Oil and gas prices may be down, but spending in other industries is up, and so the U.S. process instrumentation and automation (PI&A) market is expected to grow at a healthy 4.3% compound annual growth rate (CAGR) for the next five years, according to the Measurement, Control & Automation Association's Annual Market Forecast for 2014-19 prepared by Global Automation Research. The report predicts increased spending in the chemical, pharmaceutical and food and beverage industries, as well as increasing demand for cement, metals, pulp and paper.
Likewise, Canada's PI&A market is projected to parallel the U.S. with a 4.2% CAGR. Reduced oil and gas expenditures in Canada will be offset by increases in electric utilities, mining, pharmaceutical, refining, chemicals, and food and beverage sectors.
Also, for North America overall, MCAA reports that electronic flow and electronic level technologies will have above average growth rates over the forecast period. Microwave level will lead growth by level-measurement devices, while guided-wave microwave's growth will be moderated due to the declines in oil and gas spending.
The remainder of the report's 12 product categories project moderate growth over the forecast period, with the exception of declines in mechanical flow and level technologies.