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Process Automation & Instrumentation Market Forecast to 2023: By Instrument (Field Instrument, Control Valve, Analyzer), Solution (APC, DCS, HMI, MES, PLC, Safety Automation, SCADA) & End-User - Research and Markets

[July 24, 2017]

Process Automation & Instrumentation Market Forecast to 2023: By Instrument (Field Instrument, Control Valve, Analyzer), Solution (APC, DCS, HMI, MES, PLC, Safety Automation, SCADA) & End-User - Research and Markets

The "Process Automation & Instrumentation Market - Global Forecast to 2023" report has been added to Research and Markets' offering.

The process automation & instrumentation market is expected to be valued at USD 62.64 billion in 2017 and is likely to grow at a CAGR of 6.0% to reach USD 88.92 billion by 2023.

The market growth can be attributed to the rising emphasis on regulatory compliance in process industries, increasing adoption of IoT across various industries, shift in production approach from conventional practices to digitalized methods, growing labour wages in major manufacturing hubs, and rising demand for proactive solutions that can determine failures at component level, among others.

Control valves are the most commonly used control elements in process control systems. These are being devised to enable the flow of a fluid through a pipe based on the commands received from loop controllers such as a programmable logic controller (PLC). The burgeoning population worldwide is leading to an increase in the demand for energy, resulting in the rise of investments in the energy sector. In addition, the rising demand for clean portable water, along with safe and efficient waste collection and waste disposal facilities, is anticipated to augment the growth of the market for control valves in the coming years.

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