The Canadian Process Control Association (CPCA) has released its industry forecast, and a return to pre-pandemic levels is expected before the New Year’s eve ball drops for 2023.
This year’s forecast assumes a smooth recovery from the pandemic, which began in late 2020 and early 2021, with the total market value recovering to 2019 levels by about the end of 2022.
“We’ve used basic industry production, capacity utilization, spending, economic, etc. trends and forecasts to develop the 2021 forecast,” states the association. “Each industry section describes the individual key forecast parameters. Of course, the uncertain duration of the pandemic may change the outcome.”
In the next five years, North American PI&A suppliers can expect:
- Good growth in the electric utilities, chemical, oil & gas, and W&WW industries
- Moderate growth in pharmaceuticals, refining, food & beverage, and metals industries
- Lower growth in mining and pulp & paper industries
United States
- Good growth in the chemical, food & beverage, pharmaceuticals, metals, and refining industries
- Moderate growth in W&WW, cement, mining and electric utilities industries
- Lower growth in oil & gas, and pulp & paper industries
- Increased MRO, process optimization, energy efficiency improvements, etc. projects
- Decreasing very large projects, in favour of small projects and plant expansions
- Expanding customer base of smaller companies.
- Less end user central planning, greater dependence on PI&A supplier services
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