Fort Collins, Colorado, April 03, 2024 (GLOBE NEWSWIRE) -- The Advanced Process Control Market size was valued at USD 2.5 Billion in 2023 and is anticipated to grow CAGR at 7.8% to reach USD 4.9 Billion by 2032.
Advanced process control primarily focuses on evaluation, inspection, real-time analysis, and execution of operations through closed-loop operations. Additionally, resolving operational difficulties and reducing associated costs results in significant growth in profitability for the company. Advanced process control has revolutionized the processes in the manufacturing industry.
Adopting internet-of-things (IoT) technology and rising automation will drive the advanced process control market. The IoT-enabled advanced process control systems significantly reduce the risk of system breakdown by providing timely maintenance and servicing reminders. Additionally, IoT-enabled advanced process control systems also provide real-time alerts for the maintenance & services of the system, which helps increase the overall product lifecycle.
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Segmentation Overview:
The global advanced process control market has been segmented into services, end-user, and region. Based on end-user, advanced process control market segmentation includes manufacturing, oil & gas, energy & power, pharmaceutical, food & beverage, pulp & paper, and others. Manufacturing holds a significant share of the end-user segment of the advanced process control market. Advanced process control in manufacturing enterprises enhances the manufacturing process. It reduces humans' dependence and exposure to risky processes like machine handling and managing and operating the manufactured parts under extreme temperatures.
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Advanced Process Control Market Report Highlights:
- The global advanced process control market growth is anticipated at a CAGR of 7.8% by 2032.
- Implementing advanced process control solutions offers several benefits, such as improved process safety, equipment failure prevention, and environmental emissions reduction. Improvement in operational efficiency leads to business competitiveness and maximizes process profitability. Reduced maintenance time and cost of production are expected to generate a significant profit in the long run, driving the advanced process control market in the forecast period.
- North America holds a significant share of the advanced process control market with the United States having a substantial share in this region. The rate of automation of repetitive tasks and the adoption of advanced tools and software for low-code automation processes is growing tremendously in the country.
- Some prominent players in the advanced process control market report include Siemens AG, Honeywell International Inc., General Electric, Schneider Electric, Emerson Electric Co., ABB Ltd., Rockwell Automation Inc., Yokogawa Electric Corporation, Aspen Technology Inc., Helium Consulting Pvt. Ltd., and others.
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Advanced Process Control Market Segmentation:
By Services: Advanced Regulatory Control, Multivariable Model Predictive Control, Inferential Control, Sequential Control, Compressor Control, and Others.
By End-user: Manufacturing, Oil & Gas, Energy & Power, Pharmaceutical, Food & Beverage, Pulp & Paper, and Others.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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