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.
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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.
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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Key Topics Covered
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
1.3. List of Data Sources
Chapter 2. Executive Summary
2.1. Advanced Process Control Regional Marketplace: Key Takeaways
Chapter 3. Advanced Process Control Market Industry Outlook
3.1. Market Segmentation
3.2. Market Size and Growth Prospects, 2014 – 2025
3.3. Value Chain Analysis
3.4. Market Dynamics
3.4.1. Market driver analysis
3.4.2. Market restraint/challenge analysis
3.4.3. Market opportunity analysis
3.5. Penetration & Growth Prospect Mapping
3.6. Company Market Share Analysis, 2018
3.7. Industry Analysis – Porter’s
3.8. PEST Analysis
Chapter 4. Advanced Process Control Market: Product type Outlook
4.1. Advanced Process Control Market Share, by Product Type, 2018 & 2025 (USD Billion)
4.2. Hardware
4.2.1. Market estimates and forecasts, 2014 – 2025 (USD Billion)
4.2.2. Market estimates and forecasts by region, 2014 – 2025 (USD Billion)
4.3. Software
4.3.1. Market estimates and forecasts, 2014 – 2025 (USD Billion)
4.3.2. Market estimates and forecast by region, 2014 – 2025 (USD Billion)
4.4. Service
4.4.1. Market estimates and forecast, 2014 – 2025 (USD Billion)
4.4.2. Market estimates and forecast by region, 2014 – 2025 (USD Billion)
……….continue
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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