PUNE, India, March 23, 2018 /PRNewswire/ --
The report "Positive Material Identification Market by Offering (Equipment and Services), Technique (XRF and OES), Form Factor (Portable Analyzers and Benchtop Analyzers), Industry (Chemicals, Automotive, Scrap Recycling), and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the Positive Material Identification (PMI) market is expected to reach to USD 2.89 Billion by 2023 from USD 1.99 Billion in 2018, 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.
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XRF held larger size of PMI equipment market in 2017
The development of XRF instruments with high spatial resolution analysis capability is one of the major innovations in the XRF analyzers. These analyzers are now widely used by PMI experts, researchers, and analysts in various applications, such as metallurgy, forensics, polymers, electronics, archaeology, and environmental analysis. XRF technique is mainly based on 2 methodologies-energy-dispersive X-ray fluorescence (EDXRF) and wavelength-dispersive X-ray fluorescence (WDXRF).
PMI equipment market for portable analyzers is expected to grow at higher CAGR during forecast period
Portable or handheld PMI equipment types are generally the XRF analyzers. These equipment types are among the widely used equipment due to their small size and lower prices than that of OES analyzers and are known to be based on the purest form of NDT technique. Alloy producers, cast houses, and scrap operations are some of the prime users for the portable PMI analyzers. Oil and gas, metals and heavy machinery, scrap and recycling, and chemicals are some of the major industries that use portable analyzers.
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PMI market for oil and gas industry held the largest share in 2017
The oil and gas industry includes refineries, transmission pipelines, subsea pipelines, and storage tanks. PMI is an effective tool in situations when the material is received with an inappropriate or demolished component certificate, or if it is otherwise missing. It can be used to address the doubt about the composition of components of a material. PMI solutions for the oil and gas industry include material verification services with qualitative and quantitative analyses.
APAC accounted for largest share of PMI market in 2017
China is a prominent exporter to several countries around the world; this has led to the rise in the TIC services in the country to ensure compliance of the exported materials with the international standards. Many infrastructural development projects are under construction in this region and are scheduled to be completed during the forecast period considered for this market. The demand for automobiles in this region is estimated to grow by 2023, which would result in the need to increase manufacturing of vehicles. To address this need, the companies have to perform optimally, which can be achieved by the implementation of the PMI methods.
SGS Olympus, Thermo Fisher, Bruker, Hitachi, SGS, Bureau Veritas, Intertek, TUV SUD, and Element Materials Technology are the major players included in the report with market ranking analysis. The report also covers other key players involved in this market. Tribogeincs, Torontech, Sciaps, QSX Instruments, and Xenemetrix are few other key players in the market.
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