Pune, India, Jan. 10, 2022 (GLOBE NEWSWIRE) -- The global advanced process control market has been estimated a value USD 1,549.80 million in 2021 and is projected to exhibit a CAGR of 12.0% during the forecast period, as per a recent market study by Quince Market Insights.
The advanced process control market has various uses and advantages, including increased production capacity, improved process parameter monitoring, reduced energy consumption, predictive maintenance, and improved process safety. The process manufacturers have used advanced process control (APC) and virtual optimization technology. The rising need for energy-efficient process control solutions is fueling the expansion of the advanced process control market.
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Process industries use innovative process control systems to reduce production time, ensure higher-quality items, and optimize process plant operations on a range of fronts, including efficiency, cost, and safety. Rising demand in end-user sectors such as pharmaceuticals, energy & electricity, mining, minerals, and metals, and food & beverages will boost the advanced process control market. For aseptic, pasteurization, extended shelf life, hot fill, mixing, batching, and CIP equipment, food and beverage companies may rely on advanced process control (APC's) entire process engineering design capabilities. Tetra Pak (Switzerland), for example, partnered with Rockwell Automation (U.S.) to supply powder manufacturing equipment with model predictive control.
Machine makers are looking for manufacturing technology partners to provide increasingly complicated automation choices due to changing customer behavior and market needs, particularly in the food and beverage industry.
In the process industries, advanced process control is used. It allows a company to boost productivity, efficiency, and emissions while lowering costs. The market is driven by advantages such as increased production capacity, greater monitoring of key performance indicators, reduced power usage, and higher equipment dependability provided by advanced process control.
During the forecast period, the market is likely to be driven by a growth in the use of advanced process control in process industries to minimize emissions and boost operational flexibility and dependability. The market's growth is projected to be limited by the high implementation costs of sophisticated process control. However, data accuracy and software implementation speed, on the other hand, offer plenty of room for expansion.
COVID 19 Impact on Global Advanced Process Control Market
Every sector has been altered by the COVID 19 pandemic. COVID-19 has influenced customer behavior all around the world. Many consumers must deal with food scarcity and delivery constraints in order to feed themselves and their families. Despite promises from the food industry concerning food supply, the initial phase of the COVID-19 pandemic was defined by panic buying by customers, who engaged in stockpiling behaviors in anticipation of mobility restrictions and fears of food transit disruptions. As a result of the crisis, there has been an increase in the supply of preferred products like pasta, canned fish, rice, and canned tomatoes, among others, to create home stocks, as well as a decrease in the use of perishable products, which have been replaced by those with longer preservation times, and a trend to replace fresh products with frozen ones.
Global Advanced Process Control Market, by Revenue Source
Based on revenue source, the market is divided into three categories: Services and software. The service type dominates the market due to the huge installed base of modern process control systems in developed regions such as North America and Europe. Advanced regulatory control, multivariable model predictive control, inferential control, sequential control, and compressor control are the different types of service.
Global Advanced Process Control Market, by Type
Based on the type, the global advanced process control market is divided into advanced regulatory control, multivariable model predictive control, inferential control, sequential control, and compressor control. With a portion of the market, the multivariable model predictive control dominates the market. Multivariable model predictive control system can address the needs of energy plants and refineries that require specialized control. Multivariable model predictive control strategies are used in many industries, including chemicals, oil and gas, food processing, and petrochemicals. Similarly, the global market has been divided into software and services based on revenue sources.
Global Advanced Process Control Market, by Industry Vertical
Based on the industry vertical, the market is segmented into oil and gas, petrochemicals, water & wastewater, chemicals, power, paper & pulps, pharmaceuticals, food & beverages, and others.
In terms of end-use industries, oil and gas had the highest proportion. The advanced process control (APC) technologies and techniques that are used to improve the operation of oil and gas plants in a variety of situations. By decreasing oscillations in critical process variables, it is utilized to improve plant performance and stabilize operations. Utility management is, for the most part, a sophisticated control issue that affects the entire site and, in some cases, the electric grid. These system applications can be configured to save a lot more on utility expenses. The system can also be utilized to optimize energy output, such as boiler loads, gas turbines, and other similar equipment.
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Global Advanced Process Control Market, by Region
Based on region, the market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa and South America.
In the advanced process control market, Asia Pacific has captured the largest market share. India and China dominate the advanced process controls market. This is due to an increase in infrastructure construction and a high demand for energy-efficient production systems. APC development and continual improvement aims to increase manufacturing process performance, resulting in greater product quality. The use of an APC helps to increased process safety while also cutting emissions. The makers can easily maintain the plant's operation using advanced software.
Some Recent Developments in the Global Advanced Process Control Market:
- June 2017, Nextnine (U.S.), a privately held provider of security management systems and technologies for industrial cyber security, was bought by Honeywell (U.S.). They now have a comprehensive portfolio of cyber security solutions to safeguard and defend their industrial control systems and process control network as a result of this purchase.
- February 2018, Apex Optimization (Europe), a firm specialising in dynamic optimization and advanced process control, was acquired by Aspen Tech (U.S.). With this acquisition, they were able to combine superior process control with planning and scheduling, allowing refineries and petrochemical businesses to achieve unified production optimization.
- December 2017, Honeywell Process Solutions (U.S.) announced advanced process control at the Bashneft oil refining plant. This enhanced process control assisted in increasing product output while lowering energy use.
Profiles of major market players operating in the global market include ABB Ltd. (Switzerland), Aspen Technology, Inc. (U.S.), Emerson Electric Co. (U.S.), General Electric Co. (U.S.), Honeywell International, Inc. (U.S.), Rockwell Automation, Inc. (U.S.), Rudolph Technologies, Inc. (U.S.), and Schneider Electric SE (France).
For more details on this topic please visit, “Advanced Process Control Market, By Revenue Source (Software, And Services), by Type (multivariable model predictive control, inferential control, sequential control, and compressor control) By Industry Vertical (Oil And Gas, Petrochemicals, Water & Wastewater, Chemicals, Power, Paper & Pulps, Pharmaceuticals, Food & Beverages, And Others), and By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America)” in-depth analysis along with the table of contents (ToC).
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