According to a recent report by Research and Markets, the advanced process control market is expected to increase at a compound annual growth rate (CAGR) of 11.79% from 2014 to 2020.
The oil and gas industry us the major application market of advanced process control. It accounts a market share of -30% during 2013 and is expected to grow at CAGR of 12.81% from 2014 to 2020.
With the development of shale gas it has become important to implement advanced process control systems which can help in minimising the capital expenditure, operating expenditure, and any other negative impact on the environment by automating the entire production process. Implementation of advanced process control can virtually eliminate the involvement of humans and thus it reduces the safety risk on the production floor.
APAC dominated the advanced process control market in terms of revenue generation with a highest market share of -26% in 2013; growing at a CAGR of 11.85% from 2014 to 2020. The India and China market accounts a collective market share of -54% during 2013.
Advanced process control has several advantages like improved production capacity, minimised power consumption, lower feedstock variability to downstream units, better analysis and modification of operating objectives as per new requirements, improved monitoring of key performance indicators, increased process safety, reduction in process setting time, increase in equipment reliability, and better operational understanding of the entire plant over conventional process control technology.
Adapted from a press release by Emma McAleavey.
Read the article online at: https://www.hydrocarbonengineering.com/refining/20012015/global-advanced-process-control-market-095/