The advanced process control global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Advanced Process Control Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The advanced process control market size has grown rapidly in recent years. It will grow from $18.57 billion in 2023 to $20.51 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to rise of industrial automation, focus on energy efficiency, industry regulations and standards, increasing complexity in industrial processes, cost reduction and operational efficiency.
The advanced process control market size is expected to see rapid growth in the next few years. It will grow to $30.12 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to demand for real-time process monitoring and control, cybersecurity concerns and solutions, emphasis on predictive maintenance, ustomization and scalability, demand for energy efficiency. Major trends in the forecast period include advanced analytics for predictive maintenance, cloud-based apc solutions, rise of industrial automation, edge computing in control systems, interoperability and open standards, remote monitoring and home-based care.
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Scope Of Advanced Process Control Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Advanced Process Control Market Overview
Market Drivers –
The rising demand for automation solutions is expected to boost the growth of the advanced process control market going forward. Automation refers to the technology that uses less human assistance to complete tasks. Process Automation Systems (PAS) are used by industry leaders to minimize complexity, particularly advanced process control (APC) systems, which result in higher efficiency, less operator participation, and increased profits in a continuously changing environment. APC is a process automation system update that offers increased value. Hence, the rising demand for automation solutions will boost the advanced process control market. For instance, according to an International Data Corporation (IDC) report, in Australia and New Zealand alone, spending on IoT goods and services will surpass $16 billion in 2022, up 13% from 2021. Therefore, the rise in the need for automation is driving the growth of the advanced process control market.
Market Trends –
Major companies operating in the advanced process control market are developing technological solutions, such as digital twin technology, to achieve both the lowest energy use and the highest operational standards. Digital twin technology is a virtual representation of a physical object or system, providing real-time insights, analysis, and simulations for enhanced understanding and decision-making. For instance, in February 2022, ABB., a Switzerland-based supplier of electrical equipment and automation products, launched ABB Ability Smart Solution for Wastewater, a digital solution addressing challenges in wastewater treatment plants. The solution, comprising advanced process control (APC) and digital twin technology, aims to optimize operating conditions by minimizing process variability and stabilizing operations.
The advanced process control market covered in this report is segmented –
1) By Revenue Source: Software, Services
2) By Type: Advanced Regulatory Control, Multivariable Model Predictive Control, Inferential Control, Sequential Control And Compressor Control
3) By End-Use: Oil And Gas, Petrochemicals, Pharmaceuticals, Food And Beverages, Energy And Power, Chemicals, Other End-Uses
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Regional Insights –
Asia-Pacific was the largest region in the advanced process control market in 2023. North America is expected to be the fastest-growing region in the advanced process control market report during the forecast period. The regions covered in the advanced process control market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the advanced process control market report are Schneider Electric, Siemens, General Electric, Aspen Technology Inc., Emerson Electric Co., ABB Ltd., Yokogawa India Ltd., Honeywell International Inc., Rockwell Automation Inc., Azbil Corporation., MAVERICK Technologies LLC, SGS SA, Metso Outotec, Mineser GmbH, Cisco, NovaTech LLC, Applied Materials Inc., Dassault Systèmes, SAP SE, Mitsubishi Electric Corporation, Wonderware (Aveva Group), Bristol-Myers Squibb Company, Toshiba Corporation, Andritz AG, Norsk Hydro ASA, Spirax-Sarco Engineering plc, OMRON Corporation, Bentley Systems Incorporated, Linde plc, Schlumberger Limited .
Table of Contents
1. Executive Summary
2. Advanced Process Control Market Report Structure
3. Advanced Process Control Market Trends And Strategies
4. Advanced Process Control Market – Macro Economic Scenario
5. Advanced Process Control Market Size And Growth
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27. Advanced Process Control Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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