According to the business intelligence report titled ‘Global Positive material identification Market Size, by Technique (X-ray fluorescence and optical emission spectrometry), by Offering (Equipment and services), by Form Factor (Portable and benchtop analyzer), by Industry (oil & gas, metals & Heavy machinery, aerospace & defense, automotive, chemicals, infrastructure, pharmaceuticals, Power Generation and scrap recycling) and Regional Forecasts 2020-2027’, available with Market Study Report, global positive material identification market was appraised at USD 11.07 billion in 2019 and is speculated to reach USD 35.30 billion by 2027, growing at an annual rate of 15.6% throughout.
 

Rising number of oil & gas industries is a key factor boosting global positive material identification market growth, because this process helps in observing, controlling, and keeping a track of various incidents that occur across the business like property damage, pipe leakage & replacements, incurable accidents etc.
 

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Citing an example, as per the BP Statistical Review, 47.6 thousand million barrels of crude oil were produced in the Asia Pacific region in 2018, which increased to 47.8 thousand million barrels in 2019.
 

Likewise, the International Energy Agency stated that the daily demand of crude oil worldwide was 96.2 million barrels in 2016 and was speculated to reach 100.6 million barrels in 2019. Moreover, it also cited that the global natural gas production was approximately 3937 billion cubic meters in 2018, which is a 4% surge from 2017.
 

For the record, positive material identification (PMI) refers to a system that analyses and identifies materials by using non-destructive procedures and confirms that the materials being used are the ones that are accurate for a particular sector. It is a scientifically proven popular method which can be performed in a laboratory or on field using a handheld machine.
 

While quality control requirements and strict safety regulations by governments proliferate the product adoption, high cost of PMI equipment hinders the growth of global positive material identification market.
 

From the regional frame of reference, North America accounted for majority of worldwide positive material identification market share in the recent past, owing to presence of innovative technological developments in this field.
 

Meanwhile, Asia Pacific positive material identification industry is projected to expand rapidly through 2028, due to rising number of large-scale infrastructure projects in the region.
 

Key players influencing global positive identification market trends are SGS S.A., Olympus Corporation, Bruker Corporation, Bureau Veritas, AMETEK Inc., Hitachi Ltd., Shimadzu Corporation, Thermo Fisher Scientific Inc., Intertek Group plc, and TÜV SÜD AG.