Advanced Process Control (APC) Software Market Foresees Skyrocketing Growth in the Coming Years
On the basis of geography, global advanced process control software market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. Asia Pacific holds the dominant position in the global advanced process control software market and is projected to retain its dominance throughout the forecast period. India and China are expected to drive the market for advanced process control software in the region. The growth in chemical industry in China is projected to offer significant growth opportunities for the advanced process control software market in the country. In 2016, chemical industry in China generated a revenue of US$ 1.4 trillion (CNY 9.5 trillion), which is expected to reach US$ 2.9 trillion (CNY 19.5 trillion) by 2020.
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In control theory, advanced process control involves deployment of a wide range of methods and technologies within an industrial process control system. Some of the key advantages of advanced process control software are improvement in operational understanding, better equipment reliability, enhanced process safety, reduction in process settle time, improved production capacity, and reduction in power consumption. The aforementioned advantages are expected to fuel demand for advanced process control software in various end-use industries.
The increasing demand for energy efficient production process is one of the major drivers which is contributing in the growth of the advance process control software market globally. The improvement of energy efficiency by using the advance process control software primarily helps the companies to reduce the cost of the energy and increase the productivity. Food industry, paper industry, chemical manufacturing product industry are some of the major industries in which the energy cost makes up above 3% of the production cost. Large scale enterprises and SMEs needs to install the advanced process control systems in order to reduce the energy cost. In addition to this, the increasing demand of the software to predict the failure at the component level and improvement of data accuracy which helps to improve the system performance which accelerates the growth of the advance process control software market.
Among end-use industries, oil and gas industry segment dominated the global advanced process control software market in 2016 and is projected to retain its dominance throughout the forecast period. Companies engaged in the oil & gas sector are increasingly inclined toward reducing waste production in order to curtail losses, both in terms of revenue and materials. This increases demand for APC solutions in this sector. Even minor variations in the production process in this highly capital and resource intensive sector can result in major wastage of raw material, which in turn increases production cost. Therefore, industry players are increasingly inclined toward adoption of APC software that provide accurate data processing and help solve complexity related to production.
Key Players in the Global Advanced Process Control Software Market
Aspen Technology, Inc., ABB Ltd., Emerson Electric Co., Honeywell International, Inc., GeneralElectric Co., Rockwell Automation, Inc., Schneider Electric SE, Rudolph Technologies, Inc., Yokogawa Electric Corp., and Siemens AG are some of the major players in the global advanced process control software market.
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