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Companies in this industry are primarily engaged in the manufacture of instruments that measure, display, and control industrial process variables such as temperature, humidity, pressure, and flow. Major companies include Honeywell and Rockwell Automation (both of the US), as well as ABB (Switzerland), OMRON (Japan), Schneider Electric (France), and Siemens (Germany).
The global industrial controls and factory automation market, which includes electronic inspection and monitoring instruments, is forecast to grow at a compound annual rate of 6.7% through 2020, to reach a value of more than $200 billion, according to MarketsandMarkets. Top countries for manufacturing of electronic inspection and monitoring instruments (also called process control instruments, or PCIs) include China, Germany, Japan, South Korea, and the US -- countries with strong levels of industrialization.
The US process control instruments manufacturing industry includes about 800 companies with combined annual revenue of about $12 billion.
Industrial controls, which are often used in conjunction with process control instruments, are covered in a separate industry profile.
Demand is driven by overall industrial production and by demand for machinery used to automate production of a variety of manufactured products. The profitability of individual companies depends on technological expertise and efficient operations. Large companies have economies of scale in purchasing and greater ability to offer a wide variety of products to a diverse customer base. Small companies can compete by specializing in niche products. The ...
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