Advanced Process Control Market Research Report- Forecast till 2023

Posted 2022-10-31 07:13:25

Market Highlights

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.

Advanced Process Control (APC) enhances process profitability by improving quality, increasing throughput while reducing energy usages. The state-of-the-art APC technologies are capable of releasing process potential across the industries, including food & beverages, refining, petrochemical, and mining.

Leverage to the economic environment, today, manufacturers are confronted by the need to curtail the capital budgets due to the rising overheads, manufacturing cost, energy costs, and struggle to stay at the front of the market competition.

Advanced process control helps manufacturers to address such complex challenges with various solutions that can extract maximum value from the manufacturing processes. APC also improves production yield, quality, and reduce energy consumption, optimizing manufacturing operations.

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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

Regional Outlook

North America would retain its leading position in the global advanced process control market. Factors fueling the regional market growth include substantial investments made into the development of technologies and the presence of major manufacturers that can offer cutting-edge technologies. Also, the increasing adoption of these solutions in some of the burgeoning sectors, including healthcare, O&G, and Power, is influencing the growth of the market in the region.

Besides, the well-established infrastructure in the region provides impetus to the regional market growth, allowing faster development and implementation of advanced technologies. The US and Canada lead the North American APC market, heading with the increasing technological advancements and the uptake of these solutions.

The advanced process control market in the European region accounts for the second-largest market, globally. The demand from the various sectors and the augmented uptake of these solutions lead the market growth, predominantly. The resurging economy in the region s playing a significant role in the growth of the market.

The advanced process control market in the Asia Pacific region is emerging as a profitable market, globally. The improving economy that drives the urbanization and healthcare and entertainment industry in the region fosters market growth. The market is estimated to witness healthy growth over the review period.

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).

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