[149 Pages Report] The positive material identification (PMI) market is expected to increase from USD 1.82 Billion in 2017 to USD 2.89 Billion by 2023, at a CAGR of 7.79% between 2018 and 2023. The base year for this study is 2017, and the forecast period is between 2018 and 2023.

The major objectives of the study are as follows:

Define, describe, and forecast the positive material identification (PMI) market, in terms of value, on the basis of offering (equipment and services), industry, and geography

Define, describe, and forecast the PMI equipment market, in terms of value, on the basis of technique and form factor

Forecast the PMI equipment market, in terms of volume, on the basis of technique

Forecast the PMI market, in terms of value, for the concerned segments with regard to 4 main regions�North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)

Forecast the PMI equipment market, in terms of value, for the concerned subsegments with regard to 4 main regions�North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)

Provide detailed information regarding the major factors influencing the growth of the PMI market (drivers, restraints, opportunities, and challenges)

Analyze the micromarkets with respect to individual growth trends, prospects, and contribution to the overall market

Study the complete value chain and allied industry segments of the PMI landscape.

Analyze the opportunities in the market for various stakeholders by identifying the high-growth segments of the PMI market

Profile the key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for the market leaders

Analyze competitive growth strategies such as partnerships and joint ventures, mergers and acquisitions, product launches and developments, expansions, and research and development (R&D) implemented by various players in the PMI market

During this research study, major players of the PMI ecosystem in various regions have been identified and their offerings, regional presence, and distribution channels have been understood through the in-depth discussions. To find the overall market size, top-down and bottom-up approaches have been used to estimate the market size of other individual markets by using percentage splits obtained from the secondary sources, such as Hoovers, Bloomberg Business, Factiva, and OneSource, as well as primary research. The entire procedure includes the study of the annual and financial reports of the top market players and extensive interview with the industry leaders, such as CEOs, VPs, directors, and marketing executives, for key insights (both qualitative and quantitative) pertaining to the market. The following figure shows the breakdown of the primaries on the basis of the company size, designation, and region conducted during the research study.

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The PMI ecosystem comprises a raw material and component suppliers for analyzers, PMI analyzer manufacturers, network of regulatory bodies, accreditation and standards organizations, third-party PMI service providers, research and development (R&D) institutions, manufacturers, technology integrators, and distributors. Olympus (Japan) and Thermo Fisher (US) are the top-ranked equipment providers in the PMI market, while SGS Group (Switzerland), and Bureau Veritas S.A. (France) are the top-ranked service providers in this market.

The prominent companies in the PMI market include the well-established, financially stable, and technically strong players that have been operating in the industry for several years and have diversified product portfolios, service offering, proprietary technologies, and strong distribution networks through mergers and acquisitions.

Target Audience:

Raw material and component providers

PMI testing equipment rental providers

Research organizations

Original equipment manufacturers (OEMs)

Technology standards organizations, forums, alliances, and associations

Technology investors

Third-party testing, inspection and certification (TIC) providers; and in-house quality control departments of various industries

Analysts and strategic business planners

Government bodies, venture capitalists, and private equity firms

End users willing to know more about PMI and the latest trends in the PMI market

Report Scope:

PMI Market, by Offering:

Equipment

Services

PMI Equipment Market, by Technique:

X-Ray Fluorescence (XRF)

Optical Emission Spectrometry (OES)

PMI Equipment Market, by Form Factor:

Portable Analyzers

Benchtop Analyzers

PMI Market, by Industry:

Oil & Gas

Metals & Heavy Machinery

Aerospace & Defense

Automotive

Chemicals

Infrastructure

Pharmaceutical

Power Generation

Scrap Recycling

PMI Market, by Geography:

North America

Europe

Asia Pacific (APAC)

Rest of the World (RoW)

Note: The PMI equipment market is further segmented on the basis of technique and form factors. Thus, these 2 segments do not concern the PMI services market.

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the client�s specific needs. The following customization options are available for the report:

Geographic analysis: Further analysis of the PMI market for additional countries

Further analysis of the PMI market for additional countries Company information: Detailed analysis and profiling of additional market players (up to 5)

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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. 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.

XRF accounted for a larger share of the PMI equipment market, based on technique, in 2017. XRF is a widely preferred analytical technique for PMI owing to the portability of XRF analyzers. This analyzer is highly suitable for solids, liquids, and powders. XRF analyzers are widely used and mainly referred as a rapid characterization tool in many analytical labs across the metallurgy, forensics, polymers, electronics, archaeology, environmental analysis, geology, and mining applications, among others.

Portable analyzers accounted for the largest share of the PMI equipment market, based on form factor, in 2017. The wide adoption of portable analyzers is attributed to the low price and small form factor. Portable analyzers can analyze any part of any shape, such as plates, pipes, flanges, welds, and valves, along with other components in a specific system. These analyzers are mainly used in the applications such as gold testing, ore grade control, mineral exploration, soli analysis, metal recovery, and geochemical mapping.

The oil and gas industry held the largest share of the PMI market in 2017. In the oil and gas industry, the prevention of the release of highly hazardous chemicals and toxic substances is of prime importance. Moreover, incurable accidents and damages, pipe leakages, premature pipe replacements, property damage, and unplanned outages at sites (such as refineries, chemical plants, and gas processing facilities) are some of the major issues faced by these facilities. These issues arise as a consequence of the use of faulty or forged metal building components, sulfidic deterioration of piping and critical equipment, or use of materials that do not meet the required specifications. PMI analyzers assist in checking the necessary parameters of these components and piping. Thus, the demand for these analyzers is likely to increase in the oil and gas industry.

In terms of regions, Asia Pacific (APAC) accounted for the largest share of the PMI market in 2017. Countries in APAC are involved in the manufacturing of defense aircraft, which is expected to increase the adoption of PMI methods in the aerospace and defense industry. Many infrastructural development projects are under construction in this region and are scheduled to be completed during 2018�2023. The demand for automobiles in this region is estimated to grow by 2023, which would result in the need to increase the manufacturing of vehicles. To address this need, the companies have to perform optimally, and the implementation of PMI methods can help achieve this.

The high cost associated with PMI equipment is the restraining factor for the growth of the PMI market. To identify the key players in the PMI market, the market has been segmented into equipment providers and service providers. Olympus (Japan) and Thermo Fisher (US) are the top-ranked equipment providers in the PMI market, while SGS Group (Switzerland) and Bureau Veritas S.A. (France) are the top-ranked service providers in this market. These players rely on their strong R&D capabilities, diversified product/equipment and service portfolio, global reach, and growth strategies such as product launches and developments, and mergers and acquisitions to hold a large share of the overall PMI market

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