Process automation market set to recover
3 Jun 2005
The process automation market is showing signs of recovery, according to market research from the ARC Advisory Group, with regional and technological drivers causing an increase in demand.
The market is expected to grow from some $50billion in 2003 to $64billion in 2008, ARC says in a new report.
The most important innovation in the market is real-time performance management (RPM), the report says. Process companies see this as a way to track their plants’ performance and implement changes to optimise productivity.
Related technologies, particularly smart instruments and fieldbus devices, will also benefit from the increasing use of RPM.
Most of the growth in the automation market is coming from services and these are often linked to collaborations between equipment suppliers and their customers.
The global development of the industry has impacted automation as much as any part of the process industry—the fastest growing regional market is in China. The Indian market is also becoming important.
The report also notes that suppliers are targeting growth sectors, particularly water, pharmaceuticals, and the food and beverage industry.
