Global Positive Material Identification (PMI) Market Size Booming at CAGR of 9.2% During 2024–30

Published | 04 December 2024

Global Positive Material Identification (PMI) Market is flourishing because of the increasing complexity in manufacturing processes and growing demand for quality control.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Global Positive Material Identification (PMI) Market size at USD 2.9 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Global Positive Material Identification (PMI) Market size to expand at a CAGR of 9.20% reaching a value of USD 5.4 billion by 2030. Major growth factors for Global Positive Material Identification (PMI) Market include improvements in PMI equipment technology and strict government regulations for quality control. Major industries, including oil & gas, pharmaceutical, aerospace, and power generation, use PMI. The PMI approach guarantees that the right alloys are being used, avoids any product failure, and makes sure that industries adhere to the set rules and requirements, all of which contribute to the growth of Global Positive Material Identification (PMI) Market.

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Opportunity - Advancements in PMI Technology

The continuous technological advancements in PMI devices are projected to propel the growth of Global Positive Material Identification (PMI) Market in the coming years. Handheld X-ray fluorescence (XRF) and laser-induced breakdown spectroscopy (LIBS) are established technologies for assessing existing assets. The technologies are undergoing extensive advancements to boost their precision and accuracy. Advancements in XRF devices, for instance, are focused on expanding their application to detect a wider range of elements. New technologies can now identify even lighter elements, such as lithium, magnesium, and sodium, with minimal wait time, which enhances productivity and minimal wait time.

Impact of Escalating Geopolitical Tensions on Global Positive Material Identification (PMI) Market

Intensifying geopolitical tensions could hinder the growth of Global Positive Material Identification (PMI) Market. A shortage of essential commodities may result from these wars as a result of supply chain disruptions caused by trade restrictions and sanctions. Supply chains depend on positive material identification to guarantee the quality and authenticity of traded goods. Raw material supply chain interruptions may potentially have a direct effect on PMI technology demand. Furthermore, international trade and investments may be impacted by economic instability sparked by geopolitical instability. Conflict-related uncertainty may lead businesses to reduce capital investments, such as purchasing new PMI services or equipment, which would limit their ability to expand their market.

Portable Analyzers Segment to Grow at Fastest CAGR in Global Positive Material Identification (PMI) Market

The portable analyzer segment holds the largest share in Global Positive Material Identification (PMI) Market. Portable spectrometers and handheld X-ray fluorescence (XRF) instruments are commonly used equipment in the portable PMI category. Their great precision and quick turnaround times are the primary reasons for their demand. They are also more affordable than their counterparts, which contributes to their widespread use. Additionally, portable analyzers may be used for a variety of purposes, such as analyzing different materials including copper base alloys, nickel, aluminum, and alloy steel.

Asia Pacific Leads Global PMI Market

Asia Pacific dominates Global Positive Material Identification (PMI) Market. The major economies of Asia Pacific, including India and China, are leading manufacturers in several industries, such as automobile, construction, and aerospace. The companies in these sectors implement PMI methods to ensure their products meet local and international safety standards. Importers of Chinese products, for instance, often opt for inspection agencies that offer services of pre-production and pre-shipment product inspection for quality control, driving the demand for positive material identification equipment and services.

Competitive Landscape

The major industry players of Global Positive Material Identification (PMI) market include Olympus, Hitachi High-Technologies, Thermo Fisher Scientific, Ametek, Bruker, Shimadzu, Innov-X Systems, Skyray Instrument, SPECTRO Analytical Instruments, Oxford Instruments, and Rigaku. The presence of high number of companies intensify the market competition as they compete to gain a significant market share. These companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches to further enhance their market share.

Don’t miss the business opportunity in Global Positive Material Identification (PMI) Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and Global Positive Material Identification (PMI) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Positive Material Identification (PMI) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Scope of the Report

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