Advanced process control software are widely used for monitoring and controlling industrial processes in various industries such as oil and gas, chemicals, power, water & wastewater treatment, food & beverages and others. These software helps in improving yield, reducing variability in processes and enhancing productivity. It collects real-time data from sensors and controllers installed at plant and helps operators in quickly identifying issues and optimizing processes. This improves plant efficiency, decreases operational costs and enhances process stability. The global advanced process control software market is estimated to be valued at US$ 1.88 Bn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Opportunity to Enhance Productivity Across Industries
Advanced process control software can help enhance productivity across various industries by optimizing processes and reducing wastage. It analyzes process parameters, detects abnormalities and helps operators in making quick process control decisions. This significantly improves process efficiency and productivity. For example, in oil & gas industry, advanced process control software optimizes pipeline operations, refining processes and exploration processes which maximizes oil and gas recovery from fields and refineries. Similarly, in power industry it optimizes power plant operations, reduces downtime and enhances power output. Given significant productivity benefits, the demand for advanced process control software is expected to surge across various industries over the forecast period.
Porter's Analysis
Threat of new entrants: New entrants face strong threats as the market is dominated by few established players. Significant capital investment is required for R&D which acts as a barrier.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. Buyers can negotiate on pricing and demand additional services.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute components. Suppliers may consolidate to increase their bargaining power.
Threat of new substitutes: Threat of substitutes is moderate as advanced process control can be replaced by conventional process control systems for some applications.
Competitive rivalry: Market is competitive due to presence of few large players. Players differentiate product offerings and focus on innovation to gain competitive advantage.
SWOT Analysis
Strength: Robust R&D capabilities. Global presence and strong brand equity. Wide product portfolio tailored for various applications.
Weakness: High initial investment requirements. Require specialized skills for operation and maintenance. Technological obsolescence risks.
Opportunity: Growing process automation adoption across industries. Expanding into emerging markets. Leverage disruptive technologies like AI, IoT, analytics to build next gen products.
Threats: Macroeconomic uncertainties and trade wars impact spending. Competition from low cost players eroding margins. Stringent regulations for critical infrastructure.
Key Takeaways
The global Advanced Process Control Software Market Growth is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: The APAC region is expected to grow at the highest CAGR during the forecast period due to strong economic growth, heavy investments across manufacturing and process industries, rising international player interest. China dominates the APAC advanced process control software market followed by Japan and India.
Key players operating in the advanced process control software market are Orenco Systems, WPL Ltd, Bio-Microbics, Albion Septic System, Premier Tech Aqua, Septic Solutions, BTL LINEDRAIN, Pumps UK LTD, Anua, Tricel, Infiltrator Water Technologies, Hoot Systems, Zoeller, Hess Pumien, RootX, Jet Inc, SJE Rhombus, Norweco, Aero-Stream, Perma-Liner Industries. Players are investing in innovation to develop next generation solutions for improved performance and operational efficiency. Collaborations are rampant to tap new geographies and applications.
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