Process Control Valves Continue to Dominate
Process Instrumentation and Automation Market Value
A recently released report by the Measurement, Control & Automation Association (MCAA) revealed some very good news for the process industries.
In June, it published its Annual Market Forecast which valued the U.S. Process Instrumentation and Automation (PI&A) market at $13.9 billion. The report, prepared by analysts at Global Automation Research, LLC, focuses on the PI&A markets in the U.S. and Canada and predicts market growth of 4.4% by 2023 to a total of $17.3 billion.
The in-depth examination of 12 industry segments and 12 product categories revealed that three industries accounted for more than 50% of the total process automation market for 2018; Chemicals, oil refining and electric utilities. The three industries along with food & beverage and pharmaceuticals will be the fastest-growing segments in the five year forecast period.
Global Automation Research, LLC President, Paul Rasmusson said, “There are strong growth drivers in each of these industries including the build-out in ethylene plants, capacity expansions in oil refineries, new natural gas-fired generators and the growing drive for automation to improve productivity, enhance quality and safety and extend plant life in the pharmaceutical and food & beverage sectors.”
Oil and gas process automation spending recovered strongly in 2018; most of the growth was in the midstream segment. Further, as companies expand capacity to meet tariff-related domestic demand, U.S. steel industry spending is also growing.
Dominating the market value were process control systems and process control valves, accounting for 60 percent of the total for 2018. The fastest-growing product categories are electronic flow, electronic level, and Remote I/O.
Libertyville, IL-based, Meyer Industrial Solutions Division produces premier system components for dry bulk material processing equipment, pneumatic conveying, and dust collectors.
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