Advanced Process Control Market Overview, Key Players Analysis, Emerging Opportu

Posted by Komal Boudhh on December 7th, 2020

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.

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.

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