Advanced Process Control (APC) refers to the model based software which is used to direct and control the process operations that take place in process industries. This helps in the efficient use of resources in the industries and ensures increased throughput to cater to the increased demand from clients. Online optimization monitors the processes at each stage continuously and with the help of the reference model, suggests an optimum operation path. This solution helps in increasing the efficiency of process industries, increases throughput, reduces downtime in event of any failure, decreases operational cost, and ultimately increases the profitability of process manufacturers.
The APC software consists of a broad range of software tools and technologies that aid in increasing the efficiency of plant operation and process management. Online optimization can be regarded as a pivotal achievement in process optimizations. Such solutions that are aimed at reducing the costs and improving the margins offer users a great value proposition even during times of economic downturn. There has been a growing trend among key industry players to offer customized solutions to various process industries in order to gain competitive advantage over peers. Key players are also forming strategic alliances with their competitors in order to gain a higher market share at the global level.
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Additionally, the market is witnessing increasing investments from players for the development of advanced software tools to cater to the needs of a wide range of customers and gain a competitive edge. Furthermore, various small and medium enterprises are opting for APC and online optimization software owing to better awareness regarding the software and increasing pressure to enhance the production to meet growing demand while ensuring quality and efficiency of operation.
Process manufacturers face increasing pressure to increase the production while ensuring operational efficiency and maintain the quality of the product due to the increasing globalization and intense competition. This is said to be a major factor that is contributing to the growth of the APC and online optimization market. The advent of digitization and the growing adoption of automation by various process manufacturers is further fuelling the growth of the market. Advanced process control and online optimization facilitates agility which aids in improving the efficiency and profitability, and better caters to the needs of the customers. Hence, an increasing number of small and medium enterprises are also resorting to this technology. This is further anticipated to fuel the market growth. However, the high initial investment required for the technology may hamper the growth of the market. Nevertheless, the growing business of the process industry and the adoption of APC and online optimization tools is expected to propel the growth of the market.
The global APC and online optimization market is segmented on the basis of category, service type, industry, and geography. Based on category, the market is divided into software and services. In terms of service type, the market is segmented into implementation, maintenance, and software as a service. Depending on industry, the market is segregated into oil & gas, power, pharmaceutical, chemical and others. Based on geography, the market is separated into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Key players in the APC and online optimization market include Metso Automation, Rockwell Automation, Inc. Rudolph Technologies, Inc., Honeywell International, Inc., Siemens, ABB, Emerson Process Management, Schneider Electric SE, Shell Global Solutions, GE Energy, Sherpa Engineering, and Yokogawa, among others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
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