisition (scada), manufacturing execution system (mes). Spectroscopy dominated the market in this segment. Along with chromatography, mass spectrometry (MS) is used to provide quantitative data for the development of pharmacokinetic and pharmacodynamic drugs. The spectroscopy market is expected to have strong growth in the near future due to the widespread usage of spectroscopy in qualitative and quantitative analysis of pharmaceutical and biopharmaceutical products.
• Based on product, the market is segmented into transmitter, control valve, analyzers, sensors & probes, samplers. Analyzers dominated the market in this segment. The demand for analyzers in drug manufacturing is primarily being driven by the need for effective and efficient drug manufacturing processes, strict regulations to ensure product quality and performance, and an increase in research and development activities in the biopharmaceutical sector.
• Based on application, the market is segmented into small molecules, large molecules, manufacturing applications. Large molecule dominated the market in this segment. Biologics research has recently been at the forefront of medication discovery, providing alternatives for treating a variety of illnesses including cancer, rheumatoid arthritis, psoriasis, diabetes, and Crohn's disease. Therefore, the category is expected to rise as a result of increasing rates of chronic illnesses and expanding research into the development of innovative molecules.
• Based on end user, the market is segmented into water and wastewater treatment, chemical manufacturing, energy & utilities, oil and gas extraction, metals and mining, other process industries Water and wastewater treatment dominated the market during the forecast period. Over the next several years, it is anticipated that rising government activities in wastewater treatment would aid in sector expansion.
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period. The huge market share of North America is largely due to the FDA's strict rules regarding the clearance and safety of drugs, the region's significant pharma industry, and the region's rapid uptake of new technology. In addition, increased funding for pharmaceutical and biotechnology research initiatives as well as a developing market for biologics are other factors that are encouraging the expansion of this market in North America.
Regional Analysis
North America to Dominate the Market
• North America is estimated to account for the largest market share during the forecast period. The huge market share of North America is largely due to the FDA's strict rules regarding the clearance and safety of drugs, the region's significant pharma industry, and the region's rapid uptake of new technology.
• Moreover, increased funding for pharmaceutical and biotechnology research initiatives as well as a developing market for biologics are other factors that are encouraging the expansion of this market in North America.
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Competitive Landscape
• ABB Ltd.
• Agilent Technologies, Inc.
• Bruker Corporation
• Carl Zeiss AG
• Danaher Corporation
• Emerson Electric Company
• Endress+ Hauser AG
• Honeywell International Inc.
• Metso Corporation
• Mettler-Toledo International Inc.
• Mitsubishi Electric Corporation
• Omron Corporation
• PerkinElmer, Inc.
• Rockwell Automation Inc.
• Shimadzu Corporation
• Siemens AG
• Thermo Fisher Scientific, Inc.
• Waters Corporation
• Yokogawa Electric Corporation
Recent Developments
• In July 2022, a leader in positioning, level, asset monitoring, and fiber optical monitoring systems, Hawk Measurement Systems (HAWK) developed the first Guided Wave Radar Position Transmitter with Power over Ethernet communications in the market.
• In September 2022, introducing a new sample preparation methodology for chromatographic equipment was a joint effort between Agilent and Mettler Toledo. Workflows for liquid or gas chromatography are entirely automated and digitalized by the new solution.
Reasons to Acquire
• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for the Process Control Instrumentation and Analytical Products for Process Industry Market to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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