Key Market Overview:
Advanced process control market size is estimated to reach over USD 3,407.95 Million by 2030 from the value of USD 1,673.29 Million in 2022, growing at a CAGR of 9.6% during the forecast period (2023-2030).
Advanced Process Control (APC) refers to a set of techniques and tools used to optimize and control complex industrial processes such as power generation processes, chemical processes, manufacturing processes, and others. The objective of APC is to improve the overall efficiency, productivity, quality, safety, and environmental performance of these processes. The process control techniques used in APC are typically more advanced as compared to conventional process control systems, as they require sophisticated algorithms and models to handle the complex dynamics of the process.
The market for advanced process control has been experiencing a steady growth in the recent years. Advanced process control solutions are being used for predictive maintenance, which involves analyzing sensor data to predict when maintenance will be required, thereby reducing downtime and maintenance costs. These solutions are a key component of Industry 4.0, which involves the integration of advanced technologies to create smart factories that are more efficient, flexible, and cost-effective.
For instance, AVEVA Group PL, headquartered at UK, offered an AI based software to Henkel. The AI software has helped Henkel to save approximately USD 8,537.88 million during its tenure to boost business efficiency. Hence, the growing awareness of business optimization among end use organizations is expected to create lucrative opportunities for key players such as ABB Ltd., Honeywell International, Inc., and AVEVA Group PLC To create a better product, which is anticipated to drive the LMS market in coming years.
Advanced process control Report Coverage:
The increasing complexity of industrial processes
|Report Attributes||Report Details|
|Market Size in 2030 (USD Million)||3,407.95 million|
|CAGR (2023-2030)||9.6 %|
|By Product Type||Hardware, Software, and Services|
|By User Type||Manufacturing, Mining, Steel, Pulp and Paper, Cement, Chemical, and Food & Beverage|
|By Geography||Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia] |
Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey]
North America [United States, Canada, Mexico]
Middle East & Africa [GCC, North Africa, South Africa]
South America [Brazil, Argentina, Columbia, Chile, Peru]
|Key Players||ABB, Honeywell International, Inc., AVEVA Group Plc, Onto Innovation Inc., The General Electric Company, Aspen Technology, Inc., Yokogawa Electric Corporation, Schneider Electric Se, Siemens AG, Aspen Technology, Inc., IPCOS|
As industrial processes have become more complex, there has been an increase in difficulties for operators to manually control them. APC technologies help to automate and optimize these processes, reducing the risk of errors and improving overall performance. Therefore, the growing focus on reducing risks of manual errors in complex industrial processes is propelling the demand for advanced process control.
Growing adoption of Industry 4.0
Industry 4.0, also known as the fourth industrial revolution, is characterized by the integration of advanced technologies such as the Internet of Things (IoT), big data analytics, and artificial intelligence (AI). Several countries have started to adopt Industry 4.0. For instance, United Nations Conference on Trade and Development reported that the United States and China lead in the adoption of 5G technology in 2022, accounting for 94% of total funding for start-ups in the field of AI. Hence, the adoption of Industry 4.0 is propelling the demand for advanced process control among industries across several regions as a part of growing automation requirements.
Government Initiatives for automation in the manufacturing industry:
The increasing government initiatives for strengthening the adoption of automation are enhancing the development of modern technology, manufacturing hubs, and innovations.
Governments across the globe have introduced several national policies and initiatives to promote the usage of blockchain, artificial intelligence, IoT, and robotic systems in the manufacturing industry. Also, several established companies have gained favorable momentum through government initiatives to introduce global investments and collaboration for business expansion. Hence, the above-mentioned benefits are expected to propel the demand for advanced process control.
• Advanced process control solutions can be expensive to implement, which acts as a barrier for the adoption in smaller companies or those with limited budgets.
• Strict regulations and compliance in some industries such as pharmaceuticals, and food and beverage limit the implementation of new technology solutions, thereby hampering the growth of the advanced process control market.
Emerging usage of cloud computing technology:
The scope of integrating cloud computing technology is expected to offer lucrative opportunities for the advanced process control market. The introduction of the latest cloud computing open architecture model with extra functions to collect and evaluate huge quantities of business data is likely to create profitable avenues for advanced process control market in the coming years.
Growing demand for energy efficiency
Industries are seeking ways to improve the efficiency of their production processes. This is attributed to the increasing awareness of the need to reduce energy consumption and lower greenhouse gas emissions. Advanced process control solutions help optimize energy usage and reduce waste, resulting in lower costs and improved sustainability. Therefore, the rising focus on energy efficiency by various industries such as oil and gas, chemicals, and power generation is expected to offer opportunities for advanced process control market.
By Product Type
The product type segment is divided into hardware, software, and services. The software segment accounted for the highest market share in 2022. The integration of advanced process control software results in the improved analysis of various data sources. The APC software offers real-time monitoring of process performance that helps operators receive up-to-date information to make informed decisions. Thus, the growing preference for real-time monitoring in several businesses propels the demand for advanced process control software. For instance, Shell created a next generation software technology called the Platform for Advanced Control and Estimation (PACE) to address difficulties in real-time management of manufacturing processes. Therefore, the growing focus on real-time monitoring by industries propels the demand for advanced process control software.
Moreover, the services segment is expected to register the fastest CAGR over the forecast period. The services segment is further sub-segmented into advanced regulatory control, multivariable model predictive control, sequential control, inferential control, and compressor control. The key market players such as AVEVA Group PLC, The General Electric Company, and Siemens AG offer advanced process control services. These companies offer services to maintain stable and consistent process conditions such as changes in feedstock quality or equipment failure. Hence, the established presence of key market players offering advanced process control services is anticipated to create profitable avenues for the market.
By End Use Industry
The end-use segment is categorized into manufacturing, mining, steel, pulp and paper, cement, chemical, and food & beverage. The manufacturing segment accounted for the highest market share in 2022. The major factor attributed to the segmental growth is the high adoption of automation and data analytics in the manufacturing industry. For instance, according to the study conducted by the World Economic Forum in 2021, over 39% of 1300 executives successfully expanded the use of data-driven methods in manufacturing industries. Hence, the rise in adoption of automation in the manufacturing industry is propelling the demand for advanced process control.
Furthermore, the chemical segment is anticipated to register the fastest CAGR during the forecast period. APC is mainly used to control the polymerization process in the chemical industry that helps in reducing the formation of defects in the final product. Hence, the increasing demand for advanced process control for controlled chemical manufacturing is anticipated to propel the APC market.
The regional segment is categorized into North America, Europe, the Middle East and Africa, Asia Pacific, and Latin America. In 2022, Asia Pacific accounted for the highest market share of 40.46% in the advanced process control market statistics. The region is witnessing significant growth in its manufacturing industries, including the chemical, pharmaceutical, and food and beverage sectors. The growth has resulted in creation of more efficient and effective process control solutions, propelling the demand for APC systems in the region.
However, North America is projected to register the fastest CAGR of 9.7% during the forecast period due to business expansions by major established market players. For instance, in April 2023, ABB announced the investment of over USD 20 million for the expansion of North American robotics headquarters and manufacturing facilities in Michigan. Hence, the favorable business expansions by key market players due to the rise in demand for automation among customers are estimated to propel the demand for APC in the region.
Advanced Process Control Market Competitive Landscape:
The advanced process control market is a rapidly evolving space that has seen significant growth in recent years. Key market players operating in this highly competitive market differentiate themselves based on the quality and functionality of their products, as well as their ability to provide high-quality customer service and support. They also compete based on pricing, with some companies offering more affordable solutions. Following are leading manufacturers that operate in the latest market circumstances–
• Honeywell International, Inc.
• AVEVA Group PLC
• Onto Innovation Inc.
• The General Electric Company
• Aspen Technology, Inc.
• Yokogawa Electric Corporation
• Schneider Electric Se
• Siemens AG
• Aspen Technology, Inc.
• In April 2023, AVEVA Group PLC entered into a memorandum of understanding (MoU). As per the MoU, AVEVA will collaborate with Petrofac to achieve the digital transformation of the entire supply chain system, which involves engineering cataloging, procurement, site material control, and construction planning.
• In September 2022, ABB announced plans to invest USD 13 million in its Installation Products Division Iberville manufacturing plant located in Saint-Jean-sur-Richelieu, Quebec. The investment is expected to be used for the addition of ABB robotics technology, new automated equipment, and an advanced design lab across 32,500 square feet of building upgrades. This expansion is anticipated to increase the total production capacity of the 102,000-square-foot facility by more than 30%.
• In June 2022, Honeywell launched the latest version of its Experion Process Knowledge System (PKS), called Release 520.2 (R520.2). The process control system offers advanced process automation features and tools to users in the industrial sector. This update is expected to help users optimize control system resources and input/output modules, reducing the complexity and cost of automation projects and control systems.