Press release
Positive Material Identification Global Market Report 2024 - By Growth, Size, Share, Key Trends, Forecast To 2033
Positive Material Identification Market
Positive Material Identification Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $125.94 billion In 2028 At A CAGR Of 19.0% :
The positive material identification market size has grown strongly in recent years. It will grow from $2.88 billion in 2023 to $3.12 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to safety and quality assurance, industrial expansion , metal processing and fabrication, aerospace and defense applications, oil and gas industry growth.
The positive material identification market size is expected to see strong growth in the next few years. It will grow to $4.27 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to integration in pharmaceuticals, quality control in construction, global trade expansion, spectroscopy advancements, recycling industry growth. Major trends in the forecast period include advancements in handheld devices, integration of ai and data analytics, focus on industry-specific solutions, rise of mobile and cloud integration , enhanced non-destructive testing.
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Positive Material Identification Market Major Segments
The positive material identification market covered in this report is segmented -
1) By Offering: Equipment, Services
2) By Form Factor: Portable Analyzers, Benchtop Analyzers
3) By Technique: X-Ray Fluorescence (XRF) , Optical Emission Spectrometry (OES)
4) By Industry: Oil and Gas, Metals and Heavy Machinery, Automotive, Scrap* Recycling, Chemicals, Power Generation, Pharmaceutical
Key Driver - Positive Material Identification (PMI) Market Growth Fueled By Expanding Oil And Gas Industries
The growing oil & gas industries are expected to propel the growth of the positive material identification (PMI) market. The oil & gas industry is concerned with hydrocarbon exploration, data collection, development, drilling, production, gathering, refining, distribution, and transportation. The PMI is utilized in the oil and gas sectors for quality control and safety compliance and it is an important component of production and asset integrity management. For instance, according to a report published by the United States Energy Information Administration, which is the primary agency of the United States Federal Statistical System, natural gas output in the United States increased by 4% (4.9 billion cubic feet per day [Bcf/d]) in 2022, averaging 119 Bcf/d. Therefore, the oil & gas industries are driving the growth of the positive material identification market.
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Prominent Trend - Technology Advancements In The Positive Material Identification Market
Technological innovation is a key trend in the positive material identification market. Major players in the positive material identification sector are focused on technological innovations to sustain their market position. For instance, in April 2021, Rigaku Analytical Devices, a US-based company specializing in identifying unknown substances or verifying materials for quality assurance, launched the KT-500. The KT-500 is a portable LIBS analyzer (laser-induced breakdown spectroscopy). The Rigaku KT-500 is equipped with HiRES Technology, a high-resolution echelle spectrometer that can measure carbon. Due to its capacity to evaluate both ferrous and non-ferrous alloys on a single platform, this feature makes it the tool of choice for positive materials identification (PMI) in mission-critical industries like power generation, oil, and gas, and aerospace.
Positive Material Identification Market Players
Major companies operating in the positive material identification market report are Olympus Corporation, Thermo Fisher Scientific Corporation, Bruker Corporation, Hitachi Ltd., Ametek Inc., Malvern Panalytical, SGS S.A., Bureau Veritas, Intertek Group plc., Applus+, Shimadzu Corporation, TÜV Rheinland, TÜV SÜD America, SciAps Inc., Tribogenics Inc., Agilent Technologies, PerkinElmer), HORIBA, Spectris, Anritsu, Andor Technology, Buehne, Cofatech, Corning, Danaher Corporation, Deutsche Telekom, Element Materials Technology, TUV Nord, Torontech, QSX Instruments
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Largest And Fastest Growing Region In The Market
North America was the largest region in the positive material identification market share in 2023. The regions covered in the positive material identification market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Positive Material Identification Market Report Structure
3. Positive Material Identification Market Trends And Strategies
4. Positive Material Identification Market - Macro Economic Scenario
5. Positive Material Identification Market Size And Growth
…..
27. Positive Material Identification Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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