Market outlook: Advanced process control software market in the oil and gas industry
APC software is an integrated tool used to increase the efficiency of process management and plant operations. Many organizations across numerous process industries such as chemical, oil and gas, petrochemical, power, pharmaceutical, pulp and paper, and food and beverage use APC software to optimize their resource utilization and improve their organizational productivity.
Technavio’s 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 prices of oil and gas worldwide, which has driven oil and gas vendors to reduce their manufacturing so that they can equalize their spending. This need to reduce costs has made them adopt APC in their production process to achieve maximum efficiency and reduce the production cost.
Geographical segmentation of the advanced process control software market in the oil and gas industry
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 exporter of oil.
Competitive landscape and key vendors
The global APC software market in the oil and gas industry is dominated by a few major players and because of the complex operation nature and the need for technical expertise in the field, there are no small and medium players in the market.
ABB, one of the leading players, has a huge presence in the market because it provides compact and scalable APC software.
Top vendors in this market are -
Other prominent vendors included in this report are Aspen Technology, GE, Rockwell Automation, and Yokogawa Electric.
Growth drivers, challenges, and upcoming trends: Advanced process control software
Technavio's analysts emphasize the use of analytics in APC, which is an upcoming trend for decision making across industries and its use will have a positive impact on the global APC software market. Many of these analytical software solutions are designed and developed to help companies improve decision making, minimize errors, and find the cause of a problem.
This 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.
Key questions answered in the report include
What will the market size and the growth rate be in 2019?
What are the key factors driving the global advanced process control software market in the oil and gas industry?
What are the key market trends impacting the growth of the global advanced process control software market in the oil and gas industry?
What are the challenges to market growth?
Who are the key vendors in the global advanced process control software market in the oil and gas industry?
What are the market opportunities and threats faced by the vendors in the global advanced process control software market in the oil and gas industry?
What are the trending factors influencing the market shares of the Americas, EMEA, and APAC?
What are the key outcomes of the five forces analysis of the global advanced process control software market in the oil and gas industry?
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