Process instrumentation, automation market expected to grow in North America
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.