Advanced Process Control (APC) MarketGlobal Industry Analysis, Growth, Share, Size, Trends And Forecast 2020 – 2026
The global advanced process control market was valued at USD 13 billion in 2019 and is anticipated to reach USD 27 billion by 2026, expanding at a CAGR of 9% during the forecast period, 2020 – 2026. The growth of the market is attributed to the increase in demand for automation solutions across different end-users.
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Advanced Process Control possesses a broad spectrum of technologies and techniques employed within industrial process control systems. It is used with basic process controls which are designed to facilitate control, automation requirements, and basic operation. The emergence of APC resulted in the advancement of process industry as it saves the cost of energy whilst increasing profitability by meeting operational constraints. It lessens the environmental emissions, improves the safety measures of the process, it reduces the process variability, thus allows the plants to operate at their designed capacity, improves the efficiency of operation, reduces the cost of maintenance, optimize time, and improve the decision’s output. Moreover, it is an advanced technology that optimizes process profitability and operational performance, thus allowing companies to gain maximum from their assets. The manufacturers have been utilizing the APC technology for decades. Advancements and developments simplified the system on open computing platforms; advanced process control consists of model-based software which includes the driver software to assemble historical data from control systems, model verification, data analysis tools to ensure accuracy of the model, and operator guidance.
Based on types, the global advanced process control market is segregated into software, hardware, and services. The hardware segment is further categorized into interface and display, computing systems, control systems, and others. The service segment holds a major share of the market due to the huge instalment of advanced process control systems in developed regions. The hardware segment is anticipated to expand at a substantial CAGR during the forecast period owing to the rise in utilization of APC in end-users such as petrochemical and chemical industries. On the basis of end-users, the market is categorized as pharmaceuticals, chemicals, mining, minerals, and metals, oil and gas, food & beverages, energy & power, and others. The oil and gas segment acquires a major share of the market due to the increase in adoption of APC in various industries owing to its accuracy. Moreover, the oil and gas segment is anticipated to expand at a considerable CAGR during the forecast period. Based on regions, the global action cameras market is fragmented into the Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe accounts for a key share of the market due to the advancements in the pharmaceuticals, pulp and paper, chemical, and oil & gas industries in the region. Moreover, the investments done by chemical manufacturers drive the market in the region. The market of Asia Pacific is likely to expand at a high CAGR during the forecast period as the demand for advanced process control is increasing from end-users.
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Major players in the global advanced process control market are Siemens, Emerson Electric Co., Rudolph Technologies, Rockwell Automation, Inc., Aspen Technology, Inc., Schneider Electric, Yokogawa Electric Corporation, ABB, Panasonic Corporation, and Honeywell International Inc. They engage in strategies such as partnership & collaborations, maintaining competitive prices, and product launches.
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