The global process & control equipment market is projected to experience significant growth over the forecast period owing to increasing consumer preference towards enhanced connectivity, convenience, and security. Stringent government regulations for the management of energy resources have played a substantial role in process & control equipment market growth. Central power systems, linear ballasts, and battery packs constitute the processes that enable automation by which, even a small workforce can operate a complex process from a central control room.
With subsequent advancements in wireless technologies and recent technological developments, the market for process and control equipment is anticipated to have considerable growth over the next six years. The escalating demand for green products and energy-efficient solutions along with innovations in sensor, communication, analytic, and touch screen technologies are forecasted to drive the market. Power line communication systems may be the future in process and control equipment market. Proliferation of wireless technologies along with innovation of new products is forecasted to strengthen the demand for process and control equipment over the forecast period.
Efficient manufacturing capabilities have resulted in increased demand in various industry verticals such as food and biopharmaceutical industries. High implementation & maintenance costs and high initial investments along with increased dependency on real estate industry cycle may hinder market growth. The process and control equipment manufacturers serve numerous sectors including mining, chemicals, pharmaceuticals, food/beverage as well as power, metals, oil, and gas extraction industries. Key challenges faced by the process and control equipment market include lack of open standards, adverse weather conditions, limited functionality, and linking disparate systems.
Lack of expertise and limited exposure to technologies are the major issues of concern in the market. Rising socio-political turmoil as well as adverse tax laws are expected to restrain market growth over the forecast period. In order to understand the dynamics of the process control and equipment industry, the manufacturers in this sector require strategy consulting, customized research and analysis along with M&A support. Increasing offshore installations have to be supported by reliable process & control equipment services to manage operations in an efficient manner. Sectors which demand improved product quality, high productivity, less downtime, lower energy expenditures, and worker safety are the key attractions for the process & control equipment market.
The process & control equipment market can be segmented on the basis of equipment type into entertainment control, access control, security control, lighting control, and HVAC control. HVAC controls is the most established market segment followed by access controls market on account of increasing concerns related to safety and security. The lighting controls save and regulate power through devices such as sensors and dimming systems. Security control segment has dominated the overall process & control equipment market owing to the early adoption of control products in this segment.
The process & control equipment market can be further segmented on the basis of products available in the industry. Major products in the market include temperature control instruments, pressure control instruments, and level control instruments. The control equipment is designed to execute specific tasks and the solutions are intended to fulfill the end-user requirements. Growing production activities are projected to escalate the process & control equipment market over the forecast period. The exploration companies are also increasing investments in Programmable Logic Controller (PLC) systems, which would provide immense growth opportunities to the market.
The North America region is estimated to witness significant growth over the forecast period owing to rising demand for energy-efficient and green product solutions. Asia Pacific is anticipated to have a great potential in the market over the next six years. The stringent guidelines issued by the European government agencies may further attract investment in this market. Owing to strong initiatives from government to promote green cities and green buildings, embryonic markets such as India and China are estimated to witness their existence in the market over the forecast period. Major vendors in the process & control equipment market include Schneider Electric SA, Siemens AG, Honeywell International Inc., Konecranes, Hyundai Heavy Industries, Johnson Controls Inc., ABB Ltd., United Technologies Corporation, and Crestron Electronics Inc.
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