The advanced process control (APC) consists of a variety of advanced technologies and tools. These tools are used to optimize plant performance.
The advanced process control market is forecasted to grow at a CAGR of 12% and reach $1,465.62 million by 2020.
Some of the benefits of advanced process control are: Improvement in the production capacity, improved monitoring of process parameters, faster modification of the process as per changing requirements, predictive maintenance, minimized energy consumption and improved process safety. Due to these benefits, APC have become an integral component for the oil and gas, petrochemical, and chemical industry.Market Dynamics
Factors for the integration of APC management software are cost reduction, time-saving, and better operations. These factors will significantly fuel the growth of the APC software in the coming years.
One of the major factors contributing to the growth of the market is the decreased prices of oil and gas worldwide, which has driven oil and gas vendors to reduce their manufacturing so that they can equalize their spending. This need to reduce costs has made them adopt APC in their production process to achieve maximum efficiency and reduce the production cost.
Improper maintenance of APC and lack of data control systems are few factors restraining market growth. 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.Market Segmentation
Market is segmented on the basis of Revenue Source, Application and Geography
Segmentation by Revenue Source
Market is segmented on the basis of Revenue source as :
--> APC software
--> APC services.
Segmentation by Application
By Application, Market is segmented as
--> Chemical industry
--> Oil and gas industry
--> Power industry
Oil and Gas has the largest market share in terms of application and is forecasted to continue the same trend. A small error in the production unit of the plant can lead to the wastage of a large amount of valuable raw material, the industry has increasingly adopted APC software. since it can ensure the accuracy of data and processes and solves the complexity associated with the production.
Segmentation by Geography
The market is segregated into following regions:
--> North America (U.S., Canada, and Mexico)
--> Europe (France, Germany, U.K., Russia, and Others)
--> APAC (China, India, Indonesia, Malaysia, Japan, and Others)
--> The Rest of the world (Middle East, Africa and South America).
North America compromises the maximum market share. Growing number of investments by end-users in new techniques and tools, the heavy spending on automating the manufacturing or business units by various industrial stakeholders, the developments in software, and the need to increase the overall efficiency are few of the factors that drive the growth of the market in this region.Key Players
Some of the top companies are ABB Ltd. (Switzerland), Emerson Electric Co. (U.S.), General Electric Co. (U.S.), Honeywell International, Inc. (U.S.), Rudolph Technologies, Inc. (U.S.), and Schneider Electric SE (France), Aspen Technology
, Inc. (U.S.),among others.Report Contents
> Market segments
> Market Drivers, Restraints and Opportunities
> Market Size & Forecast 2016 to 2022
> Supply & Demand Value Chain
> Market - Current Trends
> Competition & Major Companies
and R&D Status
> Porters Five Force Analysis
> Strategic and Critical Success Factor Analysis of Key PlayersRegional Analysis:
> North America
>> US and Canada
> Latin America
>> Mexico, Brazil, Argentina and Rest of Latin America
> Western Europe
>> EU5 (Germany, France, Italy, Spain, U.K.)
>> Nordic Countries (Denmark, Finland, Norway, and Sweden)
>> Benelux (Belgium, The Netherlands, and Luxembourg)
>> Rest of Western Europe
> Eastern Europe
>> Rest of Eastern Europe
> Asia Pacific
>> Australia and New Zealand
>> Rest of Asia Pacific
> Middle East and Africa
>> GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
>> South Africa
>> North Africa
>> Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.Report Highlights:
> Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
> Consumer and Pricing Analysis
> Market dynamics of the industry
> Market Segmentation
> Estimated Market Sizing in terms of volume and value
> Recent trends in Market and impact
> Research Status and Technology
> Extensive Industry Structure Coverage
Publisher Name : Market Litmus