Pune, India, April 18, 2019 (GLOBE NEWSWIRE) -- Market Research Future Reports has published its latest report on the global advanced process control market, which is poised to surge at an impressive CAGR of 12.09% from 2017-2023 owing to the intense deployment of advanced process control in the latest business models to score more profit and scalability for the future terms. By presenting a comprehensive analysis of the global adhesive process control market, it has been observed that in the recent times, modern industries mainly petrochemicals, pharmaceutical, and oil & gas deploy process control for optimizing primary operating techniques. The deployment of advanced process control market is initiated by business so that there is more profitability and enhancement of operational process is also on the take. The process, hence, tends to stabilize operation on time, control loops and process interactions as well.
The growth of advanced process control market is inevitable with the occurrence of new labor safety & security norms, which is introduced by law and requirement for energy efficient process control solutions. The importance of advanced process control can be felt across several industries which also includes food & beverage, chemical, consumer package good and biotechnology among others. Since past years, advanced process controls have also improved its automation measure into supervision control systems and unique security control systems.
By this time, several advanced process control systems have been introduced in recent years with the latest scenario where there is an increase in regulatory pressure in the entire manufacturing sector. Also, the growing trend of industrialization has evolved as a measure to reach cost saving, safety and efficiency goals, which have partly guided the global advanced process control market. The deployment of advanced process control not only helps in lowering energy consumption but also keeps a track go thermal losses at the same time. Such a reduction in thermal losses eventually results in energy and cost saving, as well as reduces CO2 emissions. Nevertheless, high cost becomes an impediment for the market to spread globally. Many small and mid-scale manufacturing plants continue to find it unviable for future opportunities as there tends to be lack of knowledge and expertise about the advanced process control system.
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Market Segmentation
Commonly, the future looks bright for the global advance process control market. Upon this, Market Research Future Report offers a comprehensive segmental analysis of global advanced process control that is listed on the basis of type, revenue source, and application.
By the mode of type, the multivariable model segment currently is in the commands and is leading the share of the market. This segment is expected to exhibit a relatively higher CAGR during forecast period 2017-2023 as multivariable model predictive control systems are incredibly efficient and are mainly used in specialized controls for energy plants and petroleum refineries. Also, it is rapidly adopted in oil & gas chemical, and petrochemical processing plants.
By the mode of revenue source, this segment is expected to remain highly profitable in the years to come. Also, in the predicted period, this segment is registered to witness a double-digit CAGR owing to relentless advancement in software and coding has led to the development of leading-edge software modules for advanced process control systems. These systems hence facilitate greater control and optimization of process manufacturing in many industries.
By the mode of application, the oil & gas industry segment is expected to hold its leading genre over the projected the year 2023. The oil and gas industry is the earliest adopters of process control solutions also accounts for a significant percentage of the overall market share. The changing regulatory framework makes process control systems is an essential solution for the oil & gas sector. Furthermore, this system is also aiding the industry in bringing down production, transportation, and gasification costs and hence, this segment is projected to post 12% CAGR during the forecast period.
Global advanced Process Control Market to Profit from Various High Market Shares Across the World
The regional evaluation and progress report in the global Advanced Process Control Market has gathered from the regions of Asia Pacific, North America, and Europe. The Asia Pacific is the prime market for advanced process control due to boom in the manufacturing sectors, which has eventually augured well for market players operating in the region. China’s leadership in manufacturing makes it a prime destination for players to expand operations. Apart from China, Australia, South Korea and India are other bright spots in the Asia Pacific. Local policies makers are stepping forward with efforts to industrialization, which is expected to reflect constructively over the region’s market. Whereas North America holds the second largest position in the global advanced process control market owing to its leading nature over the technology sector, and presence of robust manufacturing industry in the U.S. is having a positive impact of the North America APC market.
Market Players
Some of the key players operating in the global advanced process controls market include Aspen Technology, Inc., General Electric Co., Rockwell Automation, Inc., Schneider Electric SE, Yokogawa Corporation, ABB Ltd., Emerson Electric Co., Honeywell International, Inc., Rudolph Technologies, Inc., and Siemens AG.
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Industry News
April 10, 2019: Nanometrics Incorporated is a leading provider of advanced process control systems, came into the spotlight that will release its first quarter financial results after market close on April 30, 2019.
Nanometrics’ process control solutions comprise of automated and integrated metrology systems as well as software and analytics. These are used to measure and monitor the critical fundamentals of device performance and observe profit in critical dimensions, device structures, surface shape and profile, overall topography and various thin film properties, including three-dimensional features and film thickness, as well as the optical, electrical and material properties of multiple substrates, devices and components.
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