According to a new market research report of "Advanced Process Control Market by Revenue Source (Software and Services), Application (Oil & Gas, Petrochemicals, Water & Wastewater, Chemicals, Power, Paper & Pulp, Pharmaceuticals, Food) And Geography- Analysis & Forecast (2014 - 2020)", published by MarketsandMarkets the advanced process control market is estimated to reach $1,465.62 Million by 2020, growing at a CAGR of 11.79% from 2014 to 2020.
The Advanced Process Control Market is growing at a high CAGR rate, 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). 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 describes the market drivers, restraint, opportunities, and challenges with respect to the advanced process control market. The factor which is driving the Advanced Process Control Market includes rising demand for energy efficient production process, safety and security concern, and demand for a software systems which can predict the failure at the component level. The restraining factor affecting the market includes improper maintenance of APC and lack of data control systems. Faster implementation of software and improving data accuracy is considered to be the opportunity for the advanced process control market. Higher implementation cost of Advanced Process Control Market is currently acting as challenge for the market.
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% in 2013, growing at a CAGR of 11.85% from 2014 to 2020. India and China market with regards to Advanced Process Control Market accounts a collective market share of 54% 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).
