PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401818
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401818
Advanced Process Control Market size was valued at USD 1,800 Million in 2022, expanding at a CAGR of 10.1% from 2023 to 2030.
Advanced process control systems are essential tools that facilitate predictive maintenance, allowing for the identification, isolation, and resolution of issues without overburdening operational staff. Moreover, these systems enable swift real-time modifications to the production model without requiring the controller to be taken offline. Such advantages have conferred critical importance upon APC systems across various industries, including chemical, oil and gas, and petrochemical sectors. Companies are investing significantly in APC technology to minimize errors, incorporate a greater number of variables simultaneously, and enhance process control for heightened customer satisfaction.
Advanced Process Control Market- Market Dynamics
Increased focus of end-use industries, such as petrochemical and nuclear power, on enhancing safety measures to propel market demand
The market's growth is expected to be primarily driven by the increased focus of end-use industries, such as petrochemical and nuclear power, on enhancing safety measures and optimizing their operations. APC systems play a pivotal role in allowing process industries to streamline production timelines, ensure superior product quality, and enhance operational efficiency, cost-effectiveness, and safety. The surge in user demand, coupled with the adoption of processing methodologies emphasizing quality due to heightened market competition, has led to a substantial increase in the implementation of APC software for advancing product development.
Advanced Process Control Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 10.1% over the forecast period (2023-2030)
Based on Product type segmentation, service was predicted to show maximum market share in the year 2022
Based on End User segmentation, oil and gas was the leading type in 2022
On the basis of region, North America was the leading revenue generator in 2022
The Global Advanced Process Control Market is segmented on the basis of Product type, Control Type, End User, and Region.
The market is divided into three categories based on Product type: hardware, software and services. Among these, the service segment held the market's predominant share in 2022 and is expected to experience heightened demand in the forecast period, particularly in well-established regions like North America and Europe due to the extensive installation base of advanced process control systems.
The market is divided into seven categories based on End User: Oil and Gas, Chemicals, Pharmaceuticals, Energy & Power Mining, Minerals, and Metals, Food & Beverages and Others. In 2022, the oil and gas segment secured the largest market share and is anticipated to observe substantial growth in the foreseeable future. This upsurge is attributed to the industry's complex processing operations requiring real-time regulation. Historically, complex data computations were prone to manual errors. To mitigate such errors, the oil and gas sector has increasingly adopted advanced process control systems, solidifying its position as a primary end-user of APC technology.
Advanced Process Control Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The competitive landscape of the market is predominantly consolidated, with a few key companies collectively holding significant industry shares. The intricate nature of APC technology, coupled with the industry's maturity, sustains high competitiveness. Major APC vendors are employing strategies like partnerships, mergers and acquisitions, improved service offerings, and competitive pricing to expand their market presence. Notably, many industry leaders are focusing on acquisitions to maintain this consolidated market state.
In February 2023, ABB introduced the ABB Ability Symphony Plus distributed control system (DCS), which aimed to facilitate a simplified and secure connection to the edge and cloud through OPC UA1. This innovation seeks to provide enhanced functionalities without disrupting core control and automation features.
The scope of this report covers the market by its major segments, which include as follows: