Revenue in the global process automation market is estimated to have reached a value of around $86.07 billion by the end of 2012, and is forecast to grow to a total of $124.29 billion by 2018. This suggests a CAGR growth rate of around 6.05% between 2013 and 2018. Also, the instrumentation market is expected to grow from $26.50 billion in 2012, to $36.71 billion in 2018, with a CAGR of 5.07%.
The process automation is a procedural scaling of various technologies like SCADA, PLC, DCS, and MES, which includes field instruments and Enterprise Resource Planning (ERP) technology, among others. These solutions optimize the productivity and efficiency at the various stages of production, under various verticals like wastewater treatment, pharmaceutical, oil & gas extraction, and petrochemicals, among others.
The various challenges of the service market are shortage of technically- skilled workforce, rise in the cyber-attacks hampering the plant accountability, and over dependence of the end-users on the third party vendors; all of which, are the factors resulting in the dilution of the overall quality of the offered service. On the other hand, the drivers in the service industry include increased need of operational excellence, surge in the Greenfield investments, revised and stricter environment-friendly compliance, increased demand for migration services, and safety and environment-concerned regulations.
The major driving factors for the process automation market, which are expected to pay rich dividends in the coming years include the need for energy efficiency, government incentive schemes for the manufacturing industry, and the upsurge in the labour charges.
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