By 2023 the Global Process Automation Market will have reached $80 Billion. Beginning with a market value of $38 Billion in 2003, the market will have added $42 Billion by 2023, a cumulative gain of $42 Billion over 20 years.
The 20-year CAGR will equal 3.8 percent. Over the 20-year period, 2003 to 2023, the Process Automation annual growth rate will have exceeded the global GDP in 15 of the 20 years.
Two events have caused disruption in the process automation growth rate.
First the 2008 Great Recession, that caused a market value loss of almost $5 Billion, a drop of -10 percent in 2009 over 2008.
Second, the oil price crash in 2015, pushing the growth rate down to about 1 percent. This resulted in a market value drop of about $1/2 Billion.
In both cases, the global process automation market growth has recovered within two years.