NEW YORK, March 29, 2018 /PRNewswire/ — The PMI market is expected to grow at a CAGR of 7.79% between 2018 and 2023
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. Some of the drivers for the growth of this market are 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. The main restraint for the market growth is a high cost associated with PMI equipment.
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The PMI market for services is expected to grow at a higher CAGR during the forecast period
The PMI services considered in the study involve only the third-party services offered by the testing, inspection, and certification (TIC) players, such as SGS, Bureau Veritas, Intertek, and TÜV SÜD.Various industry players purchasing PMI equipment for the testing of alloy and metal materials are not considered in this scope.
The market for services is likely to grow at a higher CAGR owing to the increasing concentration of the third-party service providers in this market. This market is basically known as the outsourced market, wherein the experts render these services as per the client demands.
XRF analyzers held major size of the PMI equipment market in 2017
The adoption of XRF analyzers is huge as compared with that of OES analyzers, as XRF is the purest form of NDT, and these analyzers are less expensive than the OES analyzers.Also, the OES method results in burned marks on the objects, whereas XRF provides clean analysis.
Moreover, XRF analyzers are small in size and are mostly portable, whereas OES analyzers are mostly suitable for laboratory use being benchtop devices weighing more than 15–20 kg per analyzer. These factors are likely to continue to boost the adoption of XRF analyzers in industries such as oil and gas, scrap recycling, and chemicals in the future as well.
The PMI market in APAC is expected to be grow at the highest CAGR during the forecast period
APAC is the largest contributor to the adoption of PMI offering.The region, including China, Japan, and India, has shown increased adoption in the market owing to strong industrial base in these countries.
The market in APAC is expected to grow at the highest CAGR during the forecast period owing to the growing implementation of these equipment for the improvement of processes in various industries.
Breakdown of profile of primary participants:
• By Company: Tier 1 – 53 %, Tier 2 – 15%, and Tier 3 – 32%
• By Designation: C-Level Executives – 30%, Directors – 27%, and Others – 43%
• By Region: North America – 20%, Europe – 16%, APAC – 40%, and RoW – 24%
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The major players profiled in this report include:
• Olympus (Japan)
• Thermo Fisher (US)
• Bruker (US)
• Hitachi High Technologies Corporation (Japan)
• Ametek (US)
• Simadzu (Japan)
• PANalytical B.V. (Netherlands)
• SGS Group (Switzerland)
• Bureau Veritas S.A. (France)
• Intertek Group PLC (UK)
• TÜV SÜD Group (Germany)
• Element Materials Technology (UK)
• TÜV Rheinland AG Group (Germany)
• Applus Services S.A. (Spain)
• TÜV Nord Group (Germany)
• Tribogenics (US)
• Torontech (Canada)
• Sciaps (US)
• QSX Instruments (US)
• Xenemetrix (Israel)
Research Coverage
The study segments the PMI market report into offering (equipment and services); the PMI equipment market has been further segmented into technique (XRF and OES) and form factor (portable analyzers and benchtop analyzers). The PMI market study also covers industries and provides the geographic forecast of the market size for various segments with regard to 4 main regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons to buy the report
The report would help the market leaders/new entrants in this market in the following ways:
1. This report segments the PMI market comprehensively and provides the closest approximations of the overall market size and those of the subsegments across different applications and regions.
2. The report provides the detailed analysis of the PMI market with the help of competitive leadership mapping, and value chain analysis including key companies in the market and their relations in the ecosystem.
3. The report helps stakeholders to understand the pulse of the market and provides them information on the key market drivers, restraints, challenges, and opportunities.
4. This report would help stakeholders to understand their competitors better and gain insights to enhance their position in the business.
5. The competitive landscape section includes the competitor ecosystem along with the recent and important developments, including expansions, and mergers and acquisitions in the PMI market.
Read the full report: https://www.reportlinker.com/p05368676
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