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By 2017 the global control and processing equipment market is projected to hit $65.9 billion. Growth will be primarily driven by growing focus on industrial/production process automation in developing countries, innovations in process control engineering, investment efforts directed in pursuit of operational excellence, increased corporate focus on asset management programs, and untapped industrial automation & process control opportunities in the electric power/energy and oil and gas industries.
Process control equipment are indispensable to manufacturing industries worldwide. Process plants across the globe are coming under the yoke of competitive pressures to adhere to the lower cost, high quality product regimes.
Fortunes in the control and processing equipment market moves in sync with the level of industrial/manufacturing activity. The European debt crisis and its induced volatility in the Index of Industrial Production (IIP), not surprisingly is leaving the domestic control and processing equipment nervous over the future play out of the crisis.
China and India especially represent important control and processing equipment markets in Asia-Pacific, with both countries focused on increasing energy and manufacturing capacity. In the Middle East, new petrochemical complexes in the petrochemicals industry will create opportunities for automation systems for the control and monitoring of continuous processes.
Manufacturing production which continued to recover from 2010 through 2011 is expected to continue into the year 2012. Current economic data that leaves room for hope include Germany's relative resilience in handling the euro zone crisis, which is helping strengthen confidence levels.
For more information on the control and processing equipment market, see the latest research: Control and Processing Equipment Market Report
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