Growth will be concentrated in five industries: Chemicals, electric utilities, oil refining, food & beverage, and pharmaceuticals. The cumulative market gain will be $2,282 Million over the forecast period. The chemicals industry market gain will be the largest at about $850 Million. The next four fast growing industries will add over $1 Billion in market gain. The market gain of the remaining slow-growing industries will equal about $340 Million.
Oil & Gas spending is expected to be essentially flat in 2017, then increasing through the end of the forecast period. The 5- Year CAGR is forecast to be 1.4 percent
The 2016 Canadian PI&A Market value was $1,211 Million, versus $1,202 Million in 2015. Gains in non-oil & gas industries were negated by the continuing drop in oil & gas spending through 2016. The market is forecast to grow at 3.8% CAGR over the 5-year forecast period, reaching $1,458 Million in 2021. Six industries—chemicals, F&B, electric utilities, oil refining, W&WW and pharmaceuticals—as a group, will grow at a 4.8 percent 5-year CAGR. Economic forecasts suggest that the Canadian GDP will remain above 2 percent over the forecast period, creating a strong base for continued growth in PI&A spending.
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