According to the Measurement, Control, & Automation Association (MCAA), the U.S. process instrumentation and automation segment is projected to grow 3.7 percent annually to hit a net worth of $16 billion by 2022. Growth will primarily be concentrated in five key industries:
- Chemicals (projected to see the largest gain)
- Electric Utilities
- Oil Refining
- Food & Beverage
The report notes that spending in the oil and gas is expected to resume after a short drop and that the chemical industry is experiencing exceptional growth. This increase is driven largely by investments in new plants for ethylene/propylene and poly-ethylene/propylene production. Process control systems and process control valves are forecasted to continue to stay at the forefront of purchasing plans, accounting for 60 percent of the total for 2017.
The fastest growing product categories are electronic flow, electronic level, and remote I/O. These categories are being driven by new technology that can help improve performance, profitability, and safety at greater levels than current offerings.
With positive economic indicators driving growth throughout U.S. manufacturing, it’s not surprising to see forecasts for elevated purchasing levels. As manufacturers continue to demonstrate a propensity to reinvest in their enterprises, suppliers will be motivated to develop new and better product offerings.
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