PLS segment by types generated the largest revenue share in the Thailand Process Automation and Instrumentation Market – 6Wresearch
In 2022, PLCs secured the largest portion of revenue within Thailand's process automation and instrumentation market owing to their essential role as integral components of industrial automation systems as they played a critical role in supervising and controlling a wide range of industrial processes, notably in sectors such as manufacturing and chemical production.
According to 6Wresearch, Thailand Process Automation and Instrumentation Market size is projected to grow at a CAGR of 8.7% during 2023-2029. In the forecast period, Thailand's process automation and instrumentation market is poised for significant growth owing to the country's robust industrialization efforts, which are aligned with the Thailand 4.0 policy. Furthermore, the Thai government is actively promoting industrial development and infrastructure projects within the Eastern Economic Corridor (EEC). The EEC encompasses 30 existing and new industrial zones and aims to attract both public and private investments totaling $55 billion. Additionally, the Thai government has introduced the "30/30 policy" to produce 725,000 electric passenger cars and pick-up trucks and 675,000 electric motorcycles, which is expected to further increase demand in the automotive sector. Technological advancement would fuel the need for automation and instrumentation in industries as a result of the ongoing implementation of digital technologies and improvements in sensor technology, data analytics, and artificial intelligence.
According to Abhishek Mishra, Senior Research Analyst, 6Wresearch, the oil and gas industry claimed a substantial portion of the revenue in Thailand's process automation and instrumentation market, owing to the nation's robust and mature oil and gas sector. The energy and Power sector would experience the highest growth in Thailand process automation and instrumentation market in forthcoming years on the back of the country's increasing energy demand driven by economic growth, the shift towards renewable energy sources, the need for efficiency and sustainability in energy production, grid modernization efforts, a focus on energy management and conservation, adherence to environmental regulations, predictive maintenance requirements, alignment with Industry 4.0 principles, grid security concerns, and investments to support economic development.
The Thailand Process Automation and Instrumentation Market (2023-2029) report provides an in-depth analysis with 22 figures and 3 tables, covered in 70 pages. The report comprehensively covers the market by types and applications. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.