Asia Pacific Process Instrumentation Market Key Players and Opportunities by 2031

The Asia Pacific process instrumentation market was valued at US$ 5.91 billion in 2023 and is projected to reach US$ 9.35 billion by 2031. The market is expected to register a CAGR of 5.9% from 2023 to 2031. Moreover, the rising popularity of smart instrumentation is likely to remain among key Asia Pacific process instrumentation market trends.

Asia Pacific Process Instrumentation Market Analysis

Automation adoption in the industrial sector is growing across Asia Pacific. Manufacturers are becoming more conscious of the major benefits associated with capital expenditure, product quality, and time to market, and industrial automation is helping manufacturers by eliminating the need for manual labor and accelerating various processes. In Asia Pacific, various players are providing industrial automation solutions; for example, Mitsubishi Electric, Omron Corp., and Rockwell Automation, among others. These players are involved in the launch of industrial automation platforms. For instance, in April 2023, Rockwell Automation, Inc. launched FactoryTalk OptiX across the region. The FactoryTalk Optix is a contemporary cloud-enabled human-machine interface (HMI) platform that enables users to create, test, and launch apps from a web browser at any time or place. It assists clients in realizing their vision by utilizing new degrees of interconnection, scalability, and cooperation in different industries. Process instrumentation in industrial automation employs equipment such as sensors and transmitters to monitor characteristics such as temperature, pressure, and flow rates in a manufacturing or processing environment customized to the operation's needs.

Asia Pacific Process Instrumentation Market Overview

• The use of process instrumentation has numerous benefits, including improved product quality, fewer human errors, minimal emissions, and increased cost savings. Process instruments offer significant parameters such as recording, positioning, measuring, and controlling, which are critical for the smooth operation of a manufacturing unit. These parameters help achieve high levels of absolute reliability, accuracy, and precision.
• The growing emphasis of manufacturers on operational excellence is driving the market. Various industries are progressively focusing on optimizing their processes to improve efficiency, reduce costs, and enhance productivity. Further, various businesses are focusing on boosting productivity, lowering operational costs, and reducing energy use. Process instrumentation is being used in a variety of industrial businesses due to its vital function in monitoring and optimizing energy consumption, manufacturing processes, and equipment performance. These process instrumentations provide real-time information on energy use in a manufacturing process. This enables improved management and optimization, resulting in less energy loss.

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Asia Pacific Process Instrumentation Market: Strategic Insights

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Asia Pacific Process Instrumentation Market Drivers and Opportunities

Growing Need for Efficient Energy

As energy costs rise and environment-related concerns become more prevalent, businesses seek ways to improve their processes. Businesses are focusing on boosting productivity, lowering operational costs, and reducing energy use. Process instrumentation is being used in a variety of industrial businesses due to its vital function in monitoring and optimizing energy consumption, manufacturing processes, and equipment performance. These process instrumentations provide real-time information on energy use in a manufacturing process. This enables improved management and optimization, resulting in less energy loss. Flow meters accurately monitor liquid or gas flow, allowing enabling modifications to optimize usage. Temperature and pressure sensors monitor energy-intensive activities such as heating and cooling to improve control and eliminate waste. Thus, the growing need for efficient energy fuels the Asia Pacific process instrumentation market growth.

Increasing Investments in Energy & Power Sector

In February 2024, the government of Singapore set up a US$ 3.7 billion fund to invest in clean energy technology and infrastructure as it aims to achieve net zero emissions by 2050. Currently, 95% of the city-state’s electricity is obtained from natural gas. The use of process instrumentation in the energy & power sector ensures accurate measurement of process variables such as temperature, pressure, flow rate, level, density, and composition. This energy equipment helps make measurement reliable, field-proven, and service-friendly. In energy development, various industrial energy tools such as sensors, transmitters, and process instrumentation play an important role in the application of hydropower, wind power, solar energy, hydrogen and biogas, and other processes. Thus, increasing investment in the energy & power sector is expected to create opportunities for the Asia Pacific process instrumentation market growth during the forecast period.

Asia Pacific Process Instrumentation Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Asia Pacific process instrumentation market analysis are technology and end-user industry.

• Based on technology, the Asia Pacific process instrumentation market is segmented into flow meter, pressure and temperature instrument, analytical instrument, and level meter. The flow meter segment held the largest market share in 2023. Flow meters play a crucial role in process instrumentation by accurately measuring the flow rate of fluids in various industrial and residential applications. The selection of a suitable flow meter depends on the requirements of the application, the type of fluid being measured, and the overall installation.
• By end-user industry, the market is segmented into oil & gas, energy & power, water & wastewater, food & beverages, marine, petrochemical, chemical, and others. In the petrochemical industry, process instrumentation plays a vital role in monitoring and controlling various applications, such as offshore oil & gas extraction, oil refining, and transportation. The chemical segment held the largest Asia Pacific process instrumentation market share in 2023.

Asia Pacific Process Instrumentation Market Share Analysis by Geography

The report includes the Asia Pacific process instrumentation market forecast by countries from 2022 to 2030. The Asia Pacific process instrumentation market is mainly categorized into Singapore, Thailand, the Philippines, Vietnam, and the Rest of Asia Pacific.

In June 2022, under the Paris Agreement, the government of the Philippines committed to reducing greenhouse gas (GHG) emissions by 75% by the end of 2030 compared to a business-as-usual scenario. With the energy sector serving as the country's primary source of GHG emissions, it will play a pivotal role in meeting these targets, as it is projected that energy demand will record a nearly threefold increase over the next two decades. With an abundance of renewable resources, the Philippines is presented with significant opportunities to transition its energy and power supply mix toward decarbonization, reducing its reliance on fossil fuels. By tapping into the country's clean energy potential, the government can align with its Philippine Energy Plan (PEP) and contribute to achieving sustainable development goals (SDGs). This transition toward cleaner energy sources is positively influencing the process instrumentation market in the Philippines, as the demand for advanced control systems and energy-efficient solutions is poised to increase in line with the country's sustainable energy objectives.

Asia Pacific Process Instrumentation Market News and Recent Developments

The Asia Pacific process instrumentation market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for process instrumentation:

• Yokogawa Electric Corporation (TOKYO: 6841) announces that it has finalized an agreement to acquire Adept Fluidyne Pvt. Ltd. ("Adept"), one of the largest domestic manufacturers of magnetic flowmeters in India. The purchase process is expected to be completed by the end of March 2024. This acquisition will provide Yokogawa with an Indian manufacturing base for its lineup of high-performance magnetic flowmeters and give the company access to Adept's product lineup, enabling more timely delivery of a broad portfolio of flowmeter products for the burgeoning Indian market.

(Source: Yokogawa Electric Corporation, Company Website, 2024)

• Emerson has introduced its next-generation Rosemount 3490 Controller for level and flow measurement applications, which helps to reduce complexity, optimize processes, and enhance sustainability. Designed to maximize ease of use, the Rosemount 3490 provides comprehensive control functionality for 4–20 mA or HART-compatible transmitters and is an ideal solution for water, wastewater, and process industry applications. (Source: Emerson Electric Co., Company Website, 2024)

Asia Pacific Process Instrumentation Market Report Coverage and Deliverables

The “Asia Pacific Process Instrumentation Market Size and Forecast (2023–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles

Asia Pacific Process Instrumentation Market Report Scope

Asia Pacific Process Instrumentation Market Players Density: Understanding Its Impact on Business Dynamics

The Asia Pacific Process Instrumentation Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.