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Global Advanced Process Control Market 2021: By Product Type (Hardware, Software, Service), By End-use (Oil & Gas, Chemicals, Pharmaceuticals, Energy & Power, Mining, Minerals, and Metals, Food & Beverages, Others)Global Advanced Process Control Market is an upcoming report by Trusted Business Insights. The global advanced process control market segmentation allows for deeper understanding and thought, to decisively assess, analyze, and study. Besides revenues for segments, global, regional, and country-wise, market revenue segmentation will be compiled in a scrupulous manner for clear flow and understanding. The analysis will be conducted using expert opinions and inputs, as well as comprehensive primary and secondary research efforts to determine various aspects of the advanced process control market. The Global Advanced Process Control market size was valued at USD $6.31 Billion in 2020, USD $6.95 Billion in 2021, forecasted to reach USD $7.65 Billion in 2022, and is projected to reach USD $15.54 Billion by 2030, and is anticipated to expand at a CAGR of 10.1% over the forecast period from 2020 to 2030.
Overview:In control theory, advanced process control refers to aa broad range of techniques and technologies that are implemented within industrial process control systems. They are usually deployed optionally and in addition to basic process controls. Advanced process control (APC) systems allow process industries to improve on fronts such as cost, safety & efficiency of process production operations, reduce production time, and to assure the manufacture of better quality products. APC systems are utilized to optimize plant performance and to stabilize industrial operations by minimizing possible fluctuations of crucial process variables. Advanced process control systems enable quick modifications of the production model in real-time without having to take the controller offline. It is factors such as these that have made advanced process control systems vital to industries such as petrochemical, oil & gas, and chemical. Several organizations make substantial investments in APC systems to lower the number of errors and to ensure better control of processes by integrating a higher number of variables simultaneously.
Dynamics:The rising complexity of processing and manufacturing systems is expected to be one of many key factors that will fuel global advanced process control market growth over the next ten years. A few advantages of APC systems are they improve process safety, reduce the consumption of electricity, allow for enhanced monitoring of process parameters and increase overall productivity. With respect to the product type, the market is categorized into hardware, software, and service. The service segment accounted for a majority revenue share in 2018 and is anticipated to rise in demand over the forecast period. Nevertheless, the hardware segment is expected to augment at a higher CAGR over the next ten years owing to increasing usage among petrochemical and chemical industries. The hardware components of advanced process control systems consist of controllers, electronic and computer systems. They enable efficient feedback signaling and monitoring through intelligent sensors. Regarding end-use applications, the market is segmented into chemicals, oil & gas, pharmaceuticals, mining, minerals, and metals, energy & power, and food & beverages among others. The oil & gas segment accounted for a majority revenue share in 2018 and is projected to expand at a high CAGR in the foreseeable future. Although the oil & gas segment may remain a primary source of revenue, the chemical sector is anticipated to offer promising opportunities in the near future.
Regional Analysis:In 2018, the market in Europe accounted for a majority revenue share of the global advanced process control market. This is due to a high adoption rate of advanced process control systems across paper & pulp, oil & gas, pharmaceutical, and chemical sectors of the region. Considerable investments have been made by chemical manufacturers to customize and enhance APC systems to optimize operating processes. Nevertheless, the Asia Pacific market is projected to emerge as the quickest-growing market due to the rising requirements for APC tools across varied end-use industries.
Below are the leading companies profiled in this Advanced Process Control Market Report:
Chapter 1 Methodology and Scope