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21 Jan 2021, 22:34 GMT+10
The global advanced process control market was valued at USD 13 billion in 2019 and is anticipated to reach USD 27 billion by 2026, expanding at a CAGR of 9% during the forecast period, 2020 – 2026. The growth of the market is attributed to the increase in demand for automation solutions across different end-users.
Advanced Process Control possesses a broad spectrum of technologies and techniques employed within industrial process control systems. It is used with basic process controls which are designed to facilitate control, automation requirements, and basic operation. The emergence of APC resulted in the advancement of process industry as it saves the cost of energy whilst increasing profitability by meeting operational constraints. It lessens the environmental emissions, improves the safety measures of the process, it reduces the process variability, thus allows the plants to operate at their designed capacity, improves the efficiency of operation, reduces the cost of maintenance, optimize time, and improve the decision's output. Moreover, it is an advanced technology that optimizes process profitability and operational performance, thus allowing companies to gain maximum from their assets. The manufacturers have been utilizing the APC technology for decades. Advancements and developments simplified the system on open computing platforms; advanced process control consists of model-based software which includes the driver software to assemble historical data from control systems, model verification, data analysis tools to ensure accuracy of the model, and operator guidance.
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Market Trends, Drivers, Restraints, and Opportunities:
Competitive Landscape
Major players in the global advanced process control market are Siemens, Emerson Electric Co., Rudolph Technologies, Rockwell Automation, Inc., Aspen Technology, Inc., Schneider Electric, Yokogawa Electric Corporation, ABB, Panasonic Corporation, and Honeywell International Inc. They engage in strategies such as partnership & collaborations, maintaining competitive prices, and product launches.
Segments Covered in the Report
The global advanced process control market has been segmented on the basis of
By Regions:
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The following is the TOC of the report:
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Advanced Process Control (APC) Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Advanced Process Control (APC) Market - Supply Chain
4.5. Global Advanced Process Control (APC) Market Forecast
4.5.1. Advanced Process Control (APC) Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Advanced Process Control (APC) Market Size (000? Units) and Y-o-Y Growth
4.5.3. Advanced Process Control (APC) Market Absolute $ Opportunity
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Advanced Process Control (APC) Market Size and Volume Forecast by Type
5.3.1. Advanced Regulatory Control (ARC)
5.3.2. Multivariable Model Predictive Control (MPC)
5.3.3. Nonlinear MPC
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
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Tags: Advanced Process Control Market share, Advanced Process Control Market size, Advanced Process Control Market Analysis, Advanced Process Control Market growth, Advanced Process Control Market forecast, Advanced Process Control Market Trend
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