The Process Engineering Tools (PET) market is expected to expand at a compound annual growth rate (CAGR) of more than 13 percent over the next five years, rising from $1.9 billion in 2010 to $3.6 billion in 2015, according to a new study by the ARC Advisory Group. ARC says the PET market rebounded from the recession faster than projected, with growth from the emerging economies becoming a major driver.
“Right now there [are] a lot of interesting things happening in the PET market with respect to users, suppliers, and technology. Users want simplified and consistent interfaces and better collaborative tools that support their workflow processes,” says Tom Fiske, senior analyst and the principal author of the study, in a prepared statement. “Suppliers are responding with tighter integration and highly collaborative solutions, a broader scope of product applications, and enabling mobile devices, to name a few. In addition, cloud computing for PET is just over the horizon.”
Whether it be simulation, optimization, or engineering tools, ARC says users are looking for simplified, intuitive, easier to use software that supports collaboration and the natural workflow of an organization. At the same time, suppliers are reexamining their simulation and engineering applications interfaces to improve users’ experience for new and existing users. In addition, to expand the use of their applications, suppliers are providing a different experience for both highly skilled and technical users as well as for non-technical casual or infrequent users. While the technical users want consistent user interfaces, ARC says the non-technical users need simplified user interfaces with access to only basic functionality.
ARC says the complexity of today’s engineering environment requires designers, engineers, and operators to use several different software tools and applications. The same engineering disciplines work with numerous applications, which ARC believes makes it a priority to have intuitive and consistent interfaces among the various tools. It also requires having common functions like automatic validation of input, check-in, and audit trails; rules-based engineering support; and better interoperability to move information from one phase of a project to another.
For more information on ARC’s “Process Engineering Tools Worldwide Outlook” report, click here.