According to the new market research report from Markets and Markets, the advanced process control market (APC) is estimated to reach $1,465.62 billion by 2020; growing at a CAGR of 11.79 percent from 2014 to 2020.
The report contributes the high CAGR growth rate to the rising demand for energy efficient production process, safety and security concerns, and demand for software systems “which can predict the failure at the component level.” The report indicates the restraining factors affecting the market are improper maintenance of APC and lack of data control systems.
The report indicates faster implementation of software and improving data accuracy as an opportunity for the advanced process control market, while citing a higher implementation cost of advanced process control as a current challenge.
The report notes that the APC market is growing as it has applications across sectors such as oil and gas, petrochemicals, water & wastewater, chemicals, power, paper & pulps, pharmaceuticals, food & beverages, and others (mining and cement).
As described by Markets and Markets, advanced process control is used to optimize plant performance and stabilize plant operations by minimizing the fluctuations of key process variables. Some of the benefits of advanced process control include an improvement in the production capacity, minimized energy consumption, improved monitoring of process parameters, faster modification of the process as per changing requirements, predictive maintenance, and improved process safety. These benefits have made APC an integral component for the oil and gas, petrochemical, and chemical industry.
This report gives a detailed view of the market across geographies, namely North America, Europe, the Asia-Pacific, and RoW. APAC dominates the advanced process control market in terms of revenue generation with a highest market share of 26 percent in 2013; growing at a CAGR of 11.85 percent from 2014 to 2020. The India and China market accounted for a collective market share of 54 percent during 2013.
The major players involved in the development of advanced process control market include: ABB Ltd. (Switzerland), Aspen Technology Inc. (U.S.), Emerson Electric Co. (U.S.), General Electric Co. (U.S.), Honeywell International Inc. (U.S.), Rockwell Automation Inc. (U.S.), Rudolph Technologies Inc. (U.S.), and Schneider Electric SE (France).
For more on the report “Advanced Process Control Market – Analysis & Forecast to 2014 – 2020,” click here.