Advanced Process Control - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Advanced Process Control Market is accounted for $15.03 billion in 2019 and is expected to reach $35.38 billion by 2027 growing at a CAGR of 11.3% during the forecast period. Some of the key factors propelling the market growth include growing emphasis of end use industries such as petrochemical and nuclear power on safety, improvement, and optimization of their processes, increasing importance of regulatory compliance, rising safety and security concerns, and inclination of enterprises toward energy-efficient processes. However, lack of data control and improper or non-maintenance of APC are restraining the market growth.
Advanced Process Control is incorporated with a wide range of techniques and technologies which is used in the industrial process control system. This system is generally working together with the basic process controls to enhance performance and process profitability. The process controls which includes both basic and advanced enables the process industries to find the application in oil and mineral refining, petrochemicals and chemical industries, power generation and many others. There are several benefits associated with the APC such as it improves the production capacity, improves monitoring of process parameter, reduces energy consumption, offers predictive maintenance, and improved process safety.
By end user, the oil and gas segment is expected to witness significant growth over the forecast period as well owing to the high adoption of APC systems in the industry. This can be attributed to the fact that processing operations in the oil and gas industry are complex and need to be regulated on a real-time basis. Earlier, computation of the complex data associated with various operations required to be manually done, which was often associated with a vast scope of error. To avoid these manual errors, the oil and gas industry has started adopting advanced process controls and is likely to remain a leading end user of APC systems in the near future as well.
On the basis of geography, Asia Pacific is expected to emerge as the significant-growing regional APC market due to the increasing demand for advanced process control tools from various end-use industries. The growth of industries such as paints and coatings, pharmaceutical, and chemical in emerging economies such as India and China is playing a significant role in the overall development of the market. Moreover, growing environmental awareness among end use industries and strict legal regulations are also driving the adoption of advanced process control systems in the region.
Some of the key players in advanced process control market include Siemens, Aspen Technology, ABB, Panasonic Corporation, Rockwell Automation, Schneider Electric, Rudolph Technologies, Emerson Electric Co., Yokogawa Electric Corporation, Honeywell International Inc, General Electric Co., SGS Group, Mavtech Technologies, ARC Advisory Group, LayTec, and FLSmidth.
End Users Covered:
• Mining, Minerals, and Metals
• Food & Beverages
• Energy & Power
• Oil and Gas
• Water & Wastewater
• Paper & Pulp
• Sequential Control
• Compressor Control
• Advanced Regulatory Control
• Multivariable Model Predictive Control (MPC)
• Inferential Control
• Nonlinear MPC
• Intelligent Control
• Model Predictive Control
• Adaptive Control
• Run-to-Run Control
• Statistical Process Control
• Fault Detection and Classification
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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