Process industry products, services to reach US$786 billion by 2010

The worldwide market for 'plant-related products and external services' in the process industries is projected to grow from US$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 of Basel, Switzerland.

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 material handling equipment, software and services for plants in the process industries. With an annual growth rate of 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 industrialised countries, the trend is towards more productive, more efficient, and more flexible systems and, at the same time, increasing availability and environmental sustainability.

Also, Intechno's report adds that outsourcing services are gaining importance. More customers are demanding packages, including design, construction, financing, and plant operations.