In order to deploy Process Builders, please use the Flow and FlowDefinition component types.
The Flow holds the logic of your process builder and the FlowDefinition holds information about whether it is active or not.
You can activate the latest version using Flosum. You will need the FlowDefinition component for it
Retrieve the FlowDefinition and the Flow as part of a single snapshot. Keep the latest version of the Flow to deploy. Otherwise you might get a "Invalid version number" error if the version does not exist in target.
Can skip version numbers in your deployment e.g. go from version 2 to version 5.
Can deploy versions lower than the active one on target. The lower one will become the active version
Can delete flows – first deactivate using FlowDefinition and then add Flow to destructive section in a Deployment
You need a flow to be able to deploy its FlowDefinition. A FlowDefinition cannot exist without a Flow.