Transparency Market Research
Advanced process control is an optimization and control system technology with deployment of extensive range of methods and processes within the control systems of industrial processes. Some of the major recompenses of advanced process control softwares are development in operational understanding, reduction in power consumption, lessening of process completion time, enhanced process safety, improved equipment reliability, and increased production capacity. These characteristics of advanced process control software are estimated to propel the employment of the applications in various industry verticals.
Rise in demand for production of energy efficient processes is a primary driver of the global advanced process control software market. In addition to this, increase in demand for advanced process control software to detect and predict any probable failure along with improvement of data accuracy to boost the performance of the system are accelerating the growth of the advanced process control software market. However, reluctance of start-up companies in using advanced process controllers in place of traditional processes due to insufficient capital cost is anticipated to act as a restraint to the advanced process control software market.
The advanced process control software market can be segmented based on component, industry, end-user, and region. On the basis of component, the advanced process control software market can be divided into software and services. The software segment is further divided into advanced regulatory control, inferential control, sequential control, compressor control, and multivariable model predictive control software, while, the services segment can be further classified into operation and maintenance services, consulting services, and training services. Based on industry, the global advanced process control market can be bifurcated into oil & gas, power, chemicals, pharmaceuticals, petrochemicals, food & beverage, and others. Oil & gas along with the chemical industry are estimated to dominate the global advanced process control software market due to the extensive applications of advanced process control software in these industries. The end-user segment of the advanced process control software market includes large, small, and medium-scale enterprises. Large-scale enterprises are estimated to constitute a major revenue share of the global advanced process control software market due to their rising investments, whereas, increasing awareness of advanced process control software among middle and small-sized enterprises is further supporting the growth of the SME’s in the market.
Based on region, the global advanced process control software market can be segmented into North America, South America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA). North America is estimated to presently dominate the advanced process control software market, in terms of revenue, followed by Europe. North America has well-established infrastructure that enables higher penetration of the advanced process control software market in the region, ultimately providing enhanced production processes. This is anticipated to be a key factor propelling the advanced process control software market in the region. APAC is also expected to exhibit lucrative business opportunities for the key players operating in the advanced process control software market during the forecast period due to rise in industrialization in the region.
The global advanced process control software vendors in the market are increasingly focusing on the development and introduction of software that enables optimization of industrial processes and require minimum power consumption. In order to achieve this, companies are increasing their budgets for R&D. ABB Ltd., Schneider Electric SE, Aspen Technology, Inc., Honeywell International, Inc., General Electric Co., Yokogawa Electric Corp., Rockwell Automation, Inc., Emerson Electric Co., Rudolph Technologies, Inc., and Siemens AG are some of the major players in the global advanced process control software market. The advanced process control software enterprises are also focusing on modifying their pricing models to strengthen their position in the global advanced process control software market.
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