Press release
Advanced Process Control Market Report 2024: Strategies And Recent Developments | Schneider Electric, Siemens, General Electric, Aspen Technology Inc., Emerson Electric Co., ABB Ltd
Advanced Process Control Market Characteristics
The Business Research Company offers in-depth market insights through Advanced Process Control Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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 Segmentation:
The advanced process control market covered in this report is segmented -
1) By Revenue Source: Software, Services
2) By Type: Advanced Regulatory Control, Multivariable Model Predictive Control, Inferential Control, Sequential Control And Compressor Control
3) By End-Use: Oil And Gas, Petrochemicals, Pharmaceuticals, Food And Beverages, Energy And Power, Chemicals, Other End-Uses
Major Driver - Rising Demand For Automation Solutions Fuels Growth In Advanced Process Control Market
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.
Competitive Landscape:
Major companies operating in the advanced process control market report are 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 .
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Top Trend - Technology Solutions To Achieve Both The Lowest Energy Use And The Highest Operational Standards
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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Advanced Process Control Market Characteristics
3. Advanced Process Control Market Trends And Strategies
4. Advanced Process Control Market - Macro Economic Scenario
5. Advanced Process Control Market Size And Growth
…..
27. Advanced Process Control Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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