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Process Instrumentation Market Trends

  • Report ID: GMI9306
  • Published Date: Apr 2024
  • Report Format: PDF

Process Instrumentation Market Trends

Process instrumentation systems and the Industrial Internet of Things (IIoT) can operate together seamlessly to collect, analyze, and remotely monitor data. Industries can gain real-time insights into their operations using IIoT technology, such as sensors and connectivity solutions, which enhance efficiency and lead to proactive maintenance plans. Predictive maintenance is made possible by this connection, thereby reducing the downtime and maximizing equipment performance for increased output and cost savings.
 

Cloud-based platforms and process instrumentation systems can be integrated to enable real-time data exchange, analysis, and storage. This makes critical insights remotely accessible to stakeholders, promoting proactive decision-making and efficient industrial process management. Organizations may improve team collaboration, guarantee scalability, and centralize data management by utilizing cloud infrastructure. This increases operational efficiency and responsiveness in dynamic industrial contexts.

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Industry size for process instrumentation exceeded USD 17 billion in 2023 and is projected to expand at over 3% CAGR from 2024 to 2032, owing to the reliance of the oil & gas sector on precision measurement and control systems.

The manufacturing execution system (MES) technology segment in the process instrumentation industry is estimated to depict over 6% CAGR between 2024 and 2032, due to their capacity to optimize production processes, augment productivity, and elevate quality control.

North America industry held more than 35% revenue share in 2023 and is predicted to grow at notable CAGR between 2024 and 2032, led by the robust industrial infrastructure and cutting-edge technological capabilities.

ABB Ltd., Emerson Electric Co., Endress+Hauser Group, Honeywell International Inc., Schneider Electric SE, Siemens AG, and Yokogawa Electric Corporation

Process Instrumentation Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 293
  • Countries covered: 21
  • Pages: 200
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