One of the key factors fueling the expansion of the global market for advanced process control software is the rising demand for energy-efficient production methods. The increase in productivity and decrease in energy costs that result from improved energy efficiency thanks to advanced process control software are the main benefits for businesses. Some of the key industries where energy costs account for more than 3% of production costs include the food, paper, and chemical manufacturing products sectors. To save the cost of energy, both large corporations and SMEs must implement cutting-edge process control systems. Additionally, the growing need for software that can detect component-level failure and an increase in data accuracy that helps to improve system performance are both factors that are accelerating the expansion of the market for advanced process control software. The oil and gas sector dominated the global market for advanced process control software among end-use industries in 2016 and is anticipated to continue to do so over the course of the forecast period.
According to Coherent Market Insights, by 2025, the market for Advanced Process Control will be worth $24.9 billion, and it is anticipated to expand at a 9.2% compound annual growth rate (CAGR) over that time.
Top Companies in the Advanced Process Control Software Industry:
1. General Electric Co.
The firm was founded in 1892 and is based in Boston, Massachusetts, United States. A global leader in financial services and technology, General Electric Company. The company offers a range of goods and services, from industrial goods to medical imaging, corporate and consumer financing, water treatment, and home appliances. To increase the global availability of HA gas turbine services, GE will expand the scope of its Singapore repair centre in June 2023.
2. Siemens AG
The company was started in 1847 and is based in Erlangen, Germany. The business acts as a manufacturer of precision and electronic medical equipment and offers maintenance, repair, and production services. The company declared in August 2020 that it would buy Varian Medical Systems for $16.4 billion. Siemens purchased Wattsense, a maker of IoT hardware and software for buildings, in October 2021 for an unknown fee.
3. Aspen Technology, Inc.
The company was started in 1981 and is based in Bedford, Massachusetts, United States. The business provides asset optimization software to help businesses achieve their objectives for sustainability and profitability by optimizing asset design, operations, and maintenance in challenging industrial environments. Aspen Technology Launched New Software in November 2022 to Support Customers' Operational Excellence and Sustainability Initiatives
4. ABB Ltd
The firm was founded in 1988 and is based in Zürich, Switzerland. The business is divided into energy products, energy systems, control products, automation of processes, and robotics sectors. ABB and Eve Systems reached an acquisition agreement in June 2023. ABB launched a massive robotics plant in Shanghai in December 2022.
5. Emerson Electric Co.
The business was started in 1890 and is based in St. Louis, Missouri, United States. The business produces goods and offers engineering services for the commercial, industrial, and consumer industries. To increase its foothold in the market for hydropower controls systems, Emerson bought American Governor Company on April 1, 2020.
6. Honeywell International, Inc.
The firm was started in 1906 and is based in Charlotte, North Carolina, United States. The company offers goods and services in the following areas: energy-efficient products and solutions, specialized chemicals, advanced materials, process technology for petrochemicals and refining, control, sensing, and security for commercial buildings, safety and productivity solutions.
7. Schneider Electric SE
The company was founded in 1836 and is based in Rueil-Malmaison, France. The business focuses in energy management and digital automation. Schneider unveiled "The Zero Carbon Project" in April 2021. By reducing "operational carbon emissions" by 2025, it has since proven its dedication to doing so. Aveva was finally acquired by Schneider Electric in January 2023.
*Definition: Model-based software is a component of advanced process control, also known as multivariate predictive control (MPC) or modeling predictive control, which is used to guide the operation of the process. The developed process model must appropriately depict the process dynamics for these applications.
