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Need for Operational Safety and Technological Advancements to Boost the Growth of Positive Material Identification Market in the Coming Years

Market overview

The global positive Material Identification (PMI) market which is expected to be valued at USD 1.99 Billion in 2018 is projected to reach a value of USD 2.89 Billion by 2023, growing at a CAGR of 7.79% between 2018 and 2023.

Based on technique, the XRF segment of the PMI equipment market held the largest market share in 2017, since it is a widely preferred analytical technique for PMI owing to the portability of XRF analyzers.

Based on form factor, the portable analyzers accounted for the highest share in 2017, owing to the wide adoption of portable analyzers due to low price and small form factor in major industries such as oil & gas, metals and heavy machinery, scrap and recycling, and chemicals.

Among industries, the oil & gas industry held the largest market share in 2017, and is also expected to call for a high demand for PMI analyzers in the coming years.

Geographical growth scenario of the market

Among regions, the market for positive material identification in Asia Pacific was the dominant market in 2017, owing to the countries in this region that are involved in the manufacturing of defense aircraft, thereby leading to an increase in the adoption of PMI methods in the aerospace and defense industry. Moreover, several infrastructural development projects under construction are anticipated to be completed during 2018–2023. Furthermore, the demand for automobiles is predicted to grow by 2023, which would eventually result in an increase in the manufacturing of vehicles. This in turn will lead to the companies implementing PMI methods for their optimal performance.

Drivers and restraints for the market

The growth of the global market for positive material identification is being primarily influenced by the following factors:

  • Strict safety regulations by governments and quality control requirements
  • Gradually declining efficiencies of aging assets
  • Growing need for operational safety
  • Innovations and technological advancements in PMI equipment

In addition, increasing number of large-scale infrastructural projects across the globe and rising preference for outsourcing PMI testing and inspection services to third-party service providers are further expected to offer ample growth opportunities for the market.

On the flip side, high costs of PMI equipment is the major factor expected to hamper the growth of this market to a certain extent. Moreover, lack of skilled professionals for handling the PMI equipment is a major challenge that the market players will have to overcome in order to witness continued growth ahead.

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Key players and strategies adopted for sustenance

The worldwide positive material identification market includes players such as Olympus, Thermo Fisher, Bruker, Hitachi, SGS, Bureau Veritas, Intertek, TUV SUD, and Element Materials Technology. Among these companies, Olympus (Japan) and Thermo Fisher (US) held the top position among equipment providers in the PMI market, whereas the SGS Group (Switzerland) and Bureau Veritas S.A. (France) are the top service providers in this market. Along with strong R&D capabilities, these companies have implemented growth strategies such as product launches and developments, and mergers and acquisitions in order to increase their share of the overall PMI market.

This post first appeared on MarketsandMarkets Blog - Market Research, please read the originial post: here

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Need for Operational Safety and Technological Advancements to Boost the Growth of Positive Material Identification Market in the Coming Years


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