Market outlook for the APC software market in the chemicals industry
Technavio’s market research analyst predicts the global advanced process control (APC) software market in chemicals industry to grow steadily at a CAGR of around 7% during the forecast period. The rising investments in the US chemical industry is expected to drive the market growth during the forecast period. The economic recovery in the region has boosted the sale of light vehicles, appliances, and construction materials. The automotive and real estate sectors are the major end-user markets for chemicals in the US. For instance, during 2015, nearly 215 new chemical production projects with a market value of around USD 135 billion were started to cater to the rising demand from end-user industries.
The lack of skilled workforce that can develop and operate statistical and optimization models and integrate APC software with legacy automation systems is anticipated to pose challenges to the market growth during the forecast period. The use of APC technology is man power intensive and also requires extensive technical and domain knowledge.
Geographical segmentation and analysis of the APC software market in the chemicals industry
APAC accounted for around 43% of the market share during 2015. The growth of the chemical industry in this region has led to a high adoption of the software, driving the market growth. For instance, companies such as Sinopec, based in this region APAC, uses Honeywell’s Profit Suite R400, an APC software, in their chemical production facilities, to achieve high production values through greater flexibility and efficient operations.
Competitive landscape and key vendors
The market is dominated by large international vendors. Small and medium vendors do not exist in the market because operations in the chemical industry are complex and critical, which require skilled labor and heavy investments. The competitive environment in this market is likely to intensify during the forecast period due to product extensions and technological innovations.
The leading vendors in the market are –
Other prominent vendors in the market include Aspen Technology, GE, Rockwell Automation, and Yokogawa Electric.
Key questions answered in this report
•What will the market size and the growth rate of global advanced process control (APC) software market in chemicals industry be in 2020?
•What are the key factors driving the APC software market in the chemicals industry?
•What are the key market trends impacting the growth of the global advanced process control (APC) software market in the chemicals industry?
•What are the challenges to market growth?
•Who are the key vendors in this market space?
•What are the market opportunities and threats faced by the vendors in the APC software market in the chemicals industry?
•Trending factors influencing the market shares of the Americas, APAC, and EMEA?
•What are the key outcomes of the five forces analysis of the APC software market in the chemicals industry?