Market Overview:
Advanced process control software offers improved process performance with enhanced efficiency, reduced downtime, optimized yields and consistent quality. It analyzes process performance and tuning of controllers by advanced regulatory control techniques to achieve tight operational control.
The global Advanced Process Control Software Market is estimated to be valued at US$ 1.88 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the advanced process control software market is the rising adoption of cloud-based deployment. Cloud-based deployment provides easy accessibility to process data from remote locations. It helps process industries to monitor and control processes remotely through mobile applications. With cloud, process industries can reduce IT infrastructure costs and access real-time process data and control functionalities using subscription-based pricing models. This flexibility of cloud deployment is driving its adoption among small and medium process industries.
SWOT Analysis
Strength: Advanced Process Control software helps improve production processes and reduce costs. It provides real-time monitoring and control over industrial operations.
Weakness: High upfront investment costs and long implementation times. Requires specialized technical expertise for deployment and management.
Opportunity: Growing automation across industries and need for optimized productivity and efficiency. Increasing focus on Industry 4.0 technologies provide scope for advanced process control software providers.
Threats: Competition from low-cost vendors providing similar functionalities. Economic slowdowns can impact industrial capital expenditure budgets.
Key Takeaways
The Global Advanced Process Control Software Market Share is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing need for optimized production processes and operational efficiency.
Regional analysis: North America dominates the market currently due to large production bases and early adoption of industrial automation. Asia Pacific is expected to grow at fastest pace owing to heavy investments in factory automation by developers in countries like China, India, and Southeast Asian nations.
Key players operating in the Advanced Process Control Software are Yokogawa, General Electric, Rockwell Automation, MAVERICK Technologies, Emerson, Siemens, Rudolph Technologies, Honeywell International, ABB, Schneider Electric, Aspen Technology. The key players are focusing on new product launches and partnerships to gain more market share. For instance, in 2022, Yokogawa partnered with Shell Global Solutions International B.V. to provide advanced process control solutions for optimizing plant operations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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