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Global Process Automation Market to Grow at a CAGR of 6.6% between 2021 and 2026.

According to a new report by EMR titled, 'Global Process Automation Market Report and Forecast 2021-2026', the global process automation market reached a value of almost USD 167.2 billion in 2020. The market is further expected to grow at a CAGR of 6.6% in the forecast period of 2021-2026 to attain approximately USD 245.3 billion by 2026.

The global process automation market has North America and Europe as the high maturity markets while the Asia Pacific is a medium maturity market. The market is driven by robust technological change and the rising focus on productivity. Europe is the leading market in terms of potential growth, accounting for 35% of the overall process automation market share in the year 2020.

Process automation is referred to the applications, such as measurement, electrification, control, and other applications, which are used to achieve continuous production. The market for process automation is fragmented and catering to many industries, like oil and gas, mining, paper and pulp, and cement, among others. These industries have large end-user segments. Process automation is a prolonged process of converting raw material into finished products. The process automation suppliers offer measurement, actuators, sensors, and process controllers (DCS).

ABB (NYSE: ABB) and Emerson (NYSE: EMR) are some of the key players in the global process automation market. In October 2018, ABB included ABB Ability™ Collaborative Operations to its category of service deliverables at a distinguished paper mill in East Java, Indonesia. The site manufactures a range of printing and writing papers, as well as other paper-related products and packaging products such as cardboard boxes. The collaborative operations of ABB will help enable the leading paper producer in Indonesia to augment mill operations. It also ensures that the ABB operations positively influence daily mill operations to make sure that over the years, the result continues and improves.

Market Analysis by Application, and Region:

  • The process automation market is segmented on the basis of application into oil and gas, chemicals, mining, general industries, consumer goods, pharma and biotech, and power, among others.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of The Report:

  • The global process automation market is driven by the increasing emphasis on the growing productivity and eliminating hazardous manual tasks.
  • The increasing adoption of advanced innovations, strategic partnerships, and product collaborations within oil and gas, metals and mining, pharmaceuticals, chemicals, and other industries are providing further impetus to the market growth.
  • The rising visibility of the global automation players in major countries, including Brazil, Chile, and Argentina, is strengthening the market growth.
  • The strategizing of the major players on the development of products with functional transformation and commercial excellence to be competitive in the market and fulfil customers' demands is invigorating the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global process automation market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the applications and regional markets of process automation.
  • It assesses the market based on SWOT and Porter’s Five Forces models.

Siemens, ABB, Emerson, Schneider Electric, Rockwell Automation, Inc., Mitsubishi Electric, Danaher Corporation, Yokogawa Electric Corporation, and Endress+Hauser, among others, are the key players in the global process automation market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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