With a stable growth rate of 10 percent in these emerging economies and investments pouring in from the United States, Europe, and Japan, the future is bright for the process instruments market.
New analysis from Frost & Sullivan (industrialautomation.frost.com), Process Instruments Markets in Southeast Asia, finds that the market earned revenues of about $177.0 million in 2007 and estimates this to reach $400.0 million in 2014.
"The true potential of process instruments markets lies in Southeast Asia – the booming oil and gas and petrochemical industries in the region together contribute about 50 percent of the sales of process instruments," says Frost & Sullivan Research Analyst Nookala Vinod. "Southeast Asia's petrochemical firms are all set to cash-in on the escalation of demand, and these developments augur well for the future of the process instruments market."
Growing demand from other segments is driving the uptake of process instruments such as positioners, flow meters, and temperature, pressure, and level transmitters. Application-specific technologies help process instruments attain a wider reach, especially in food & beverage & chemical sectors, which have explicit needs such as sanitary process connections, resistance to aggressive chemicals, and cleaning procedures.
The key challenge for manufacturers in this fragmented market is putting an effective distribution system in place to establish a cohesive network to integrate widely dispersed customers. Optimizing commercialization strategies to attain high sales, while minimizing overheads, thus, becomes crucial.
"Manufacturers need to concentrate on referrals to create new opportunities, along with emphasis on after-sales support," notes Vinod. "Local support and timely responsiveness is extremely important to sustain in the market."
Further, manufacturers must stay abreast of developments in end-user technology trends and production processes. With such a wide variety of technologies for process management, quick response is vital to gain an edge.
"End-user segments are gravitating toward real-time data display techniques, having realized the value of accurate and timely information to enable more timely decision making," says Vinod. "Techno-savvy end users prefer transmitters with integrated software and only manufacturers who offer high-quality, cost-effective solutions end up with a win-win situation."
Overall, the process instruments market is brimming with opportunities as competition is intensifying on the technology front. Factors such as competitive pricing and branding will dictate growth directions for participants.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the process instruments markets in Southeast Asia, then send an e-mail to Donna Jeremiah, Corporate Communications, at djeremiah[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, a virtual brochure will be sent to you by email.
Process Instruments Markets in Southeast Asia is part of the Industrial Automation and Process Control Growth Partnership Service program, which also includes research in the following markets:
• Safety systems market in southeast Asia;
• Automation & software market in Southeast Asia;
• Automation & software market in ANZ.
All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
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Process Instruments Markets in Southeast Asia / P14E