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| Advanced Process Control Software Market |
Advanced process control software enables continuous process optimization, improved energy efficiency and increased output at processing plants. They offer enhanced situational awareness, predictive maintenance capabilities and remote asset monitoring for various end-use industries including oil & gas, chemicals, power, paper and food & beverages. The global Advanced Process Control Software Market is estimated to be valued at US$ 1.88 Mn in 2023 and is expected to exhibit a CAGR of 7.7% 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 driving the growth of the advanced process control
software market is continuous product innovations. Vendors are investing
heavily in research & development to develop more advanced software with
new and enhanced features. They are focusing on integrating advanced
technologies including artificial intelligence, machine learning and analytics
into their software offerings. This helps companies optimize plant operations
in real-time with dynamic modeling and improve overall productivity. For
instance, advanced analytics-driven solutions help identify inefficient areas,
reduce bottlenecks and prevent unplanned downtime through predictive
maintenance capabilities. Furthermore, software solutions with augmented
reality and virtual reality features are enabling remote monitoring and
supervision of plants, thereby improving situational awareness for process
engineers. Such continuous innovations in products are expected to fuel the
demand for advanced process control software over the coming years.
Segment
Analysis
The global advanced process control software market is dominated by the energy
and power sub-segment. This is because APC software helps energy and power
companies to optimize processes, reduce costs, improve yields and enhance
overall equipment effectiveness. It helps monitor critical variables like
temperature, pressure, flow etc. and takes corrective actions to maintain
steady operations.
Key Takeaways
The global Advanced
Process Control Software Market Growth is expected to witness high
growth over the forecast period of 2023 to 2030. The market size is projected
to reach US$ 1.88 billion by 2024 as APC software helps industries achieve
greater efficiency.
Regional analysis: North America region currently dominates the global APC
software market. This is attributed to early adoption of industrial automation
technologies and presence of major automation software providers in the region.
However, Asia Pacific region is expected to witness the fastest growth over the
coming years led by countries like China and India. Growing industrialization
and focus on advanced manufacturing is fuelling the demand for APC software in
Asia Pacific.
Key players operating in the advanced process control software market are
Orenco Systems, WPL Ltd, Bio-Microbics, Albion Septic System, Premier Tech
Aqua, Septic Solutions, BTL LINEDRAIN, Pumps UK LTD, Anua, Tricel, Infiltrator
Water Technologies, Hoot Systems, Zoeller, Hess Pumien, RootX, Jet Inc, SJE
Rhombus, Norweco, Aero-Stream, Perma-Liner Industries. These players are
focusing on new product launches and partnerships to expand their business
across various regions.
For more insights, read- https://www.ukwebwire.com/advanced-process-control-software-market-trends-size-and-share-analysis/
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