Market Overview:
The Advanced Process Control Software market is estimated to be valued at US$ 1.88 Mn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Advanced process control software is used for monitoring and controlling industrial processes such as manufacturing processes, oil refining, chemicals, food and beverages etc. It helps to optimize processes for improved yields, reduced variability and enhanced safety. It collects data through various instruments such as sensors, PLCs etc. and analyzes it to generate control strategies for industrial processes.
Market Dynamics:
Increasing demand from process industries is expected to drive the growth of advanced process control software market over the forecast period. Process industries such as oil & gas, chemicals, food and beverages extensively use advanced process control software for gaining operational efficiency and optimizing processes. Moreover, emergence of technologies such as AI/ML, cloud computing is further fueling the adoption of advanced process control software as they help in enhancing process visibility, predictive maintenance and real-time decision making. However, high implementation cost associated with advanced process control software solutions may hamper the market growth in emerging economies.
SWOT Analysis
Strength: Advanced Process Control Software helps improve productivity and operational efficiency of plants by continuously optimizing production processes in real-time. They allow remote monitoring and centralized management of machinery across plants. Many APC software offer capability for predictive maintenance reducing unplanned downtime.
Weakness: Implementation of APC software requires high initial investment and expertise. The integration of APC software with legacy automation systems of plants can be challenging.
Opportunity: Increasing automation and digitalization of process industry verticals like oil & gas, chemicals provides growth opportunity for APC vendors. Rising need to optimize processes for reducing costs and improving quality will drive demand.
Threats: Growing concerns around cyber security can impact adoption of IIoT solutions like APC software. Open-source alternatives threaten licenses business of major APC software providers.
Key Takeaways
The Global Advanced Process Control Software Market Share is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing demand for optimization of production processes. The market size is projected to reach US$ 3.35 Bn by 2030 from US$ 1.88 Mn in 2023.
Regional analysis: North America currently dominates the APC software market owing to presence of major end-use process industries in the region. Asia Pacific is expected to be the fastest growing market exhibiting a CAGR of over 11% during the forecast period driven by increasing spending on industrial automation by Chinese and Indian companies.
Key players: Key players operating in the Advanced Process Control Software market are Yokogawa, General Electric, Rockwell Automation, MAVERICK Technologies, Emerson, Siemens, Rudolph Technologies, Honeywell International, ABB, Schneider Electric, Aspen Technology. The major players are focusing on developing industry-specific and integrated software solutions to expand their market share.
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