Market Trends of Advanced Process Control Industry
Oil and Gas is Expected to be the Largest Segment
- The oil and gas sector is expected to hold a significant market share of the advanced process control market. The demand for APC is supported by higher rates of automation adoption and the fundamental nature of operations in this sector.
- Following a sharp fall in oil prices last year, the industry is now focused on improving efficiency and deferring investment in new projects to the development of existing infrastructure.
- In order to increase revenues with limited investment, companies in this sector are increasingly adopting solutions that offer various long-term benefits, such as increased efficiency. Oil companies still seek advanced processes that reduce costs and improve profitability with annual production increases.
- According to OPEC, the global demand for crude oil (including biofuels) in 2023 amounted to 102.21 million barrels per day. Oil demand was expected to pick up by the end of the year, with forecasts suggesting it could increase to more than 104 million barrels per day. Concurrently, the demand for advanced process control systems is expected to increase during the forecast period.
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North America Holds the Largest Market Share
- In North America, the construction of new power stations, the presence of major semiconductor manufacturing sectors, and a growing demand for automation are anticipated to facilitate the adoption of APC systems.
- Energy recovery in the United States is underway. Technological advances in hydraulic fracturing and drilling of shale formations have led to an increase in oil and gas production.
- It also has the world's largest installed nuclear capacity and is the world's biggest producer of nuclear energy. Of the 99 nuclear reactors in 31 states, around 20% of electricity in the United States comes from them.
- The demand for APC systems is increasing significantly in the region as nuclear power plants become more reliable through advanced process control systems.
- Hardware components of the APC system include controls, computers, and electronic systems that allow effective monitoring and feedback via smart sensors. The growing use of APC systems in chemical and petrochemical industries across the region is expected to drive the growth of these components in the near future.
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