DUBLIN--(BUSINESS WIRE)--The "Indonesia Process Instrumentation Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Technology" report has been added to ResearchAndMarkets.com's offering.
The Indonesia process instrumentation market is expected to grow from US$ 181.70 million in 2021 to US$ 266.06 million by 2028. It is estimated to grow at a CAGR of 5.6% from 2021 to 2028.
Process Instrumentation are used to monitor, simulate, analyze, and regulate the manufacturing process by taking timely measurements of essential process parameters with the purpose of improving process safety and quality.
Petrochemicals, particularly fertilizers and plastics, are in high demand in Indonesia. The Indonesian Government wants to lessen reliance on petrochemical imports by boosting the domestic petrochemical industry to meet rising demand. There are a variety of investment opportunities in Indonesia's petrochemical industry. Indonesia was one of the world's top LNG exporters in 2018.
Along with Indonesia, Qatar, Australia, Nigeria, Malaysia, the US, and Russia were featured in the top LNG exporters list that year. Regarding variables, such as a steady increase in domestic demand. The country imports a major share of the aforementioned items as commodity petrochemical investment in Polyethylene and Polypropylene are covering the domestic supply deficit.
Process & analytical instruments such as analyzers, monitors, and other devices are significant in the oil, gas, chemical/petrochemical, pharmaceutical, semiconductor, factory automation, and other process sectors. These instruments guarantee that the plant is operated safely, acting to the correct out-of-tolerance operation and which shuts down the unit automatically to avoid hazardous conditions.
Sensors, signal transmitters, controllers, indications and alarms, actuated valves, logic circuits, and operator interfaces are all part of the instrumentation used in oil and gas. Several types of these instruments are critical for level measurement, flow measurement, pressure measurement, and temperature measurement.
The Indonesian oil & gas industry dominates the Indonesia Process Instrumentation Market, as there is always a high demand for safety and dependability. However, the energy & power segment's market share is expected to improve significantly in the coming years due to the growing demand for cleaner and smarter energy and renewable energy sources.
The demand for process instrumentation is primarily driven by the growing need for the right instrumentation that helps the industrial users run processes effectively, efficiently, economically, and safely. The rising demand for these products in wide industrial verticals with critical process measuring requirements is driving the Indonesia Process Instrumentation Market.
Moreover, various instruments, such as flow meter, level meter, and analytical instrument, that provide high durability, easy installation, and safety measures depending on the applications. These highly operating devices are getting developed for the harsh environments. All these factors are contributing to the growth of the Indonesia process instrumentation market.
Major stakeholders in the Indonesia process instrumentation market ecosystem are instruments, components, process instrumentation manufacturers, and end user. The demand for the Indonesia process instrumentation market is driven by factors, such as the increase in focus of manufacturers on achieving cost-saving, technological advancements, and increasing demand for process instrumentation to achieve accuracy, energy efficiency, repeatability, reliability, and improve capacity.
PT KROHNE Indonesia, PT Yokogawa Indonesia, Supmea Indonesia, PT Parker Hannifin Indonesia, and PT Epiroc Southern Asia are the leading process instrumentation manufacturers in the Indonesia Process Instrumentation Market's ecosystem. Process instrumentation manufacturers' organic and inorganic developments lead to the Indonesia process instrumentation market growth.
For instance, in 2019, KROHNE and SAMSON announced a partnership and unveiled their joint venture, FOCUS-ON. FOCUS-ON launched the FOCUS-1 prototype, an intelligent process node especially developed for process industries. Process instrumentation comprises sensors, analog signal processing circuits, analog to digital converters, and digital processors.
The key end user of process instrumentation in Indonesia is the oil & gas industry. The increasing adoption of process instrumentation by the industrial sector to ensure quality and achieve better efficiency has propelled the demand for process instrumentation.
Based on technology, the Indonesia process instrumentation market is classified into flow meters, pressure and temperature instrument, analytical instrument, and level meter. In 2020, the flow meter segment led the Indonesia Process Instrumentation Market. This segment is expected to retain its position during the forecast period. Apart from it, the analytical instrument segment is likely to witness the fastest growing CAGR over the projected period.
Epiroc Group, Supmea Automation, Yokogawa Electric, Krohne Group, and Parker Hannifin are the key players profiled in this research study.
Key Industry Dynamics
- Increasing Focus of Manufacturers on Achieving Cost-Efficient and Cost-Saving
- Rising Adoption of Process Instrumentation in Industrial Sector
- High Cost of Installation
- Surging Demand for Natural Gas and Crude Oil
- Increasing Adoption of Industry 4.0 by Manufacturers
- Digitization of Testing and Analytical Instruments
- PT Krohne Indonesia
- PT Parker Hannifin Indonesia
- PT Epiroc Southern Asia
- Flowx Smart Control System Co. Ltd
- PT Yokogawa Indonesia
- Supmea Indonesia
- Flotech Controls Pte Ltd
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