Different industries like oil & gas, petrochemicals, and pharmaceutical are adopting the advanced process control for the optimization of their operational functionalities. Through the deployment of the advanced process control system, several businesses are not only enhancing and improvising their operational techniques but also augmenting their profitability. The advanced process control system has a decisive role to play in the process industries as it helps in the stabilization of the control loops, process interactions, and big process dead time.
Introduction of the worker’s safety and other security standards along with the growing necessity for energy-efficient and cost-effective process control solutions are two of the main driving factors that are influencing the growth of the Global Advanced Process Control Market. Model predictive control, regulatory control, and inferential control are the three main types of advanced process control which is available at present. The Global Advanced Process Control Market is growing at a remarkable CAGR of 12.09% during the forecast period (2017-2023).
The market research report provides a comprehensive analysis of the global advanced process control market. The market is segmented on the basis of its revenue source, type, applications, and regional demand. Based on its type, the market has been classified into multivariable model predictive control, advanced regulatory control, sequential control, inferential control, and compressor control. On the basis of its revenue source, the global advanced process control market is segmented into service and software. By application, the market is bifurcated into oil & gas, power, pharmaceuticals, food & beverages, chemicals, petrochemicals, and semiconductors. Based on its geographical demand, the market has been divided into different global regions including North America, Asia Pacific, Europe, and The Middle East & Africa.
The major industry players in the global advanced process control market include companies such as ABB Ltd., Emerson Electric Co., Aspen Technology, Inc., General Electric Co., Rockwell Automation, Inc., Honeywell International, Inc., Rudolph Technologies, Inc., Siemens AG, Schneider Electric SE, and Yokogawa Corporation.