IMARC Group has recently released a new research study “Advanced Process Control Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What Are The Growth Prospects Of The Advanced Process Control Industry?
The global advanced process control market size reached US$ 1.45 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 2.35 Billion by 2027, exhibiting a growth rate (CAGR) of 8.20% during 2022-2027.
What is Advanced Process Control?
Advanced process control represents a set of model-based software and sophisticated technologies that are implemented in several industries to maximize operational efficiency. They are available in multiple types, such as multivariable model predictive control (MPC), advanced regulatory control (ARC), and nonlinear MPC, and mostly include digital control units and online sensors. Advanced process control systems facilitate enhanced production capacity and equipment reliability, ensure automated data collection, and monitor process parameters while consuming minimal energy. They assist business enterprises in optimizing manufacturing operations, solving multivariable control problems, reducing disruption, catering process control system requirements, and improving productivity. Consequently, advanced process control solutions find widespread applications across numerous sectors, including oil and gas, petrochemical, food and beverage (F&B), pharmaceutical, chemical, energy and power, paper and pulp, etc.
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What Are The Key Factors Driving The Global Advanced Process Control Market?
The expanding need for efficient automation solutions across various end-use industries to reduce human errors and risks of accidents and enhance safety is primarily driving the advanced process control market. In addition to this, the elevating concern about industry-generated emissions, especially from the oil and gas segment, is acting as another significant growth-inducing factor. Furthermore, the escalating technological advancements and the growing integration of process analytical technology (PAT) to equip workers with online and offline model building, verification, and data analysis tools for enabling the precise performance of industry-related tasks are also positively influencing the global market.
Apart from this, the increasing usage of the technology to allow instant modification in production operations is further augmenting the market growth. Moreover, the rising number of strategic collaborations among the key market players and the inflating investments in research and development (R&D) activities to introduce energy-efficient process controlling systems are anticipated to bolster the advanced process control market over the forecasted period.
who are the key players/companies in the global Advanced Process Control market?
AGLUKON Spezialduenger GmbH & Co. KG, COMPO Expert GmbH (Grupa Azoty S.A.), DeltaChem GmbH, Haifa Group, ICL Group Ltd., JNC Corporation, Kingenta Ecological Engineering Co. Ltd., Mivena BV, Nufarm, Sociedad Química y Minera de Chile S.A., The Mosaic Company and Yara International ASA.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Component:
- Software
- Service
Breakup by End Use Industry:
- Oil and Gas
- Petrochemical
- Pharmaceutical
- Food and Beverage
- Energy and Power
- Chemical
- Others
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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