MCAA publishes annual market forecast
The report covers 12 industry segments and product categories of the process instrumentation and automation industry (PI&A) for the US and Canada.
The Measurement, Control and Automation Association (MCAA) has published its annual market forecast covering 12 industry segments and product categories of the process instrumentation and automation industry (PI&A) for the US and Canada. Prepared by Global Automation Research, the forecast timeline covers 2014 to 2019.
According to MCAA, the five-year forecast for the process instrumentation and automation market in the US predicts a healthy compound annual growth rate (CAGR) of 4.3 percent, with increased spending in the food and beverage industry. The PI&A market forecast in Canada resembles that of the US, with a CAGR of 4.2 percent. The association says downturns in Canadian oil and gas spending will be offset by growth in the electric utilities, mining, pharmaceutical, refining, chemicals, and food and beverage sectors.
For North America as a whole, electronic flow and electronic level equipment will have above-average growth over the forecast period, MCAA says. Microwave leads the growth sector in level measurements, while guided-wave microwave growth will be moderated due to the drop in oil and gas spending. The remaining product categories will have moderate growth over the forecast period, with the exception of declining shares in mechanical flow and level, the association says.
According to MCAA, bookings in the process measurement and automation industry last year grew approximately 14.2 percent. MCAA collects data from its members for a variety of reports. On a monthly basis, the association collects domestic and direct export bookings information for the US, Canada and the world.
Data compiled from companies that consistently reported during the past decade revealed bookings continue on an upward trend following the recession. In the five years since the recession, bookings are up a total of 110 percent; 2014 represented the third-highest growth rate of the five previous periods at $3.9 billion. Total actual bookings reported by all members participating in the reports as of December 2014 were $5.5 billion.