Process industry products, services to reach $786 billion by 2010
The worldwide market for plant-related products and external services in the process industries is projected to grow from $553 billion in 2000 to $631 billion in 2005 and $786 billion by 2010, according to a new study, "Process Plant Markets 2010," by Intechno Consulting. This translates to an average annual growth rate of 2.
The worldwide market for plant-related products and external services in the process industries is projected to grow from $553 billion in 2000 to $631 billion in 2005 and $786 billion by 2010, according to a new study, “Process Plant Markets 2010,” by Intechno Consulting. This translates to an average annual growth rate of 2.7% between 2000 and 2005; 4.5% annual increase between 2005 and 2010; and an overall annual rate of 3.6% for the decade.
The report adds that power plants and chemicals are the largest demand sectors for construction materials, equipment, software and services for plants in the process industries. With an annual growth rate of at least 6.4%, pharmaceuticals is the fastest-growing process industry.
In 2000, approximately 21.2% of the global demand came from Western Europe; 6.6% from Eastern Europe; 31.4% from North America; 6.0% from South America; 28.1% from the Asia-Pacific region, and around 6.1% from the rest of the world. By 2010, Asia-Pacific’s share is projected to grow to 31.6%. In highly industrialized countries, the trend is towards more productive, more efficient, and more flexible plants, which also increase availability and environmental sustainability. These processes are becoming less and less resource and emission intensive.
In emerging markets, on the other hand, mastering mass production is the main reason for purchasing capital-intensive plants. In addition, about 24.3% of overall demand in the process industries in 2000 was for electrical products, including automation technology and manufacturing execution systems (MESs). Approximately 51.3% of total demand was for mechanical works; 16.7% for construction; and about 7.7% for overall plant construction services. By 2010, electrical products’ share will reach 26.0%, while mechanical products’ share will shrink to 48.3%. The construction sector is projected to remain stable at 16.7%. The fastest growth is expected in MESs.