Advanced Process Control Market Trends, Growth And Regional Outlook and Forecast 2019 2027

Dhanashree Daware
Apr 09, 2021 05:56

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.

Some of the key functions of process control includes reducing down time, process interaction and stabilized control loops. The popular types of APC that are used include inferential control, regulatory control and model predictive control. These APCs find application across industries such as oil & gas, water treatment, pharmaceuticals, paper & pulps, food & beverages, chemicals, petrochemicals and others.

Over the years, the technology used in APC has evolved relentlessly, which led to better functional output, reduced energy consumption, greater level safety, greater level of monitoring of process parameter and superior predictive maintenance. APC is a sought-after equipment in several processing industries. By using APC, manufacturing plants are cutting down on energy utilization in processes such as distillation, furnaces, steam power optimization and heat recovery.

Advanced process control is also used for analysing data related to energy consumption, which is crucial for assessing thermal energy consumption. Moreover, introduction of stricter safety norms in process industries is partly driving the adoption of APC. Factors aforementioned are expected to support the market growth during the forecast period.

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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.

Global Advanced Process Control (APC) Market: Regional Analysis

On the basis of region, the market has been segmented into Asia Pacific (APAC), Europe, North America and Rest of the World (RoW). Currently, APAC accounts for more than one-third share of the global APC market in terms of value. The market in APAC is expected to demonstrate a compound annual growth rate (CAGR) of 13.79% during the forecast period. The market growth in the region is driven by expansion of end use industries. Europe hold the second spot in the global advanced process control (APC) market. In 2017, the market in Europe reached a valuation of USD 302.87 Mn. The Europe market is projected to exhibit 10.36% CAGR during the forecast period.

Global Advanced Process Control (APC) Market: Competition Analysis

Some of the leading companies operating in the market include Siemens AG (Germany), Emerson Electric Corporation (US), Honeywell International (US), Schneider Electric (France), Rudolph Technologies, Inc. (US), General Electric Company (US), Rockwell Automation, Inc. (US), Aspen Technology, Inc. (US), Yokogawa Electric Corporation (Japan), and ABB Ltd (Switzerland).

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Dhanashree Daware
Apr 09, 2021 05:56
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