Global Advanced Process Control Market - Segmented By Type (Advanced Regulatory Control, Multivariable Model Predictive Control, Inferential, Sequential, and Compressor Control), End-user (Oil & Gas, Water & Waste Management, Pharmaceuticals), and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Advanced Process Control Market was valued at USD 1050.24 million in 2017, and is expected to value at USD 1779.8 million by 2023 at a CAGR of 9.19%, over the forecast period (2018 - 2023). The different types of advanced process controls considered in our scope include, advanced regulatory control, multivariable model predictive control, inferential control, sequential control, and compressor control.
Oil & Gas is the largest sector in the global market, with the largest market share in 2016. High adoption rate of automation and critical nature of operations in the industry, are supporting the demand for advanced process control. With the dip in oil prices in the recent years, the industry is now focusing on improving efficiency and deferring investments from new projects to existing infrastructure development. Companies, in the industry, are adopting advanced-solution providing, while offering enhanced efficiency, thus, driving the revenue growth. While, the industry is witnessing a slowdown in growth, increasing demand for energy globally is driving investments from the sector, with some companies predicting the demand to peak within next 15 years. Changing dynamics in the oil industry, with a shift toward ocean-floor exploration, is creating a need for advanced process-control operations in new projects. With safety and control being the primary focus areas in the industry, investments in upgrading the existing automation systems is further influencing the demand for advanced process control. However, the dynamic nature of the industry and low industry confidence, can hamper investments in new technologies, over forecast period.
Increasing Demand for Automation Solutions across Various Industries
To remain productive and competitive, manufactures are adopting creative and energy efficient methods to improve the business-development model. The seamless integration of hardware and software is enabling manufacturing industries to reduce wastage, lower accident rates, and produce robust and accurate products profitably. Automation is becoming an integral part of the modern manufacturing and industrial operations. Maintaining a consistency in the quality and efficiency in production has led to major manufacturers and industry players investing in the adoption of the automated solutions to enhance the overall performance of the enterprise. Automation solutions optimize the productivity and efficiency of the various stages of production. Network intelligence is well developed and widely adopted. Furthermore, to ensure a smooth and efficient business model, major industries are integrating advanced process controls to their automation models. Additionally, major players like ABB, are investing significantly in the development of automation solutions, to satisfy the rising demand across various end-user industries.
Advanced Regulatory Control to hold a Major Share of the Market
Advanced regulatory control is the foundation of the advanced process control systems. Rapid industrialization and the increasing demand for intelligent and more accurate functional systems is boosting the advanced regulatory control system market. Advanced regulatory controls incorporate knowledge of process dynamics, constraints, and disturbances. With industrial sector considering the increase of capacity and process efficiency in industries, there is a growth in consumption. Advanced regulatory control systems also improve value resolution, eliminate limit cycles, compensate for dead time, improve process linearity and threshold sensitivity, and optimize process operations of the entire systems. Advanced regulatory control is used as a low cost and quick solution for simple optimization problems in advanced process control market. This is supporting the consumption among existing and upcoming industries. Advanced regulatory control systems are applied in various industries in order to define the product and its quality, measurement for evaluation, boundaries of the process, measurement of online-operation, and develop control strategies. With strict regulations governing the operational quality and safety, ARC has become one of the widely consumed technology.
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