The current market is primarily swept by petrochemical, nuclear power, oil & gas industries due to safety, improvement and quality in production plants.
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The constant rise in growing demand from users and adoption of best practices to improve the production and quality along with advance automation & process controls has led to significant growth in APC system. However, it comes with high initial capital and deems fit for large scale production.
What are the Key Drivers Propelling Growth of the Advanced Process Control Market?
“Process optimization and quality control are the key criteria for end-use industries to opt for advanced process control.”
Manual process and human intervention are always prone to error in some extent, and with complex industrial process, the flaw and miscalculation could be enormous, which can lead to major business loss. APC, not only reduces the fault, but also predicts the inaccuracy of product estimates.
Automation is the only technology which find place in every corner of the globe and industries are more than happy to spend huge money on it. Besides that, it reduces the dependency on manpower and addresses the shortages in workforce by providing remote process automation systems.
The market outlook looks bright, but a high-end technology which require mammoth initial capital diminishes the prospects for small scale industries. Furthermore, it requires niche technological experts for implementation and deployment for optimal results. Automation is also seen as a threat by fewer economist as it reduces the manpower at a low level.
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Which Region Shows Strong Growth Potential in the Advanced Process Control Market?
“The Asia Pacific region is leading the advanced process control market and the high growth rate is symbolic of the high adoption percentage of this radical technology.”
Asia pacific is leading the race to acquire the fast-growing emerging advanced process control market. China and India being the dominant player, collectively accounts for significant share of this emerging market.
China is expected to register significant growth and offerings in advanced process control market. China manufacturing companies are already outperforming in term of production, industrial flow control and the blend of advanced processing control system can be a revolutionary.
For instance, during 2016-17 China revenue generation was US 1.4 trillion alone from manufacturing sector.
What are the Key Innovations in the Advance Process Control Market?
“European regional APC market accounted for more than 30% of the overall market in 2018. The strong adoption rate in the oil and gas, petrochemicals, and energy industries reflects the growing demand for advanced process control in the region."
In 2016, Rudolph Technologies unveiled its new patented clearfind technology capable of detecting organic defects. These minute defects are even difficult to by advanced imaging technologies. The industry is no actively collaborating with multiple customers to address inspection challenges.
Furthermore, a year later in 2017 Honeywell Process Solutions released their APC at Bashneft oil refining complex
In Feb 2018 Apex Optimization was acquired by AspenTech altogether, they introduced advance process control with adequate planning and scheduling for refineries and petrochemicals companies