The MCAA has published its Annual Market Forecast, prepared by Global Automation Research.
The report covers twelve industry segments and twelve product categories of the Process Instrumentation and Automation Industry (PI&A) for the United States and Canada. The forecast timeline covers 2014-2019.
The five-year forecast for the Process Instrumentation and Automation market in the US predicts a healthy Compound Annual Growth Rate of 4.3%. Despite the recent decline in oil & gas prices, the report predicts increased spending in the chemicals, food & beverage, and pharmaceutical industries along with increased demand for cement, metals, pulp and paper.
The PI&A market in Canada is predicted to closely track that of the US, with a Compound Annual Growth Rate of 4.2%. Downturns in Canadian oil & gas spending will be offset by growth in the electric utilities, mining, pharmaceutical, refining, chemicals, and food and beverage sectors.
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