Global Positive material identification Market is valued approximately at USD 11.07 Billion in 2019 and is anticipated to grow with a healthy growth rate of more than 15.60% over the forecast period 2020-2027. Positive material identification (PMI) is a system that performs analysis along with identification of materials with the help of various non-destructive methods among end-use industries to confirm that the intended materials are the actual materials that are used in particular sector. It provides the metallic alloy composition of materials and it is proved as a well-established technique that can either be performed in the field using handheld devices or in laboratory. The growing oil & gas industries is the factor propelling the growth of positive material identification market over the forecast years. In oil & gas industry, PMI helps in monitoring, controlling and further tracking various incidents in the oil & gas processing industries such as incurable accidents, property damage, pipe leakage and replacements etc. For instance: According to the International Energy Agency (IEA), the daily demand for crude oil worldwide is expected to reach almost 100.6 million barrels to 2019 from 96.2 million barrels in 2016. Furthermore, the IEA also estimated that global natural gas production was around 3,937 billion cubic meters in 2018, representing an increase of more than 4.0% from 2017. Also, according to BP Statistical Review, the crude oil production in Asia-Pacific accounted for around 47.6 thousand million barrels in the year 2018 which enhanced and reached to around 47.8 thousand million barrels in the year 2019. Additionally, stringent safety regulations by governments and quality control requirements is the factor driving the growth of market over the forecast years. However, high cost associated with PMI equipment is the factor hampering the growth of market over the forecast years.

The regional analysis of global Positive material identification Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the presence of innovative technological advancement in PMI equipment in the region. Whereas Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as growing number of large-scale infrastructure projects in the region would create lucrative growth prospects for the Positive material identification Market across Asia-Pacific region.

Major market player included in report are:
Olympus Corporation
Hitachi, Ltd.
Thermo Fisher scientific
Ametek inc.
Bruker corporation
Shimadzu corporation
Intertek Group Plc
Bureau Veritas

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Technique Techniques of key players. The detailed segments and sub-segment of the market are explained below:

By Technique:
X-Ray fluorescence
Optical emission spectrometry

By Offering:

By Form Factor:
Portable analyzer
Benchtop analyzer

By Industry:
Oil & gas
Metals & Heavy machinery
Aerospace & defense
Power Generation
Scrap Recycling

By Region:
North America

Asia Pacific
South Korea
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027

Target Audience of the Global Positive material identification Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers