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.