Advanced process control is used in a broad range of industries to optimize plant performance and minimize the fluctuations of key process variables.
According to a new report from MarketsandMarkets, the global market for advanced process control will expand at a compound annual growth rate (CAGR) of 11.79 percent between now and the end of the decade and will be worth as much as $1,465.62 million by 2020.
The market is being driven by rising demand for energy efficient production processes, safety and security concerns and demand for software systems that can predict failure at the component level.
Holding back the market to some extent is improper maintenance of advanced process control and lack of data control systems, the research firm said.
Advanced process control software and related services are used in sectors such as oil & gas, petrochemicals, water & wastewater, chemicals, power, paper & pulp, pharmaceuticals, food & beverages, mining and cement.
In comparison to conventional process control technology, advanced process control software allows monitoring of process parameters at a granular level, resulting in better monitoring and helping in predictive maintenance of the system, MarketsandMarkets explained.
Other benefits include an increase in production capacity, minimized energy consumption, lower feedstock variability to downstream units, reduction in process setting time, faster modification of processes, improved process safety, increase in equipment reliability and better operational understanding of the entire plant.