Research and Markets (http://www.researchandmarkets.com/research/rhh746/global_process) has announced the addition of the "Global Process Automation and Instrumentation Market 2016-2020" report to their offering.
The global process automation and instrumentation market to grow at a CAGR of 6.7% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global process automation and instrumentation market for 2016-2020. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Process automation and instrumentation help companies to optimize business outcomes by effectively controlling production processes. Automation solutions such as DCS, PLC, SCADA, and MES enable effective controlling and monitoring of production processes and reduce plant downtimes, which serve to boost productivity. Instrumentation products such as control valves and transmitters are extensively used in process industries such as oil and gas, power, and water and wastewater treatment for calibration and measurement applications.
Cloud computing technology has become popular among organizations as it offers tremendous space for data storage, provides flexibility, enables better scalability, and provides uninterrupted data access. Automation plays a major role in cloud computing for industries. For example, DCS has been the preferred automation solution in the oil and gas industry as it is bundled with features designed to handle a variety of complex processes.
According to the report, the need to mitigate the impact of rising labor costs has prompted companies to embrace automation technologies. The labor costs in Austria, China, Australia, Germany, and the US grew over the last decade by 6%-10%. The food and beverage (F&B) industry is focusing on automation and instrumentation to raise productivity and mitigate the impact of high labor costs.
Further, the report states that end-users are reluctant to use new and advanced automation processes, as they are wary of the downtime arising from the changes in technology.
To calculate the market size, the report considers the revenue generated from the sales of automation and instrumentation products to the following process industries:
Oil and gas
Water and wastewater
Chemical and petrochemical
Other prominent vendors
Laura Wood, +353-1-481-1716, email@example.com
Source : prnewswire.com