Impact of COVID-19 on Economy, Industry and Company :
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"The Market for Advanced Process Control is valued for US$ XX Mn in the year 2019. It is anticipated CAGR is 9.30% to reach a growth of 2776.6 Mn by 2028."
The advanced process control technology is an operation's efficiency maximization utility. Companies are focusing on managing complex process control systems to increase their efficiency in an optimally. Thus, organizations are significantly focusing on advanced process control technologies, which could eliminate process control risks and optimize their resources effectively. The technology is highly in demand by the manufacturing and service industries. Such trends are being favourable for the growth of the advanced process control technology market. The companies are also introducing the latest technologies and features that are cost-effective and serve the need of the customers in control processes. Customization of these process control technology is also being offered to clients who are driving the market irrespective of the industry. It could also predict and manage resources of organizations which is making this technology a necessity for large organizations. Due to such advantages advanced process control technology utilization is increasing in recent times.
The analysis and recommendations of processes by a company are at ease by the application of advanced process control technology. This system acts as a catalyst for the stabilization of processes across the functional areas of organizations. Advanced process control is preferred on traditional process control systems as it could operate on regulatory control function hence it is complex to manage. Thus, the market for advanced process control is increasing that could analyse the process and recommend solutions on its own.
Advanced process control technology adoption is dominated by Oil & Gas companies worldwide.
The advanced process control technology is estimated at USD 13.5 billion in 2018 whose major share was by Oil & Gas that is expected to grow by 2028. Thus, the overall share by Oil & Gas is by 25% across the globe in this technology adoption. This end-user segment is going to be the key used for the advanced process technology adoption among others. Oil & Gas industry policies are being reconsidered making changes to comply with the current scenario which is making it hard to manage process control. Such changes by the governments across the world are insisting Oil & Gas organizations to adopt advanced process control technology. Technology adoption of this technology not only monitors the processes but also could avoid risks involved due to fluctuation in the market.
Increasing market share by the chemical industry in adopting Advanced process control technology.
The chemical industry is making significant investments in the advanced process control technology to make necessary customization. The market share of advanced process control by the chemical industry is estimated at 20% in the year 2018 among others. This is because the Chemical industry is rapidly expanding and this requires a thorough control and monitoring of the process to efficiently manage their operations. In the chemical industry an estimated US$ XX Bn in the year 2019 is expected to grow. The CAGR of Advanced process chemical technology is accounted for 12% during 2018 due to chemical industry proliferation. It is also expected that the chemical industry could make the highest market share in the next forthcoming years. These chemical companies are also investing highly in R&D of Advanced process control technology that could cater to their needs for complex operations. Therefore, the chemical industry is also considered as one of the significant markets for the process control technology offerings.
APAC a favourable market in the growth of advanced process control technology.
Asia-Pacific has a high rate of industrial growth among others due to various factors such as foreign direct investment and new establishments. Such investments are demanding companies to adopt advanced process control technology to enhance their performance in the market. Thus, in APAC has a market share of 39% in the year 2018 in contrast to the global regions. The regions have a CAGR of 12% estimation of 2018. This market share could be reached by countries such as China, India, and Japan that are dominating this market in this region. Thus, organizations involved in the advanced process control are focusing more on these countries to grab the market opportunity. Its market is valued by USD 287.2 million. These kinds of factors in the APAC region is considered favourable for the advanced process control as it has a lucrative business opportunity.
Europe growing in the adoption of advanced process control technology:
In 2018 Europe registered as the next most opportunistic market for the Advanced process control technology. The European market is considered to be having a market value of USD 303.10 million for the year 2018. This market has accounted for a CAGR of 10.24% in the year 2018 and is considered being consistent for the next years. Companies in this region are encouraged to invest in the R&D activities because of higher financial stability and adoption of the latest advanced process control. Organizations in Europe could surge their growth for a forecast period due to improvement in the output quality. These organizations tend to adopt cost-cutting methods heavily to keep up a competitive edge in this region.
In the Advanced process control market, the organizations are investing in customization of technology through partnering. This is enabling them to gain a strong competitive edge and gain a good market share. ABB group is one of the pioneering organizations in catering Advanced process control technology. It has grabbed 20% of the market share among its competitors. The investment it has made in the year has amounted to USD 1.5 billion approximately every year in order to meet the needs of the changing dynamics of the market.
There are other organizations that are offering Advanced process control solutions to the end-users. These players are also performing in the niche market of this technology with the help of advanced technology and customization worldwide. They are listed as follows. Honeywell International Inc., Siemens AG., Rockwell Automation Inc., Emerson Electric Co., General Electric Co., Schneider Electric SE., Aspen Technology Inc., Panasonic Corporation, among others.
Advanced process control key market segments:
By End Users:
- Oil & Gas
- Power & Energy
- Mining, Minerals & Metals
- North America
- Asia Pacific
- Latin America
- Middle East & Africa