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Positive Material Identification Market by Offering, Technique, Form Factor, Industry And Geography - Global Forecast to 2023

Positive Material Identification Market: Global Forecast until 2023

  • March 2018
  • 151 pages
  • ID: 5368676
In this report:
In terms of volume, the market for XRF analyzers registered a shipment of ##.## thousand units in 2017 and is expected to reach ##.## thousand units by 2023, at a CAGR of ##.##% during the forecast period.
In terms of volume, the market for equipment registered a shipment of ##.## thousand units in 2017 and is expected to reach ##.## thousand units by 2023, at a CAGR of ##.##% between 2018 and 2023.

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The PMI market is anticipated to increase at a CAGR (Compound annual growth rate) of ~7.8 percent between 2018 and 2023

The positive material identification market is forecasted to grow from ~$2.0B in 2018 to ~$2.9B by 2023, at a compound annual growth rate (CAGR) of ~7.8 percent between 2018 and 2023. Some of the drivers for the increase 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 increase is a high cost combined with PMI equipment.

The PMI market for services is anticipated to rise at a better compound annual growth rate during the outlook period

The PMI services considered in the market research involve only the third-party services provided by the testing, inspection, and certification actors, including 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 industry for services is likely to grow at a better compound annual growth rate due to the growing concentration of the third-party service providers in this sector. This industry is basically known as the outsourced market, wherein the experts render these services as per the client demands.

XRF analyzers held main 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, because XRF offers clean review.

Furthermore, XRF analyzers are small in size and are mostly portable, because 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 including oil and gas, scrap recycling, and chemicals in the outlook as well.

The PMI market in Asia-Pacific is anticipated to be grow at the highest CAGR (Compound annual growth rate) during the estimate period

Asia-Pac is the biggest contributor to the adoption of PMI offering.The territory, including China, Japan (JP), and India (IN), has shown increased adoption in the sector owing to strong industrial base in these countries.

The industry in Asia-Pacific is anticipated to grow at the highest compound annual growth rate (CAGR) during the outlook period due to the increasing implementation of these equipment for the improvement of processes in different industries.

Key players' distribution profiles:

• By Organization: Tier 1 - 53 %, Tier 2 - 15.0 percent, and Tier 3 - 32.0 percent

• By Description: C-suite executives - 30.0 percent, Directors - 27.0 percent, and Others - 43.0 percent

• By Area: North America continent - 20.0 percent, EU - 16.0 percent, Asia-Pac - 40.0 percent, and rest of the world - 24.0 percent

Segment Research

The study segments the PMI market report into offering (equipment and services); the PMI equipment market has been further broken down into technique (XRF and OES) and form factor (portable analyzers and benchtop analyzers). The PMI market study also includes sectors and offers the geographic forecast of the market size for various parts with regard to 4 main regions-North America, Europe (EU), Asia Pacific (APAC), and Rest of the globe.

Why acquiring this study can help you

The study would benefit the market top players/new sector entrants in this sector in these ways:

1. This document breaks down the PMI market comprehensively and offers the closest approximations of the global market size and those of the subsegments across distinct applications and localities.

2. The analysis offers the in-depth study of the PMI market with the help of competitive leadership mapping, and value chain study containing top firms in the sector and their relations in the ecosystem.

3. The market research benefits partners to apprehend the pulse of the sector and offers them information on the main market drivers, market restraints, opportunities, and alternatives.

4. This industry report would benefit partners to comprehend their players better and acquire business insights to improve their rank in the business sector.

5. The competitive outlook section includes the competitor ecosystem together with the recent and important developments, including expansions, and mergers and acquisitions in the PMI market.

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