MCAA Market Forecast Projects Industry to be $17 Billion by 2023
The Value of Process Automation in the US
The Process Instrumentation and Automation market in the United States, valued at $13.9 Billion, is projected to grow 4.4 percent by 2023 to a total of $17.3 Billion.
The Measurement, Control & Automation Association (MCAA) has published its Annual Market Forecast for 2019. The report, prepared by the analysts at Global Automation Research, focuses on the Process Instrumentation and Automation (PI&A) markets in both the United States and Canada. Twelve industry segments and product categories are examined in-depth, with a forecast timeline extending to the year 2023.
Three industries accounted for over 50 percent of the 2018 total process automation market: Chemicals, oil refining and electric utilities. These three industries, plus food & beverage, and pharmaceuticals will be the fastest growing segments over the 5-year forecast period.
Process control systems and process control valves continue to dominate the market value, accounting for 60 percent of the total for 2018. The fastest growing product categories are electronic flow, electronic level, and Remote I/O. The report shows that the displacement of some older technologies (e.g., mechanical flowmeters, mechanical level meters, and data acquisition instruments) continue as electronic flow and level meters and expanded DCS, PLC, and SCADA capabilities are adopted by the process industry.
Canada PI&A Market
The Canadian Process Automation Market which is valued at $1.3 billion and forecast to grow to $1.5 billion by 2023, a five-year CAGR of 3.4 percent. Five industries—F&B, chemicals, pharmaceuticals, oil refining and electric utilities will grow above average. Two major industry sectors are struggling. The O&G sector growth is limited due to the takeaway shortfall in Alberta causing lower prices. Growth is further limited as Alberta implements curtailment rules that limit the number of new wells, in the hopes of better prices on low volume. The Canadian metals industry spending dropped after the Trump tariff, however, the most recent indications that the tariffs will be dropped could restore some spending in this sector.
For information about you can access the complete forecast report, please contact Teresa Sebring, MCAA President at 757.258.310 x200 or by sending an email to email@example.com.
Measurement, Control and Automation Industry
Measurement, Control and Automation (MC&A) products and services are essential to the proper operation and profitability of the primary materials and energy producing industries. Specific benefits include improved plant throughput and productivity, enhanced worker safety, increased energy efficiency, higher process yields and waste product minimization, improved product consistency and uniformity. MC&A products and services play a key role in elevating worldwide living standards by increasing the availability and reducing the cost of basic materials and energy while insuring adherence to sound environmental practices.
The Measurement, Control & Automation Association (MCAA)
MCAA is the principal trade association serving North American MC&A producers. The Association’s 170 plus member firms account for more than half of the U.S. MC&A product and services revenues with ten of the top fifteen producers represented in membership. It is the North American trade association representing providers of process control, measurement instrumentation and factory automation systems and software. The Association was formed in the 1940s and has been known historically as Recorder-Controller, Inc. as well as The Process Measurement & Control Section of SAMA. In 1994, the organization disassociated from SAMA (the Scientific Apparatus Makers Association) and established itself as an independent not-for-profit trade association. Its programs provide tools to both manufacturers and distributors in the areas of market trends (including bookings reports), operating benchmarks, customer satisfaction (including benchmarks against industry peers and competitors), compensation and benefits, sales training and executive education and networking. More about each of these programs can be found in this website.
Confidently Lead Your Company into the Future
MCAA provides industrial manufacturers and distributors the best community and resources for business effectiveness and growth through unsurpassed market and business insights, unique networking opportunities, and unbiased, affordable market data.