NEW DELHI, Dec. 2, 2019 /PRNewswire/ -- According to a new report Global Advanced Process Control Market, published by KBV research, The Global Advanced Process Control Market size is expected to reach $24.2 billion by 2025, rising at a market growth of 9.4% CAGR during the forecast period. The market is expected to be influenced by the end use industries like petrochemical and nuclear power. The industries extensively focus on improvement, safety, and optimization of their processes. APC systems help process industries to effectually moderate the production time. It also helps them to guarantee better quality products and advance on areas like cost, efficiency, and safety of process plant operations.
The oil and gas industry accounted for the largest market share in 2018 and is anticipated to see substantial growth throughout the forecast period. The growth has also been attributed to the large implementation of APC systems in the industry. The trend has also been linked to the fact that production activities in the oil and gas sector are complex and need to be monitored in real time. The Chemicals market would witness prominent CAGR of 8.5% during (2019 - 2025). The Food & Beverages market is experiencing a CAGR of 10.7% during (2019 - 2025). Additionally, The Energy & Power market is expected to witness highest CAGR of 12.5% during (2019 - 2025).
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The Europe advanced processing control market recorded more than 30% market share in 2018. The market share was enabled by the high adoption rate of APC systems in the chemical, pulp and paper, pharmaceuticals, and oil & gas industries in Europe. In addition, chemical manufacturers make significant investments in developing and customizing APC systems to improve their operating processes. Asia Pacific is projected to rise as the fastest-growing regional APC market due to the increased demand for advanced process control devices from multiple end-use sectors.
The Hardware market dominated the Global Advanced Process Control Market by Product 2018, growing at a CAGR of 8.5 % during the forecast period. APC services are anticipated to see a substantial increase in demand throughout the forecast period due to the massive installed base of advanced process control systems in developed economies like North America and Europe. Nonetheless, the hardware segment is expected to grow at the highest CAGR during the forecast period.
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The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of ABB Group, Emerson Electric Co., General Electric (GE) Co., Honeywell International, Inc., Schneider Electric SE, Siemens AG, Panasonic Corporation, Yokogawa Electric Corporation, Rudolph Technologies, Inc. and Rockwell Automation, Inc.
Global Advanced Process Control Market Segmentation
By End User
- Oil and Gas
- Food & Beverages
- Energy & Power
- Mining, Minerals, and Metals
- North America
- Asia Pacific
- ABB Group
- Emerson Electric Co.
- General Electric (GE) Co.
- Honeywell International, Inc.
- Schneider Electric SE
- Siemens AG
- Panasonic Corporation
- Yokogawa Electric Corporation
- Rudolph Technologies, Inc.
- Rockwell Automation, Inc.
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SOURCE KBV Research