Global Positive Material Identification (PMI) Market 2018-2023 - Driven by Stringent Safety Regulations by Governments and Quality Control Requirements

The positive material identification (PMI) market is expected to grow from USD 1.99 Billion in 2018 to USD 2.89 Billion by 2023, at a CAGR of 7.79% between 2018 and 2023.

The growth of this market is mainly driven by stringent safety regulations by governments and quality control requirements, declining efficiencies of aging assets and the subsequent need for operational safety, and innovative technological advancements in PMI equipment.

XRF accounted for a larger share of the PMI equipment market, based on technique, in 2017. XRF is a widely preferred analytical technique for PMI owing to the portability of XRF analyzers. This analyzer is highly suitable for solids, liquids, and powders. XRF analyzers are widely used and mainly referred as a rapid characterization tool in many analytical labs across the metallurgy, forensics, polymers, electronics, archaeology, environmental analysis, geology, and mining applications, among others.

Portable analyzers accounted for the largest share of the PMI equipment market, based on form factor, in 2017. The wide adoption of portable analyzers is attributed to the low price and small form factor. Portable analyzers can analyze any part of any shape, such as plates, pipes, flanges, welds, and valves, along with other components in a specific system. These analyzers are mainly used in the applications such as gold testing, ore grade control, mineral exploration, soli analysis, metal recovery, and geochemical mapping.

The oil and gas industry held the largest share of the PMI market in 2017. In the oil and gas industry, the prevention of the release of highly hazardous chemicals and toxic substances is of prime importance. Moreover, incurable accidents and damages, pipe leakages, premature pipe replacements, property damage, and unplanned outages at sites (such as refineries, chemical plants, and gas processing facilities) are some of the major issues faced by these facilities. These issues arise as a consequence of the use of faulty or forged metal building components, sulfidic deterioration of piping and critical equipment, or use of materials that do not meet the required specifications. PMI analyzers assist in checking the necessary parameters of these components and piping. Thus, the demand for these analyzers is likely to increase in the oil and gas industry.

In terms of regions, Asia Pacific (APAC) accounted for the largest share of the PMI market in 2017. Countries in APAC are involved in the manufacturing of defense aircraft, which is expected to increase the adoption of PMI methods in the aerospace and defense industry. Many infrastructural development projects are under construction in this region and are scheduled to be completed during 2018-2023. The demand for automobiles in this region is estimated to grow by 2023, which would result in the need to increase the manufacturing of vehicles. To address this need, the companies have to perform optimally, and the implementation of PMI methods can help achieve this.

The high cost associated with PMI equipment is the restraining factor for the growth of the PMI market. To identify the key players in the PMI market, the market has been segmented into equipment providers and service providers. Olympus (Japan) and Thermo Fisher (US) are the top-ranked equipment providers in the PMI market, while SGS Group (Switzerland) and Bureau Veritas S.A. (France) are the top-ranked service providers in this market. These players rely on their strong R&D capabilities, diversified product/equipment and service portfolio, global reach, and growth strategies such as product launches and developments, and mergers and acquisitions to hold a large share of the overall PMI market.

Market Dynamics

Drivers

Stringent Safety Regulations By Governments and Quality Control Requirements
Declining Efficiencies of Aging Assets and the Subsequent Need for Operational Safety
Innovative Technological Advancements in PMI Equipment

Restraint

High Cost Associated With PMI Equipment

Opportunities

Growing Number of Large-Scale Infrastructure Projects Globally
Growing Preference to Outsource PMI Testing and Inspection Services to Third-Party Service Providers

Challenge

Lack of Skilled Personnel for Handling PMI Equipment

Key Topics Covered

1 Introduction
1.1 Objectives of Study
1.2 Definition
1.3 Scope of Study
1.3.1 Markets Covered
1.3.2 Geographic Scope
1.3.3 Years Considered for Study
1.4 Currency
1.5 Package Size
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data Obtained From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primaries
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Market Breakdown & Data Triangulation
2.4 Research Assumptions
2.5 Limitations

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in PMI Market
4.2 PMI Market, By Offering
4.3 PMI Equipment Market, By Technique
4.4 PMI Equipment Market, By Form Factor
4.5 PMI Market, By Industry & By Region
4.6 PMI Market, By Industry
4.7 PMI Market, By Country

5 Market Overview
5.1 Value Chain Analysis
5.2 Market Dynamics
5.2.1 Drivers
5.2.2 Restraint
5.2.3 Opportunities
5.2.4 Challenge

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6 PMI Market, By Offering
6.1 Introduction
6.2 Equipment
6.3 Services

7 PMI Equipment Market, By Technique
7.1 Introduction
7.2 X-Ray Fluorescence (XRF)
7.3 Optical Emission Spectrometry (OES)

8 PMI Equipment Market, By Form Factor
8.1 Introduction
8.2 Portable Analyzers
8.3 Benchtop Analyzers

9 PMI Market, By Industry
9.1 Introduction
9.2 Oil & Gas
9.3 Metals & Heavy Machinery
9.4 Aerospace & Defense
9.5 Automotive
9.6 Chemicals
9.7 Infrastructure
9.8 Pharmaceutical
9.9 Power Generation
9.10 Scrap Recycling

10 Geographic Analysis
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 France
10.3.4 Rest of Europe (RoE)
10.4 Asia Pacific (APAC)
10.4.1 China
10.4.2 Japan
10.4.3 India
10.4.4 Rest of APAC (RoAPAC)
10.5 Rest of the World (RoW)
10.5.1 South America
10.5.2 Middle East & Africa (MEA)

11 Competitive Landscape
11.1 Overview
11.2 Market Ranking Analysis
11.3 Competitive Scenario
11.3.1 Product Launches & Developments
11.3.2 Mergers & Acquisitions
11.3.3 Expansions

12 Company Profiles
12.1 Equipment Provider
12.1.1 Olympus
12.1.2 Thermo Fisher
12.1.3 Bruker
12.1.4 Hitachi
12.1.5 Ametek
12.1.6 Shimadzu
12.1.7 Panalytical
12.2 Service Provider
12.2.1 SGS
12.2.2 Bureau Veritas
12.2.3 Intertek
12.2.4 TUV SUD
12.2.5 Element Materials Technology
12.2.6 TUV Rheinland
12.2.7 Applus
12.2.8 TUV Nord
12.3 Key Innovators
12.3.1 Tribogeincs
12.3.2 Torontech
12.3.3 Sciaps
12.3.4 QSX Instruments
12.3.5 Xenemetrix