Press release
Advanced Process Control Market 2018 valued at over USD 984 Mn and is expected to surpass USD 1,900 Mn by the end of 2023
Market Scenario
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. The global market for advanced process control 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.
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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, and Yokogawa Corporation.
The report offers insights on the leading market players and evaluates their current market share. Company information with regards to revenue, segmental share, geographical income, SWOT, growth strategies, new product launch, M&A activities, and the latest R&D initiatives.
According to MRFR, the global Advanced Process Control Market is expected to grow at a CAGR of 11% during the forecast period.
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.
Several advanced process control systems have come in recent years in part due to increasing regulatory pressure on the manufacturing sector. The growing trend of industrial process optimization as a measure to reach cost saving, safety and efficiency goals has partly guided the global market for advanced process control. Deployment of advanced process control not only lowers energy consumption but also checks thermal losses. APC is curbing energy loses in processes such as furnaces, distillation columns, reactors, heat recovery, and steam power optimization. Reduction in thermal losses eventually results in energy and cost saving, as well as achieve reduction in CO2 emissions. Nevertheless, high deployment cost remains an impediment for the market. Many of the small and mid-scale manufacturing plants continue to find it unviable to deploy APC systems. Another major factor currently undermining the market opportunities is the lack of knowledge and expertise pertaining to advanced process control system.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/advanced-process-control-market-4805
Intended Audience
• Software Developers
• End-Users
• Government
• Research
• Education
• Distribution vendors
• Technology Innovators
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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