Advanced Process Control Global Market Report 2024

The advanced process control market size has grown rapidly in recent years. It will grow from $18.17 billion in 2023 to $20.51 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth observed during the historical period can be attributed to several factors, including the increased adoption of industrial automation, a heightened emphasis on energy efficiency measures, adherence to industry regulations and standards, the growing complexity of industrial processes, and a concerted effort towards cost reduction and operational efficiency.

The advanced process control market size is expected to see rapid growth in the next few years. It will grow to $30.12 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The anticipated growth in the forecast period can be attributed to several key factors, including the increasing demand for real-time process monitoring and control, a heightened focus on cybersecurity concerns and solutions, an emphasis on predictive maintenance for improved efficiency, the need for customization and scalability in process control systems, and a continuing demand for energy efficiency in industrial processes. Major trends expected in the forecast period include the utilization of advanced analytics for predictive maintenance, the adoption of cloud-based advanced process control (APC) solutions, the continued rise of industrial automation, the integration of edge computing in control systems, a focus on interoperability and open standards, and the increasing prevalence of remote monitoring and home-based care solutions.

The surge in demand for automation solutions is anticipated to drive the growth of the advanced process control market. Automation involves technologies that reduce reliance on human intervention to complete tasks. Among these technologies, Process Automation Systems (PAS) play a pivotal role in streamlining operations, particularly Advanced Process Control (APC) systems. These systems enhance operational efficiency, decrease reliance on manual intervention, and boost profits in dynamic settings. As industries seek greater efficiency and efficacy, the escalating demand for automation solutions is poised to significantly propel the advanced process control market. For example, according to an International Data Corporation (IDC) report, expenditure on IoT goods and services in Australia and New Zealand is forecasted to surpass $16 billion in 2022, marking a 13% surge from 2021. Consequently, the increasing need for automation is a key driver of growth in the advanced process control market.

The upsurge in chemical production is projected to be a significant driver for the advanced process control market. Chemicals are substances with distinct molecular compositions produced or used in various processes. Advanced process control in chemical production optimizes operational efficiency, elevates product quality, and ensures adherence to regulatory standards through real-time monitoring and automated process adjustments. For instance, as per the CIA Fourth Quarter Economic Report 2021 by the Chemical Industries Association, UK chemical production experienced a 1.0% expansion in 2022, followed by anticipated growth rates of 2.2% in 2023 and an estimated increase to 2.3% in 2024. Hence, the burgeoning chemical production sector is fueling growth in the advanced process control market.

Key players within the advanced process control market are investing in technological innovations, such as digital twin technology, to achieve optimal energy utilization and operational excellence. Digital twin technology creates virtual representations of physical systems or objects, offering real-time insights, analysis, and simulations to enhance comprehension and decision-making. For instance, in February 2022, ABB, a Switzerland-based supplier of electrical equipment and automation products, unveiled the ABB Ability Smart Solution for Wastewater. This digital solution, integrating advanced process control (APC) and digital twin technology, is designed to address challenges in wastewater treatment plants by optimizing operational conditions, reducing process variability, and stabilizing plant operations. This strategic integration of digital twin technology showcases a concerted effort by major industry players to revolutionize process control methodologies and enhance operational efficiency.

Major companies within the advanced process control sector are directing their efforts towards developing cutting-edge AI solutions, such as AI-enabled autonomous well control systems, to bolster oil production efficiency. These sophisticated AI solutions leverage artificial intelligence to facilitate autonomous, real-time control over wells in the oil and gas industry. For instance, in October 2023, Halliburton, in partnership with AIQ and ADNOC, introduced RoboWell, the industry's inaugural AI-powered autonomous well control solution tailored for gas-lifted wells at ADNOC's North East Bab asset in Abu Dhabi. RoboWell harnesses real-time data to optimize production operations, prioritizing safety and minimizing disruptions. The solution automates critical tasks, empowering ADNOC to maintain optimal well flow rates by dynamically optimizing gas injection rates in real-time.

In July 2022, Siemens, a leading German technology company, completed the acquisition of Senseye for an undisclosed sum. This strategic acquisition aligns with Siemens' objective of bolstering its predictive maintenance portfolio by offering scalable and efficient solutions for prognosticating machinery conditions, mitigating unplanned downtimes, and enhancing overall equipment effectiveness. Senseye, a US-based entity, specializes in cloud-based and AI-driven solutions for predictive maintenance, extending beyond individual assets and production lines. This acquisition signifies Siemens' commitment to integrating advanced AI capabilities into their existing solutions, aimed at enhancing predictive maintenance methodologies and operational efficiencies across various industrial sectors.

Major companies operating in the advanced process control market report are Schneider Electric, Siemens, General Electric, Aspen Technology Inc., Emerson Electric Co., ABB Ltd., Yokogawa India Ltd., Honeywell International Inc., Rockwell Automation Inc., Azbil Corporation., MAVERICK Technologies LLC, SGS SA, Metso Outotec, Mineser GmbH, Cisco, NovaTech LLC, Applied Materials Inc., Dassault Systèmes, SAP SE, Mitsubishi Electric Corporation, Wonderware (Aveva Group), Bristol-Myers Squibb Company, Toshiba Corporation, Andritz AG, Norsk Hydro ASA, Spirax-Sarco Engineering plc, OMRON Corporation, Bentley Systems Incorporated, Linde plc, Schlumberger Limited.

Asia-Pacific was the largest region in the advanced process control market in 2023. North America is expected to be the fastest-growing region in the advanced process control market report during the forecast period. The regions covered in the advanced process control market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the advanced process control market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of advanced process control include advanced regulatory control, multivariable model predictive control, inferential control, sequential control, and compressor control. Advanced regulatory control encompasses various control strategies such as ratio control, cascade control, and decoupling control. These control techniques are made available through different revenue sources, including software and services. Advanced process control finds applications across a wide range of industries, including oil and gas, petrochemicals, pharmaceuticals, food and beverages, energy and power, chemicals, and others.

The advanced process control market research report is one of a series of new reports that provides advanced process control market statistics, including advanced process control industry global market size, regional shares, competitors with a advanced process control market share, detailed advanced process control market segments, market trends and opportunities, and any further data you may need to thrive in the advanced process control industry. This advanced process control market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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