The advanced process control market is expected to grow at a 9.31 percent CAGR during the forecast period. Adoption of advanced process control will continue to be high in pharmaceuticals, oil and gas, and petrochemicals because it meets the needs of the user in less time and at a lower cost.
Because of safety, improvement, and quality in manufacturing plants, the current market is dominated by the petrochemical, nuclear power, and oil and gas industries.
The constant rise in user demand, as well as the adoption of best, practices to improve production and quality, as well as advanced automation and process controls, has resulted in significant growth in the APC system. However, it requires a large initial investment and is only suitable for large-scale production.
Manual processes and human intervention are always prone to error to some extent, and with complex industrial processes, the flaw and miscalculations can be enormous, resulting in significant business loss. APC not only reduces faults but also predicts product estimate inaccuracy.
Automation is the only technology that has a place in every corner of the globe, and industries are eager to spend large sums of money on it. Furthermore, providing remote process automation systems reduces reliance on manpower and addresses workforce shortages.
The market outlook looks bright, but a high-end technology that requires mammoth initial capital diminishes the prospects for small-scale industries. Furthermore, it requires niche technological experts for implementation and deployment for optimal.
The Asia Pacific region is leading the race to acquire the rapidly expanding emerging advanced process control market. China and India, as the dominant players, account for a significant share of this emerging market.
China is expected to experience significant growth and expansion in the advanced process control market. China’s manufacturing companies are already outperforming in terms of production, industrial flow control, and the combination of advanced processing control systems.
- General Electric Co.
- Rudolph Technologies
- Yokogawa Electric Corp
- Emerson Electric Co.
- ABB Ltd.
- Aspen Technology
- Honeywell International, Inc.
- Schneider Electric Se
- Rockwell Automation, Inc.
- Siemens AG