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 USD 13.9bn. 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 USD 17.3bn.
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.
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% 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.
