Process instrumentation, automation market expected to grow in North America
The Measurement, Control & Automation Association (MCAA) projects that the process instrumentation and automation (PI&A) market in the United States, valued at $11.7 billion, is projected to grow 3.6% by 2021 to a total of $14 billion.
The 2016 process instrumentation and automation (PI&A) market in the United States, valued at $11.7 billion, is projected to grow 3.6% by 2021 to a total of $14 billion according to the Measurement, Control & Automation Association (MCAA). The group’s 2017 annual market forecast report projects that the industry’s growth will be concentrated in five industries: Chemicals, electric utilities, oil refining, food & beverage, and pharmaceuticals with a cumulative market gain of $2.28 billion over the forecast period.
The report projects the chemicals industry market gain will be the largest at about $850 million while the other four are projected to add over $1 billion in market gain over that time period. Oil & gas spending is expected to be essentially flat in 2017, then increasing through the end of the forecast period. The 5-year compound annual growth rate (CAGR) is forecast to be 1.4 percent.
The 2016 Canadian PI&A market value increased slightly with $1.21% billion, versus $1.20 billion in 2015. Gains in non-oil & gas industries were negated by the continuing drop in oil & gas spending through 2016. The market is forecast to grow at 3.8% CAGR over the 5-year forecast period, reaching $1.46% billion in 2021. Six industries—chemicals, F&B, electric utilities, oil refining, W&WW and pharmaceuticals—as a group, will grow at a 4.8% 5-year CAGR. Economic forecasts suggest that the Canadian GDP will remain above 2% over the forecast period, creating a strong base for continued growth in PI&A spending.
Measurement, Control & Automation Association (MCAA)
– Edited from an MCAA press release by CFE Media. See more Control Engineering process sensor and actuator stories.
Original content can be found at Oil and Gas Engineering.
Do you have experience and expertise with the topics mentioned in this content? You should consider contributing to our WTWH Media editorial team and getting the recognition you and your company deserve. Click here to start this process.
Related Resources
