Processing, August 2019

INDUSTRY WATCH MARKETS UPDATE ACQUISITIONS EXPANSIONS PARTNERSHIPS APPOINTMENTS PROMOTIONS MARKETS UPDATE Wastewater treatment boosts AODD pumps market growth According to a recent report by Persistence Market Research the global AODD pumps market is estimated to grow at a CAGR of 48 between 2018 and 2028 The market is projected to witness robust demand during the forecast period owing to the steady growth in construction energy wastewater treatment mining agriculture and various other manufacturing industries In terms of application the water transfer segment of the AODD pumps market is estimated to dominate the market followed by the chemical transfer segment In terms of end use industry energy and wastewater treatment industries are estimated to dominate the market owing to the rising investments and growth in these industries Process instrumentation and automation market to reach 17B by 2023 The process instrumentation and automation market is projected to grow 44 by 2023 according to a report from the Measurement Control and Automation Association MCAA The report prepared by Global Automation Research LLC analysts focuses on the Process Instrumentation and Automation PI A markets in the United States and Canada Three industries accounted for more than 50 of the 2018 total process automation market chemicals oil refining and electric utilities These three industries plus food and beverage and pharmaceuticals will be the fastest growing segments over the fiveyear forecast period The report shows that oil and gas process automation spending recovered strongly in 2018 with most of the growth in the midstream segment Oil and gas valves market expected to hit 16B by 2029 The global oil and gas valves market is expected to reach 11 billion by the end of 2019 Thats compared to a market of 10 billion in 2014 according to Future Market Insights The oil and gas valves market is projected to grow at a CAGR of more than 3 during the forecast period of 2019 2029 and reach a value of nearly 16 billion by the end of 2029 The North America market is estimated to account for more than one fourth of the global oil and gas valves market share throughout the forecast period due to continuous advancements in the North American oil and gas and shale industry High demand propels pressure relief valve market growth over next decade The global pressure relief valve market valued at around 42 billion in 2017 is expected to expand at a CAGR of 35 between 2018 and 2028 according to a report by Persistence Market Research Growing production of pharmaceuticals chemicals fertilizers pesticides textiles and oil and gas among others has resulted in a drastic growth in the demand for pressure relief valves which are used to protect a pressure vessel from over pressure in steam gas air and liquid lines Industrial hose market to grow by nearly 5B by 2024 The industrial hose market is likely to grow from 128 billion in 2019 to 17 billion by 2024 according to ResearchAndMarkets com The growth of this market is mainly driven by factors such as increasing demand for robust industrial hoses in critical applications growing infrastructure related developments and rising demand for PVC material Increasing demand for automobiles worldwide and modernization of agriculture processes are expected to create significant growth opportunities for players in the industrial hose market during the forecast period However the dearth of technical know how of industrial hoses restrains the growth of the market Global oilfield chemical market expected to grow 51 by 2025 Growth opportunities exist for manufacturers developing customized product formulations and offering strong technical support according to Frost Sullivan Its latest analysis of the global oilfield chemical market reveals that the development of t its annual users g r o u p c o n f e r ence in June in Dallas Honeywell introduced Honeywell Forge for Industrial an enterprise performance management EPM software for operational technology that leverages process and asset digital twins advanced data analytics and decades of process industry domain knowledge to help industrial manufacturers achieve and sustain peak performance Honeywell said that with Honeywell Forge for Industrial a business can use instant insights from real time benchmarking to help make better decisions that impact equipment performance reliability safety and profitability The software collects and integrates information from a manufacturers operations analyzes and helps determine the achievable optimal performance and augments it with predictive analytics to identify opportunities for improvement It then provides recommendations in real time that help industrial producers close performance gaps and operate at peak performance Honeywell said the software provides top to bottom visibility into how operations are performing across the enterprise through a Software as a Service SaaS offering that is being developed to meet the highest cybersecurity protections The platform is intended to help companies overcome challenges caused by technology churn aging equipment and a shift in workforce demographics Honeywell Forge for Industrial addresses one of the most pressing challenges our customers face making decisions based on incomplete and isolated information on multiple platforms said Murali Mandi Honeywell Connected Enterprise Industrial Now our customers can leverage our experiences to help them make fully informed decisions from their data sets impacting safety profitability forecasted outcomes and risks All this will help our customers to improve asset reliability and performance ultimately empowering the workforce A 8 Processing AUGUST 2019 Image courtesy of Honeywell Honeywell launches EPM software with real time intelligence