Research and Markets has announced a new report, entitled the "Global Advanced Process Control Software Market in Chemicals Industry 2016-2020".
The market research analysts predict the global APC software market in the oil and gas industry to grow at a CAGR surpassing 7% during the forecast period.
One of the major factors contributing to the growth of the market is the decreased price of oil and gas worldwide, which has driven oil and gas vendors to reduce manufacturing in order to equalise spending. This need to reduce costs has forced the adoption of APC in production process to achieve maximum efficiency and reduce the production cost.
In 2014, the EMEA led the market contributing more than 47% of the market share, followed by the Americas and APAC. Majority of the demand for APC in the oil and gas industry is expected to surface from the Middle East, as this region has been one of the major exporters of oil.
The report provides a number of factors contributing to the adoption, limitations, and opportunities of the advanced process control software market in oil and gas industry. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.
Adapted from press release by Francesca Brindle
Read the article online at: https://www.hydrocarbonengineering.com/refining/07122015/global-apc-software-market-to-grow-1898/