Markets
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. Read More
The inline ultrasonic flowmeter market is heavily dependent on the oil and gas industry. In fact, over 60 percent of inline ultrasonic flowmeters are sold into the upstream, midstream, and downstream oil and gas business, as well as refining. This means that business is good for ultrasonic flowmeters when oil prices are high, and there is a great deal of oil and gas exploration and production going on. When oil prices drop, and exploration and production become less profitable, the demand for ultrasonic meters is likely to decline. Read More
Please note: This is an excerpt from the Market Barometer quarterly report published by Flow Research. A complete table of contents and information form can be found at the end of the document.
The price of oil in barrels has been of major concern to flowmeter and other instrumentation suppliers for many years. The oil and gas industry is a major consumer of flowmeters, temperature sensors, pressure transmitters, and other instrumentation products at many different phases along the process stream from wellhead to distribution points.
The U.S. oil Industry midstream segment investment peaked in 2013-2014. Spending has since fallen off by over 50 percent in response to the decline in U.S. oil production. U.S. crude oil production began increasing in 2017, driven, in large part, by the elimination of crude oil export restrictions and a significant reduction in E&P costs, making new field development profitable at the lower crude oil prices.
Currently, the economy is in an accelerating growth cycle. That means that economic forces are a tailwind—your business should be growing. The next six months represent your best opportunity to take on risk and be aggressive.
WASHINGTON (August 23, 2017) – The American Chemistry Council (ACC) reported that the third quarter started on a good note, with growth in U.S. specialty chemicals market volumes expanding 0.4 percent in July, following an upwardly revised 0.6 percent gain in June. Read More.
Following gains of 0.2% in April and May, the Conference Board’s index of leading economic indicators (LEI) rose 0.6% in June, ahead of expectations. Read More.
Industrial production rose for a fifth consecutive month in June 2017, up 0.4%. Utility output was flat, but mining output continued to grow as the oil and gas sector rebuilds momentum. Read More.
According to the AP, the energy-rich Gulf nation of Qatar, facing further isolation from its neighbors amid an ongoing diplomatic rift, said Tuesday it plans to boost production of liquefied natural gas by 30 percent over the coming years. The timing of the announcement suggests that OPEC member Qatar, the world’s largest producer of liquefied natural gas, aims to project an image of business-as-usual economic strength as it weathers the crisis. MCAA Associate member Global Automation Research has provided a summary. Read More.
It’s no secret that the chemical industry is in a period of growth, at least when it comes to petrochemicals and plastics.
According to the American Chemistry Council (ACC), the abundance of cheap natural gas has helped fuel at least 294 new or planned chemical projects as of March 2017. Those ‘planned’ plants will need new equipment. Read full report and project list here.
Uncertainty and volatility are the prevailing challenges that business leaders confront today. The critical questions facing the business community are “what will be the overall health and vibrancy of the US and global economies going forward?” and “how can I be profitable and make critical strategic decisions in the face of such economic volatility?” Sifting through the often-conflicting maze of economic information, ITR Economics Senior Analyst Alex Chausovksy provides a timely snapshot of the economy today, where it is headed over the next three years and what it means to your business. The session at the MCAA Industry Forum on April 25, 2017 provided ITR’s views of what to expect this year and beyond, covering such topics as industry trends, business to business activity, interest rates, oil prices, inflation, exchange rates and emerging economies.
Dr. Thomas Kevin Swift, Chief Economist and Managing Director of the American Chemistry Council publishes the Weekly Chemistry & Economic Trends Report. In the June 9 edition, he summarizes the recent June 2017 Outlook Survey from the National Association for Business Economics. The NABE panelists revised their expectations in June slightly downward from the first quarter but call for 2.2% GDP Growth.
The American economy is expected to rise throughout 2017 and 2018 before experiencing a mild, macroeconomic recession in 2019. The US economy has been expanding for the past seven years and is currently 10% larger than it’s lowest point during the recession of 2008.
TPP is a large free trade deal between the United States and eleven other countries in the Asian-Pacific region (with China being notably absent). TPP’s primary objectives are to eliminate tariffs on goods and services, remove trade barriers, and streamline regulations among the parties to the agreement.
MCAA’s 2016 Market Forecast estimates the food and beverage industry will add approximately $207 million in market value to Process Instrumentation and Automation (PI&A) over the next five years.
MCAA wondered what a potential “Brexit” might mean for our members doing business in Europe. Industry leaders weigh in on the potential market and certification process implications.
According to ITR Economics, solar, hydroelectric, and wind power will continue to offer new opportunities for market growth throughout 2016 and beyond. Solar energy is up 30.1% and wind energy has increased 8.5% over last year. Hydroelectric power is down 3.9%, but internal trends are showing signs of year- over-year growth.
In a Special Bulletin released in August, ITR cautions about the forecast for the balance of 2015. They noted that the Chinese had devalued their currency. The change in policy appears to be an attempt to stimulate China’s exports in light of the ongoing cyclical weakness in that economy. Two consequences to the current change are 1) a stronger US dollar and 2) weaker oil prices. Neither consequence is helpful to the macroeconomic status in the US.
