Press Releases

Industrial Process Instruments Market to see 7.4% Annual Growth Through 2022

July 11, 2018

WELLESLEY, Mass., July 11, 2018–Rising global income, growth in the manufacturing industry in emerging markets, tax waivers and subsidies, and technological advances are all helping to drive the global industrial variable instruments market, according to a report by BCC Research.

The industry is expected to see a compound annual growth rate (CAGR) of 7.4% through 2022, when it is forecast to reach $124.9 billion, according to the report Industrial Process Variable Instruments Manufacturing: Global Markets to 2022.

Major players in the market include Honeywell International, The Emerson Electric Company, Siemens, ABB and Schneider Electric, among others.

Research Highlights

  • The industry’s leading segment in 2017 was flow instruments, which had a value of $31 million. That group was followed by temperature ($11.8 million), pressure ($10.3 million) and level instruments ($4.3 million).
  • Segment growth will be led by flow instruments, with a CAGR through 2022 of 8.4%, followed by level instruments (7.1%) and pressure instruments (6.3%).
  • The Asia-Pacific region led the global market by size, with a 2017 value of $41.7 million, followed by North America ($20.4 million) and Western Europe ($12.5 million).

“The growth in the manufacturing industry increased the demand for industrial process variable instruments globally during the historic period,” the report notes. “Many developed and developing economies took steps to promote growth in the manufacturing industry and encouraged local production.”

Trade Protectionism and Interest Rate Increases Limiting Market

Two chief factors restraining the market are increasing trade protectionism and interest rate increases, the report adds. Actions by the United States to add levies and tariffs could further widen trade restrictions around the globe and lead to lower trade volumes. Meanwhile, interest rates are predicted to rise in many developed nations, especially the U.S. and parts of Europe, which will decrease the flow of cheap money and make it harder for companies in capital-intensive industries to expand.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Industrial Process Variable Instruments Manufacturing: Global Markets to 2022( IAS131A )
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