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Positive Material Identification Market Analysis, Growth, Insights, Trends 2024-2033
Positive Material Identification Market Analysis
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According to The Business Research Company's, 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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Market Drivers and Trends:
Increasing demand from the automotive industry is expected to propel the growth of the positive material identification (PMI) market going forward. The automotive industry includes companies and organizations involved in the design, development, manufacture, marketing, and sale of automobiles, towing vehicles, motorcycles, and mopeds. The automobile industry uses PMI methodologies to ensure the quality of materials used in the manufacturing process. For instance, according to the annual Global Electric Vehicle Outlook report published by the International Energy Agency, a Paris-based autonomous intergovernmental organization, in 2022, more than 10 million electric vehicles were sold worldwide, with sales expected to climb by 35% to 14 million for next year. Therefore, increasing demand from the automotive industry is driving the growth of 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.
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Major Key Players of the Market:
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
Positive Material Identification Market 2024 Key Insights:
• 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%.
• Positive Material Identification (PMI) Market Growth Fueled By Expanding Oil And Gas Industries
• Technology Advancements In The Positive Material Identification Market
• North America was the largest region in the positive material identification market share in 2023
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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