LONDON, July 04, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s Advanced Process Control Global Market Report 2023, the market will grow from $16.8 billion in 2022 to $18.6 billion in 2023, at a compound annual growth rate (CAGR) of more than 10%. Further, the market will reach $26.8 billion in 2027, with a CAGR of more than 9%. Asia-Pacific was the largest region in the advanced process control market in 2022.
The growth of the advanced process control industry is driven by the increasing demand for automation solutions. Automation technology minimizes reliance on human intervention to complete tasks. Industry leaders employ Process Automation Systems (PAS), particularly advanced process control (APC) systems, to streamline operations, enhance efficiency, reduce operator involvement, and increase profitability in dynamically changing environments.
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Major advanced process control companies are Schneider Electric, Siemens, General Electric, Aspen Technology Inc., Emerson Electric Co., ABB Ltd., Yokogawa India Ltd., Honeywell International Inc., Rockwell Automation Inc., Azbil Corporation, MAVERICK Technologies, LLC, SGS SA, Metso Outotec, Mineser GmbH, and Cisco.
Technological advancement emerges as a key trend in the advanced process control market. Major companies operating in this market focus on developing innovative technologies.
For example, ABB Ltd., a Swiss automation company, introduced Wet End Control, the latest generation of its Advanced Process Control (APC) solution, in June 2020. This solution offers comprehensive digital management of wet end processes in paper mills worldwide, maximizing productivity and profits. ABB Wet End Control employs multivariable model predictive control technology to automatically adjust ash levels, reduce fluctuations in white water consistency, and…