Advanced Process Control Market Research Report- Forecast till 2023
Market Highlights
Wealthy industries, such as oil and gas, water & wastewater, paper & pulps, power, petrochemicals, pharmaceuticals, food & beverages, chemicals, and others are applying advanced process control. The enhanced plant performance and better stability of operations offered on the reduction of processes’ variables achieved by APC can support the expansion of its market. Other benefits of APC, such as improvement in the production capacity, better monitoring of process parameter, and reduced energy consumption, improved process safety, and predictive maintenance can benefit the advanced process control market expansion. The advanced process control market surge can be attributed to the rise in demand for energy-efficient processes. APC is applied for distillation, furnaces, steam power optimization, and heat recovery for reduction in energy loss. These are expected to bolster the expansion of the global APC market. On the contrary, the high implementation cost can restrain the APC market growth.
Market Research Future (MRFR), in its latest “Advanced Process Control Market” report, states that the market is expected to thrive at 12.09% CAGR through 2017 to 2023. Advanced process control (APC) is gaining popularity across different sectors as an optimization technique. APC is deployed to use to generate better profitability and improve the efficiency operational process. APC plays a significant role in processes, such as stabilization of control loops, process interactions, and big process dead time. Model predictive control, inferential control, and regulatory control are different types of advanced process control solutions that are available to serve different purposes. These are factors that are expected to prompt the expansion of the global advanced process control market.
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Key Players
MRFR identified some major players functioning in the global advanced process control market. They are; Siemens AG (Germany), General Electric Company (US), Emerson Electric Corporation (US), ABB Ltd (Switzerland), Honeywell International (US), Rockwell Automation, Inc. (US), Schneider Electric (France), Yokogawa Electric Corporation (Japan), Rudolph Technologies, Inc. (US), and Aspen Technology, Inc. (US).
Regional Outlook
Asia Pacific advanced process control (APC) is expected to hold 39.2% share of the global market. MRFR study states that North America market is expected to value at USD 386.10 million at 13.79% CAGR by 2023. Europe advanced process control is expected to surge at 10.36% CAGR and attain a valuation of USD 302.87 million by 2023. The expansion of Asia Pacific market APC market can be attributed to the growing number of power plants, manufacturing units, and the rise in the industrial automation requirement. APC solution is adopted by the mining industry due to decrease in capital cost of projects, less commissioning time, and need to boost productivity of plants. This can support the APAC APC market growth.
Segmentation:
The advanced process control market study is segmented by type, revenue source, and application. The type-based segments of the APC market are multivariable model predictive control, advanced regulatory control, sequential control, inferential control, and compressor control. The revenue source-based segments are software and services. The application-based segments are pharmaceuticals, oil & gas, food & beverages, power, chemicals, petrochemicals, and semiconductors.
The multivariable model segment is expected to secure 33.2% share of the global market. The multivariable model segment is expected surge at 14.19% CAGR through the forecast period. Multivariable model can effectively settle specialized control requirement across petroleum refineries and energy plants. Industries, such as oil & gas, chemicals, petrochemical, and food processing are adopting multivariable model, which can prompt the expansion of the global APC market. The software segment can surge at 12.25% CAGR across the forecast period.
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Global Advanced Process Control (APC) Market Research Report: Information by Type (Advanced Regulatory Control, Multivariable Model Predictive Control, Inferential Control, Sequential Control and Compressor Control), Revenue Source (Software and Services), Application (Oil & Gas, Pharmaceuticals, Power, Food & Beverages, Petrochemicals, Chemicals and Semiconductors) and Region (North America, Europe, Asia-Pacific and Middle East & Africa) - Forecast till 2023
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