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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Segmentation & Regional Insights
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
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
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the advanced process control market are focused on developing advanced AI solutions, such as AI-enabled autonomous well control solutions, for enhanced oil production. An AI-enabled autonomous well control solution refers to a sophisticated system that utilizes artificial intelligence (AI) to enable autonomous and real-time control of wells in the oil and gas industry. For instance, in October 2023, Halliburton., a US-based oil-field services, engineering, and construction company with AIQ, and ADNOC, launched RoboWell, the first AI-enabled autonomous well control solution for gas-lifted wells at ADNOC’s North East Bab asset in Abu Dhabi. RoboWell utilizes real-time data to optimize production processes, ensuring safety and minimizing disruptions. The solution automates tasks, enhancing ADNOC’s ability to maintain well flow rates within desired operating ranges through real-time optimization of gas injection rates.
The advanced process control market report table of contents includes:
1. Executive Summary
2. Advanced Process Control Market Characteristics
3. Advanced Process Control Market Trends And Strategies
4. Advanced Process Control Market – Macro Economic Scenario
5. Global Advanced Process Control Market Size and Growth
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31. Global Advanced Process Control Market Competitive Benchmarking
32. Global Advanced Process Control Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Advanced Process Control Market
34. Advanced Process Control Market Future Outlook and Potential Analysis
35. Appendix
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