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Advanced Process Control Market Key Drivers, Trends, and Growth Outlook 2024-2033
Advanced Process Control Market Key Drivers
According to The Business Research Company's, The advanced process control market size has grown rapidly in recent years. It will grow from $18.57 billion in 2023 to $20.51 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to rise of industrial automation, focus on energy efficiency, industry regulations and standards, increasing complexity in industrial processes, cost reduction and operational efficiency.
The advanced process control market size is expected to see rapid growth in the next few years. It will grow to $30.12 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to demand for real-time process monitoring and control, cybersecurity concerns and solutions, emphasis on predictive maintenance, ustomization and scalability, demand for energy efficiency. Major trends in the forecast period include advanced analytics for predictive maintenance, cloud-based apc solutions, rise of industrial automation, edge computing in control systems, interoperability and open standards, remote monitoring and home-based care.
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Market Drivers and Trends:
The rising demand for automation solutions is expected to boost the growth of the advanced process control market going forward. Automation refers to the technology that uses less human assistance to complete tasks. Process Automation Systems (PAS) are used by industry leaders to minimize complexity, particularly advanced process control (APC) systems, which result in higher efficiency, less operator participation, and increased profits in a continuously changing environment. APC is a process automation system update that offers increased value. Hence, the rising demand for automation solutions will boost the advanced process control market. For instance, according to an International Data Corporation (IDC) report, in Australia and New Zealand alone, spending on IoT goods and services will surpass $16 billion in 2022, up 13% from 2021. Therefore, the rise in the need for automation is driving the growth of the advanced process control market.
Major companies operating in the advanced process control market are developing technological solutions, such as digital twin technology, to achieve both the lowest energy use and the highest operational standards. Digital twin technology is a virtual representation of a physical object or system, providing real-time insights, analysis, and simulations for enhanced understanding and decision-making. For instance, in February 2022, ABB., a Switzerland-based supplier of electrical equipment and automation products, launched ABB Ability Smart Solution for Wastewater, a digital solution addressing challenges in wastewater treatment plants. The solution, comprising advanced process control (APC) and digital twin technology, aims to optimize operating conditions by minimizing process variability and stabilizing operations.
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Major Key Players of the Market:
Schneider Electric; Siemens; General Electric; Aspen Technology Inc.; Emerson Electric Co.; ABB Ltd.; Yokogawa India Ltd.; Honeywell International Inc.; Rockwell Automation Inc.; Azbil Corporation.; MAVERICK Technologies LLC; SGS SA; Metso Outotec; Mineser GmbH; Cisco; NovaTech LLC; Applied Materials Inc.; Dassault Systèmes; SAP SE; Mitsubishi Electric Corporation; Wonderware (Aveva Group); Bristol-Myers Squibb Company; Toshiba Corporation; Andritz AG; Norsk Hydro ASA; Spirax-Sarco Engineering plc; OMRON Corporation; Bentley Systems Incorporated; Linde plc; Schlumberger Limited
Advanced Process Control Market 2024 Key Insights:
• The advanced process control market will grow to $30.12 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%.
• Rising Demand For Automation Solutions Fuels Growth In Advanced Process Control Market
• Technology Solutions To Achieve Both The Lowest Energy Use And The Highest Operational Standards
• Asia-Pacific was the largest region in the advanced process control market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide."
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