Apr 28, 2023
Other
Ankush Nikam
Rising Adoption By Pharmaceutical Industries Propels Advanced Process Control Market To Grow At a CAGR OF 9.31% From 2022 To 2032 | Report by Future Market Insights, Inc.
Published Via 11Press : NEWARK, Del: The global advanced process control market is projected to rise from an evaluation of US$ 1.3 billion in 2020 to attain a remarkable value by 2032. This market is set to expand at a prolific CAGR of 9.31% from 2022 to 2032. The growth is attributed to the increasing demand for process optimization, the adoption of Industry 4.0, big data analytics, and energy-efficient processes across various industry verticals.
The increasing adoption of the Industrial Internet of Things (IoT), the incorporation of Artificial Intelligence and Machine Learning algorithms, and the focus on financial sustainability will also spur the demand for advanced process control solutions. Further, increasing adoption of advanced process control in oil and gas, pharmaceuticals, and petrochemicals owing to the affordability and low time consumption offered by the product will also aid the expansion of the market in the upcoming years.
Industries such as chemical, pulp, paper, and others are increasingly leveraging Industry 4.0 to enhance their production capabilities. Additionally, there is a growing trend toward adopting smart technologies, including automation, data analytics, and process optimization, in recent years. This trend is driven by the increasing demand for customization and modernization of production units, which is fueling the growth of the advanced process control market. Moreover, the prevailing demand for incorporating best practices to enhance productivity and quality as well as the introduction of advanced automation and process control will also contribute to the growth of the advanced process control market.
Get an overview of market drivers and challenges affecting this industry: https://www.futuremarketinsights.com/reports/sample/rep-gb-509
The advanced process control market is expected to experience growth driven by the increasing demand for APC systems in emerging economies such as India, China, and Brazil. These countries are witnessing rapid industrialization and adopting advanced technologies to enhance their operations. Additionally, companies based in these developing nations have an opportunity to create more precise models for their manufacturing processes. Furthermore, the integration of technologies like Artificial Intelligence (AI) and Machine Learning (ML) with advanced process control is anticipated to generate a more efficient process optimization and control system. All of these considerations are expected to drive the growth of the advanced process control market during the projected period.
Key Takeaways:
- The advanced process control market in the Asia Pacific leads the global market. The upsurge in the adoption of APC systems by emerging economies like India and China is responsible for the growth of the regional market.
- Increasing adoption of APC systems by the oil and gas and petrochemical sectors will propel the advanced process control market forward in Europe.
- Based on application, the pharmaceutical sector will create the most opportunities for the advanced process control market.
Didn't find the data you are looking for? Our experts provide you with customized reports: https://www.futuremarketinsights.com/customization-available/rep-gb-509
Competitive Landscape
In a competitive environment, key market participants are concentrating on developing and patenting new technologies. These enterprises also employ strategic collaborations, mergers, and acquisitions to gain a competitive edge. In February 2018, AspenTech acquired Apex Optimization and introduced advanced process control for refineries and petrochemical firms.
Honeywell International, Inc., Rudolph Technologies, Emerson Electric Co., Aspen Technology, ABB Ltd., Schneider Electric Se, Rockwell Automation, Inc., and Seimens AG., among others, are a few of the significant players in the advanced process control market profiled in the full version of the report.
Key Segments
By Industry Vertical
- Pharmaceuticals
- Oil & Gas
- Energy & Power
- Chemicals
- Manufacturing
- Automobiles
- Pulp & Paper
By Services
- Advanced Regulatory Control
- Inferential Control
- Sequential Control
- Compressor Control
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
More Insights Into Advanced Process Control Market
The worldwide advanced process control market is thoroughly analyzed by FMI, with a detailed study of historical data spanning from 2015 to 2020 and forecast statistics for 2022 to 2032. The report provides a comprehensive assessment of market drivers, challenges, trends, and opportunities. To facilitate a better understanding of the market's potential, growth, and scope, it is segmented based on industry vertical, services, and region.
Are you looking for deep information related to the latest trends, drivers, and challenges? Speak to Our Analyst: https://www.futuremarketinsights.com/ask-question/rep-gb-509
According to the latest reports, based on segmentation, the pharmaceutical segment will lead the market and create several opportunities for the advanced process control market. Based on region, the advanced process control market in the Asia Pacific will dominate the international marketplace. The target market will present impressive growth in this region with the highest growth rate. The rapid development of various industries in emerging economies like China and India will abet the market growth in Asia Pacific. The swift development of the manufacturing sector in China will also contribute to the growth of the advanced process control market in the region. Additionally, Europe, too, displays considerable growth in the market. Thus, demand from the pharmaceutical sector and contributions from Asia Pacific and Europe will drive the advanced process control market.
Table of Content (TOC)
- Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Market Background
- Global Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Mn) & Volume (Units) Projections, 2022-2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
- Global Market Analysis 2017-2021 and Forecast 2022-2032, By Technology
Have a Look at Trending Reports of the Industrial Automation Domain
Modular Energy Control System Market Size: The global Modular Energy Control System market forms around 10-12% of the global energy management systems market which is worth US$ 32.8 Bn in 2021.
Process Liquid Analyzer Market Share: The market is driven by the rising adoption of process liquid analyzers across various industries, such as oil & petrochemicals, water & wastewater treatment, and food & beverages.
Modular Instruments Market Demand: The sales of modular instruments are projected to expand by US$ 2.4 billion between 2023 and 2033, surpassing the growth of US$ 500 million observed between 2018 and 2022.
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
Contact Us:
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
LinkedIn | Twitter| Blogs | YouTube
For Sales Enquiries: sales@futuremarketinsights.com
May 15, 2024
May 14, 2024