Positive Material Identification Market is expected to grow at a CAGR of 7.79% by 2023 | Olympus (Japan),Thermo Fisher (US),Bruker (US),Hitachi High Technologies Corporation (Japan),Ametek (US),Simadzu (Japan),PANalytical B.V. (Netherlands),SGS Group (Swi

Positive Material Identification Market by Offering (Equipment and Services), Technique (XRF and OES), Form Factor (Portable Analyzers and Benchtop Analyzers), Industry (Chemicals, Automotive, Recycling), and Geography - Global Forecast to 2023

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“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 isa high cost associated with PMI equipment.

“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 bench top 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, 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%

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)

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This release was published on openPR.