Press Release / Technology / Advanced Process Control Market Trends, Share, Development Policies and Future Growth 2023

Advanced Process Control Market Trends, Share, Development Policies and Future Growth 2023

The report on the global Advanced Process Control market covers historical market trends, current market dynamics, market valuation by segmentation as well as region, country-level analysis for every segment, key player’s market share analysis, competitive landscape and supply chain analysis.

Market Highlights:

Advanced process control is being quickly adopted in industries such as petrochemicals, oil & gas and pharmaceutical for optimizing operational techniques. By deploying advanced process control system, businesses are not only ramping up operational processes but also increasing profitability. Process control plays a crucial role in process industries as it stabilized control loops, big process dead time, and process interactions. Model predictive control, inferential control, and regulatory control are the major types of advanced process control currently available.

Process manufacturing is a central manufacturing category, its importance can be felt across several industries including food & beverage, chemical, consumer package good and biotechnology among others. However, process manufacturing can often become precarious owing to its nature. Over the years, pressure has been constantly mounting on the process manufacturing industry to enhance operational standards and deploy systems that can increase the level of labor safety. At the same time, extensive energy requirement from the process manufacturing industry has been a major area of concern, grabbing the attention of environmental organizations and controlling authorities. Factors as such has been instrumental in driving the adoption of advanced process control (APC) across industries. In 2017, the global market for advanced process control was valued at over USD 984 Mn and is expected to surpass USD 1,900 Mn by the end of 2023.

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Major Key Players

ABB Ltd.,
Aspen Technology, Inc.,
Emerson Electric Co.,
General Electric Co.,
Honeywell International, Inc.,
Rockwell Automation, Inc.,
Rudolph Technologies, Inc.,
Schneider Electric SE,
Siemens AG,
Yokogawa Corporation.
According to MRFR, the global Advanced Process Control Market is set to surge at an impressive CAGR of 12.09% between 2017 and 2023. Introduction of new labor safety & security norms and increasing requirement for energy efficient process control solutions are two of the major factors supporting the growth of the market.

Industry/ Innovation /Related News:

Saki Corporation (Japan), an innovator in the field of automated optical and x-ray inspection and measurement equipment, announced that its automated optical inspection (AOI) systems are the first AOI systems to be certified by Panasonic to support its APC-MFB2 System.

This partnership with Panasonic Smart Factory Solutions brings Saki a very important aspect for yield improvement, not only in the pre-reflow process but in the entire SMT line for meeting M2M connection requirements.

ControlSoft, Inc. (the US), a leading global provider of software products and advanced control technologies used for real-time process control in industrial markets announced the acquisition of eSimulation, Inc. (the US), a pioneer in the field of midstream natural gas gathering and processing cloud-based software solutions.

The acquisition allows eSimulation to offer a range of solutions to the midstream and upstream industries. For instance, ControlSoft’s MANTRA advanced process control (APC) platform can help stabilize gas plants, condensate stabilizers, and fractionation facilities and enable operators to effectively hit optimization targets among others.

Competitive Analysis

The advanced process control market appears to be highly competitive characterized by the presence of several well-established as well as small players. Matured players incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and technology launch in order to gain a competitive advantage and thus to maintain their positions in this market.

Well-established players are increasingly investing in R&D to develop a cost-effective product portfolio and are seeking expansion through various strategic initiatives. These players tap the growing markets for expansions and strive to address the critical needs of the market with a broad range of solutions and effective and complete workflow.

Regional Analysis

The North American region leads the global advanced process control market holding the largest market share. Factors fueling the growth of the regional market include substantial investments transpired into the field of technological development and the presence of the fervent market players that can offer cutting-edge technologies. Simultaneously, the increasing adoption of these tools in some of the burgeoning sectors such as healthcare, media & entertainment, BFSI, and IT & telecommunication are impacting the market growth, positively.

The European APC market, led by the demand from the various sectors accounts for the second-largest market, globally. Also, the augmented uptake of these solutions fuels the increase in the regional market. The resurging economy is playing a major role in contributing to the market growth in the region, significantly.

Asia Pacific region, on the other hand, is emerging as a profitable market for the advanced process control and is expected to witness a healthy growth over the review period. Factors such as increasing urbanization alongside the growing healthcare and entertainment industry which is driven by the improving economy in the region foster the market growth.

Segmentation:

The MRFR analysis is segmented into four key dynamics for enhanced understanding.

By Type: Advanced Regulatory Control, Multivariable Model Predictive Control, Inferential Control, Sequential Control, and Compressor Control among others.

By Revenue Source: Software and Service among others.

By Application: Oil & Gas, Pharmaceuticals, Power, Food & Beverages, Petrochemicals, Chemicals, and Semiconductors among others.

By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.

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Intended Audience

Software Developers
End-Users
Government
Research
Education
Distribution vendors
Technology Innovators
List of Tables

TABLE 1 GLOBAL VIRTUAL REALITY MARKET BY COMPONENT, 2017-2027 (USD BILLION)

TABLE 2 GLOBAL VIRTUAL REALITY MARKET, BY DEVICE TYPE, 2017-2027 (USD BILLION)

TABLE 3 GLOBAL VIRTUAL REALITY MARKET, BY TECHNOLOGY, 2017-2027 (USD BILLION)

TABLE 4 GLOBAL VIRTUAL REALITY MARKET, BY VERTICAL 2017-2027 (USD BILLION)

Continued……

List of Figures

FIGURE 1 GLOBAL VIRTUAL REALITY MARKET: DRIVERS CHALLENGES & OPPORTUINITIES

FIGURE 2 GLOBAL VIRTUAL REALITY MARKET: SUPPLY CHAIN ANALYSIS

FIGURE 3 GLOBAL VIRTUAL REALITY MARKET: PORTER’S FIVE FORCES ANALYSIS

FIGURE 4 GLOBAL VIRTUAL REALITY MARKET BY COMPONENT, 2017-2027 (USD BILLION)

Continued……

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