Market Trends of Advanced Process Control Industry
This section covers the major market trends shaping the Advanced Process Control Market according to our research experts:
Oil and Gas is Expected to be the Largest Segment in the Market
- The oil and gas segment is expected to account for a significant market share in the advanced process control market. Higher adoption rates of automation and critical nature of operations in the industry support the demand for APC.
- With a downturn in oil prices in the recent past, the industry is currently focusing on improving efficiency and deferring investments from new projects toward developing the existing infrastructure.
- Companies in the industry are increasingly deploying advanced solutions that provide various long term benefits, such as enhancing efficiency, to drive the revenue growth with limited investments. The oil companies with production increasing year on year are always in search of advance process that cut down cost and increase profitability.
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North America is Expected to Hold a Major Share in the Market
- Establishment of new power plants, presence of leading semiconductor manufacturing industries, and demand for industrial automation are expected to augment the North American APC systems.
- The United States is in the middle of an energy resurrection. Technological advancements in hydraulics and drilling fracturing (fracking) of shale formations have led to a rise in the oil and gas production.
- The country also has the largest installed nuclear power capacity and generates the most nuclear power in the world. Approximately 20% of the US electricity is produced at 99 nuclear reactors, spread across 31 states. It is estimated that new nuclear reactors are expected to be developed, by 2021.
- As advanced process control systems improve nuclear power plant reliability, they are witnessing a significant increase in their demand in the region.
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