Advanced process control market worth nearly $1,500M by 2020: MarketsandMarkets
Jan. 16, 2015 – The advanced process control market is estimated to reach $1,465.62 million by 2020, growing at a CAGR of 11.79 per cent from 2014 to 2020, according to the recent MarketsandMarkets report, Advanced Process Control Market by Revenue Source (Software and Services), Application (Oil & Gas, Petrochemicals, Water & Wastewater, Chemicals, Power, Paper & Pulp, Pharmaceuticals, Food) And Geography-Analysis & Forecast (2014 – 2020).
With applications across sectors such as oil and gas, petrochemicals, water and wastewater, chemicals, power, paper and pulp, and mining, advanced process control is used to optimize plant performance and stabilize plant operations by minimizing the fluctuations of key process variables.
Factors that are driving the advanced process control market, according to the report, includes rising demand for energy efficient production process, safety and security concern, and demand for a software systems which can predict the failure at the component level.
The restraining factor affecting the market includes improper maintenance of advanced process control and lack of data control systems. Faster implementation of software and improving data accuracy is considered to be the opportunity for the market, noted the report, while higher implementation cost acts as a challenge.