MCAA reports growth in US/Canada process instrumentation and automation markets
The Measurement, Control and Automation Association (MCAA) has published its annual market forecast on the process instrumentation and automation (PI&A) markets in the US and Canada for 2016. The report includes in-depth industry and product category examinations on 12 industry segments, with a forecast timeline to 2020.
The PI&A market in the US did experience growth in 2015, however, that growth was minimal. At $11.6 B, the increase was 0.3% above the 2014 level of $11.1 B.
The lack of growth was attributed to a decline in oil prices, as well as a downturn in mining and mineral spending due to falling commodity prices. Another factor is surplus capacity in the metals, cement, and pulp and paper sectors that is suppressing demand for those products. A strong US dollar and weaker economics in China, Russia and Brazil have also reduced US domestic demand for PI&A products and services.
Five industries within the US are expected to experience above average growth for the period of 2015-2020. These industries include electric utilities, pharmaceuticals, chemicals, refining, and food and beverage. These industries will account for $7.8 B in 2015, expanding to $9.4 B in 2020.
In Canada, process industries will grow slightly slower than in the US. Mining and oil production comprise nearly 20% of the Canadian economy. The drop in oil and gas and mining and minerals spending resulted in a 4% drop in the PI&A growth rate in 2015. Canadian processing industries are positioned for growth over the forecast period. Metals, cement, water/wastewater, and chemicals are all expected to profit from increased government spending on infrastructure.
For additional information regarding this report, visit www.measure.org or email mcaa@measure.org.
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