The global advanced process control market size is expected to reach USD 24.9 billion by 2025, registering a CAGR of 9.2% over the forecast period, according to a new report by Grand View Research, Inc. The market is expected to witness considerable growth across the globe owing to the growing emphasis of several end use industries on the improvement and optimization of the production process. Advanced process control solutions enable organizations to significantly improve the accuracy of product testing, enhance quality, and reduce error.
As companies seek ways of improving the quality of their products and reduce the cost of operations to be able to maintain their competitive edge, the demand for advanced process control systems is likely to continue to rise in the near future. Furthermore, the increasing adoption of advanced process control systems across industries such as nuclear power, chemical, and semiconductor is encouraging APC companies to invest in research and development activities to develop systems with enhanced capabilities. These factors are anticipated to further propel the growth of the global market over the forecast period.
APC is a software-based closed-loop feedback-based process control system that helps increase productivity, minimize waste, and improve quality assurance under real-world operating conditions. By enabling the easy deployment of technologies such as model predictive control and advanced computing systems in the processing and manufacturing sectors, the use of APCs has enabled companies to increase the affordability of products. Moreover, APC systems also aid in lead time reduction to decrease the operational cost associated with it.
Additionally, APCs have a significant demand in the oil and gas sector and are used for optimization and control of a variety of processes. The steady expansion of the chemical industry is also anticipated to drive the adoption of APCs over the forecast period to stabilize industrial operations and optimize plant performance by minimizing the fluctuations of key process variables. Increasing competition has compelled process industries to adopt advanced process control systems to bring about an improvement in economic performance to maintain their competitive edge. However, the need for high initial investments could restrain the growth of the APC market to a certain extent over the forecast period.
Browse Full Report (Tables & Figures) @ https://www.grandviewresearch.com/industry-analysis/advanced-process-control-apc-market
Contact Us:
Grand View Research, Inc.
201 Spear Street 1100,
San Francisco, CA 94105
United States
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]