by Market Overview:
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 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Advanced process control (APC) software is used to control and optimize industrial processes. It incorporates principles of process control, advanced process models, modern optimization and machine learning methods. APC software helps process industries maximize productivity, profitability and safety in various process control applications. It offers intelligent solutions for complex production and manufacturing processes. APC software provides model-based predictive control, adaptive multivariable model predictive control and integrates with distributed control systems (DCS). This optimizes process performance, reduces overshoots and enhances process throughput.
Market key trends:
One of the major trends in the advanced process control software market is the growing adoption of Industry 4.0 technologies across various manufacturing sectors. Industry 4.0 revolutionizes traditional manufacturing by incorporating advanced automation, IoT, cloud computing and data analytics. It enables enterprises to build smart connected production facilities. With Industry 4.0, APC software helps digitally transform industrial processes with its model predictive control capabilities. This improves process efficiency, minimizes downtime and cost of operation. Another key trend is the increasing complexity of industrial processes. APC software addresses this challenge through multivariable modeling, optimization and machine learning solutions. Its self-optimizing algorithms help continuously monitor processes in real-time. This sustains optimal production even during fluctuating demand or failures.
Porter’s Analysis
Threat of new entrants: Low capital requirements and absence of significant economies of scale make entry easy in this market. However, established players enjoy strong brand recognition and customer loyalty that make it difficult for new players to gain customer confidence.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. However, established buyers prefer reputed brands believing they offer better technical support and services.
Bargaining power of suppliers: APC software providers enjoy low bargaining power due to availability of alternatives and lack of switching costs for buyers. Suppliers face competitive pressure to offer attractive pricing and bundled service offerings.
Threat of new substitutes: Threat of substitution is moderate as plant managers can switch to manual processes to optimize plant operations at lower costs. However, automation needs in industries support sustainable growth of APC software.
Competitive rivalry: Intense due to presence of global and regional players. Players differentiate through product innovation, customer support, and integrated industry-specific solutions to gain market share.
Key Takeaways
The Global Advanced Process Control Software Market Share is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing need for optimization of plant operations and resources in process industries.
The market size for Advanced Process Control Software stood at US$ 1.88 Bn in 2023. Stringent regulatory environment mandating adherence to quality and safety standards will further support market growth. Regional analysis
Asia Pacific is expected to dominate the market, growing at a CAGR of over 10% during the forecast period. Expanding process industry sector in China and India along with rising automation expenditure are fueling market growth.
Key players operating in the Advanced Process Control Software market are Yokogawa, General Electric, Rockwell Automation, MAVERICK Technologies, Emerson, Siemens, Rudolph Technologies, Honeywell International, ABB, Schneider Electric, Aspen Technology. Key players are focused on innovation and integrated solutions to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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