The five-year forecast for the Process Instrumentation and Automation market in the U.S. shows a healthy Compound Annual Growth Rate (CAGR) of 4.3 percent, according to a new report published by the Measurement, Control and Automation Association.
Despite the recent decline in oil & gas prices, the report predicts increased spending in the chemicals, food & beverage, and pharmaceutical industries along with increased demand for cement, metals, and pulp and paper.
MCAA’s Annual Market Forecast, prepared by Global Automation Research, covers 12 industry segments and 12 product categories of the Process Instrumentation and Automation Industry (PI&A) for the United States and Canada. The forecast timeline covers 2014-2019.
The PI&A market in Canada is predicted to closely track that of the U.S., with a CAGR of 4.2 percent. Downturns in Canadian oil & gas spending will be offset by growth in the electric utilities, mining, pharmaceutical, refining, chemicals, and food and beverage sectors.
For North America as a whole, electronic flow and electronic level will have above-average growth over the forecast period. Microwave level leads the growth sector in level measurements, while guided wave microwave growth will be moderated due to the drop in oil & gas spending. The remainder of the product categories will have moderate growth over the forecast period, with the exception of declining shares in mechanical flow and level.
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