Process Automation Market is expected to reach about USD 81.7 billion Global Process Automation Market is expected to re

Global Process Automation Market is expected USD 81.7 billion by 2020 to reach about Date: 2016-10-10 Process automation involves using computer technology and software engineering to help power plants and factories in industries as diverse as paper, mining and cement operate more efficiently and safely. The background and technology In the absence of process automation, plant operators have to physically monitor performance values and the quality of outputs to determine the best settings on which to run the production equipment. Maintenance is carried out at set intervals. This generally results in operational inefficiency and unsafe operating conditions. Process automation simplifies this with the help of sensors at thousands of spots around the plant that collect data on temperatures, pressures, flows and so on. The information is stored and analyzed on a computer and the entire plant and each piece of production equipment can be monitored on a large screen in a control room. Plant operating settings are then automatically adjusted to achieve the optimum production. Plant operators can manually override the process automation systems when necessary. The global process automation market was valued at USD 61.0 billion in 2014 and is expected to grow at a CAGR of approximately 5.0% between 2015 and 2020, and is expected to reach about USD 81.7 billion by 2020. It has been estimated that the application in the oil & gas sector would hold a large share of the process automation market; however its market growth could slow down due to the recent decline in oil prices. Applications in sectors such as pharmaceuticals, power, and pulp & paper are expected witness high CAGR between 2015 and 2020. The Key Players in The Market of Process Automation as the following