Advanced Process Control Market Challenges, Opportunities, Market Entry Strategies, Key Manufacturers Analysis And Forecast To 2023
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.
Market Research Future (MRFR) has projected that the global advanced process control (APC) market is set to exhibit a compound annual growth rate (CAGR) of 12.09% from 2017 to 2023. APC is used to optimize operations in various industrial verticals including petrochemicals, chemicals, pharmaceutical and oil & gas. Moreover, adoption of APC is gaining traction owing to benefits such as improved operational efficiency and profitability.
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.
Global Advanced Process Control (APC) Market: Regional Analysis
On the basis of region, the advanced process control 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.
MRFR’s report includes a detailed analysis of the market based on type, application and revenue source.
On the basis of type, the market has been segmented into multivariable model predictive control, compressor control, advanced regulatory control, sequential control and inferential control. The multivariable model predictive control segment currently account for a significant share of the market in terms of the value. It is projected that the segment will demonstrate an impressive CAGR of 14.19% during the assessment period. This is mainly owing to high performance capacity of multivariable model predictive control APC. It is primarily used in petroleum refineries and energy plants. Also, adoption is witnessing an upward trend in verticals such as food processing, oil & gas and chemicals. On the basis of application, the market has been segmented into pharmaceuticals, food & beverages, chemicals, semiconductor, petrochemicals, power, and oil & gas. On the basis of revenue source, the market has been segmented into services and software. The later holds a relatively higher share of the market in terms of value. The software segment is expected to witness 12.25% CAGR during the assessment 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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