The US process instrumentation and automation (PI&A) market saw a slight uptick in 2015, growing to $11.6 billion, just 0.3 percent above 2014’s number. The sluggish growth can be attributed to a decline in oil prices as well as a downturn in mining and mineral spending due to falling commodity prices, according to the Measurement, Control & Automation Association’s annual market forecast report for 2016. Performance was also impacted by a strong dollar and weaker economies in China, Russia and Brazil.
But there is good news. Five industries within the US, including food and beverage, are expected to experience above average growth through 2020. These industries accounted for $7.8 billion in 2015 and will expand to $9.4 billion in 2020.
More information on how to access the full report can be found at www.measure.org.