The positive material identification (PMI) market is expected to increase from USD 1.82 Billion in 2017 to USD 2.89 Billion by 2023, at a CAGR of 7.79% between 2018 and 2023. Base year for this study is 2017, and the forecast period is between 2018 & 2023.
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Prominent companies in PMI market include well-established, financially stable, & technically strong players that have been operating in industry for several years.
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Key Target Audience:
- Raw material and component providers
- PMI testing equipment rental providers
- Research organizations
- Original equipment manufacturers (OEMs)
- Technology standards organizations, forums, alliances, and associations
- Technology investors
- Third-party testing, inspection and certification (TIC) providers; and in-house quality control departments of various industries
- Analysts and strategic business planners
- Government bodies, venture capitalists, and private equity firms
- End users willing to know more about PMI and the latest trends in the PMI market
Portable analyzers accounted for the largest share of the PMI equipment market, based on form factor, in 2017. The wide adoption of portable analyzers is attributed to low price & small form factor.
Portable analyzers can analyze any part of any shape, like plates, pipes, flanges, welds, and valves, along with other components in a specific system. These analyzers are mainly used in the applications such as gold testing, ore grade control, mineral exploration, soli analysis, metal recovery, and geochemical mapping.
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APAC is the largest contributor to the adoption of PMI offering. The region, including China, Japan, and India, has shown increased adoption in the market owing to strong industrial base in these countries.
The market in APAC is expected to grow at the highest CAGR during the forecast period owing to the growing implementation of these equipment for the improvement of processes in various industries.
PMI Market, by Industry:
- Oil & Gas
- Metals & Heavy Machinery
- Aerospace & Defense
- Power Generation
- Scrap Recycling
PMI Market, by Geography:
- North America
- Asia Pacific (APAC)
- Rest of the World (RoW)
The oil and gas industry held the largest share of the Positive material identification market in 2017. In the oil and gas industry, the prevention of the release of highly hazardous chemicals and toxic substances is of prime importance.
Moreover, incurable accidents and damages, pipe leakages, premature pipe replacements, property damage, and unplanned outages at sites (such as refineries, chemical plants, and gas processing facilities) are some of the major issues faced by these facilities.
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In terms of regions, Asia Pacific (APAC) accounted for the largest share of the PMI market in 2017. Countries in APAC are involved in the manufacturing of defense aircraft, which is expected to increase the adoption of PMI methods in the aerospace and defense industry.
Many infrastructural development projects are under construction in this region and are scheduled to be completed during 2018–2023. The demand for automobiles in this region is estimated to grow by 2023, which would result in the need to increase the manufacturing of vehicles.
To address this need, the companies have to perform optimally, and the implementation of PMI methods can help achieve this.
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