The Measurement, Control & Automation Association reports in its 2017 market forecast that the U.S. process instrumentation and automation (PI&A) market, valued at $11.7 billion in 2016, is projected to grow by 3.6% to total about $14 billion by 2021. Prepared by analysts at Global Automation Research, the report examines 12 industry segments and product categories for the PI&A markets in the U.S. and Canada.
The reports adds that growth will be concentrated in five industries: chemicals, electric utilities, oil refining, food and beverage (F&B), and pharmaceuticals. The cumulative market gain will be $2.28 billion over the forecast period. The chemicals industry gain will be the largest at about $850 million. The next four fast-growing industries will add more than $1 billion, while the market gain of the remaining slow-growing industries will equal about $340 million. For exmple, spending on oil and gas is expected to be flat in 2017, and increase at a 1.4% compound annual growth rate (CAGR) through the end of the forecast period.
Meanwhile, Canada's PI&A market value was $1.2 billion in 2015-16, but gains in non-oil and gas industries were negated by the continuing drop in oil and gas spending during 2016. However, its overall market is forecast to grow at 3.8% CAGR over the five-year forecast period, reaching $1.45 billion in 2021. Six industries—chemicals, F&B, electric utilities, oil refining, water/wastewater (W/WW) and pharmaceuticals—will collectively grow at a 4.8% CAGR for five years. Economic forecasts suggest Canada's GDP growth will remain above 2% for the forecast period, creating a strong base for continued growth in PI&A spending.