Process automation market expected to reach $124 billion in 2018
A new report from RnRMarketResearch.com predicts global process automation market revenue to grow from $86.07 billion in 2012 to $124.29 billion in 2018 at an estimated compound annual growth rate (CAGR) of 6.05%.
Additionally, the instrumentation market is expected to grow from $26.5 billion in 2012 to $36.71 billion in 2018 at a CAGR of 5.07%.
According to the report, the demand for process automation is driven by the need for high productivity, less down time, improved product quality, lesser energy cost and enhanced safety, among other factors.
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The report is aimed at identifying the entire market of process automation, specifically, technology, hardware, software, services and communication protocol. The market report also covers the field instruments used in the process industries and the overall market and sub-segment markets through detailed classifications.