The global advanced process control market size is expected to reach USD 24.9 billion by 2025, registering a CAGR of 9.2% over the forecast period, according to a new report by Grand View Research, Inc. The market is expected to witness considerable growth across the globe owing to the growing emphasis of several end use industries on the improvement and optimization of the production process. Advanced process control solutions enable organizations to significantly improve the accuracy of product testing, enhance quality, and reduce error.
As
companies seek ways of improving the quality of their products and reduce the
cost of operations to be able to maintain their competitive edge, the demand
for advanced process control systems is likely to continue to rise in the near
future. Furthermore, the increasing adoption of advanced process control
systems across industries such as nuclear power, chemical, and semiconductor is
encouraging APC companies to invest in research and development activities to
develop systems with enhanced capabilities. These factors are anticipated to
further propel the growth of the global market over the forecast period.
APC
is a software-based closed-loop feedback-based process control system that
helps increase productivity, minimize waste, and improve quality assurance
under real-world operating conditions. By enabling the easy deployment of
technologies such as model predictive control and advanced computing systems in
the processing and manufacturing sectors, the use of APCs has enabled companies
to increase the affordability of products. Moreover, APC systems also aid in
lead time reduction to decrease the operational cost associated with it.
Additionally,
APCs have a significant demand in the oil and gas sector and are used for
optimization and control of a variety of processes. The steady expansion of the
chemical industry is also anticipated to drive the adoption of APCs over the
forecast period to stabilize industrial operations and optimize plant
performance by minimizing the fluctuations of key process variables. Increasing
competition has compelled process industries to adopt advanced process control
systems to bring about an improvement in economic performance to maintain their
competitive edge. However, the need for high initial investments could restrain
the growth of the APC market to a certain extent over the forecast period.
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Further key
findings from the report suggest:
- In terms of
product type, the hardware segment is anticipated to witness high CAGR
over the forecast period. This can be attributed to the increasing
adoption and deployment of advanced process control systems in various
verticals such as nuclear power plants, petrochemicals, oil and gas
upstream, downstream, and processing operations
- Of the key
end use segments covered in the report, the energy and power segment is
expected to witness significant growth during the forecast period. This
can be attributed to the significant adoption of advanced process control
systems in nuclear power plants and other alternative sources of power
generation
- The Asia
Pacific APC market is anticipated to witness high CAGR over the forecast
period owing to robust industrialization in countries such as China and
India and the higher adoption rate of advanced process control systems in
several industries
- The APC
market is oligopolistic and is dominated by companies such as Schneider
Electric, Siemens, Rudolph Technologies, Aspen Technology, Inc., Emerson
Electric Co., ABB, Yokogawa Electric Corporation, Panasonic Corporation,
Rockwell Automation, Inc., and Honeywell International Inc. Collectively,
these companies account for nearly 80% of the market
- Leading
Advanced Process Control (APC) market players are in the process of
acquiring small startups for technological advantage, provision of better
services, and regional expansion.
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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