Advanced Process Control Market - Forecasts from 2018 to 2023
The advanced process control market was valued at US$811.73 million in 2017 and is projected to expand at a CAGR of 10.45% over the forecast period to reach US$1473.81 million by 2023. Advanced Process Control (APC) technologies and tools help to raise the efficiency of plant across a range of applications by stabilizing its operations and reducing fluctuations in key process variables. Due to continuous need for raising the efficiency of production process while maintaining the product’s quality, along with reduction in harmful gas emissions and reduced operational costs, the demand for APC systems is growing worldwide. Moreover, rising environmental concerns coupled with stringent government regulations is also a key factor augmenting the demand for APC systems sustainable production processes. Apart from oil & gas, end-use industries such as chemicals, power among will complement the growth of APC market across the globe.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the advanced process control value chain. Last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the advanced process control market.
Major industry players profiled as part of the report are ABB, Honeywell International, Inc., Emerson Electric Co., and Siemens AG among others.
The advanced process control market has been analyzed through following segments:
Statistical Process Control
Fault Detection and Classification
Oil and Gas
Food and Beverage
Middle East and Africa
United Arab Emirates