Report: Advanced process control market projected to rise 9.31% between 2022 to 2032
Mike EdwardsNews Advanced Process Control forecast Future Market Insights Honeywell report
Future Market Insights has published a forecast that spotlights the constant rise in demand from users and adoption of best practices to improve materials production and quality using advance automation and process controls.
The Advanced Process Control report forecast from FMI on the global market between 2022 to 2032 details segmentation on its key growth drivers, opportunities, restraints, and challenges expected to prevail the market in the upcoming years. The advanced process control market is expected to advance with a steady CAGR of 9.31%, through the forecast period.
Key players surveyed include:
- General Electric
- Rudolph Technologies
- Yokogawa Electric
- Emerson Electric
- Aspen Technology
- Honeywell International
- Schneider Electric
- Rockwell Automation
- Siemens AG
According to FMI, the industrial automation industry is expected to have a positive outlook through 2022 and beyond.
Industries are implementing the automation to increase the productivity and reduce labour costs. FMI provides detailed insights about the industry for the market players to craft their long-term strategies to maintain the competitive edge in the industry.
To receive the detailed insights about the Advanced Process Control market, FMI experts are said to rely on the primary and secondary research, and various wide range of data set gathered from organic and inorganic sources to provide estimates for the upcoming decade.
“Adoption of advanced process control will remain high in pharmaceuticals, oil and gas, and petrochemicals, as it suits the user’s needs in less time and lowers cost,” the report states.
The COVID-19 outbreak has been posing staggering challenges for the industry. Like other industries, the industrial automation industry has been particularly affected due to the lack of equipment and availability of the products. Furthermore, dearth of labour, factory closures, and supply restrictions induced by the pandemic crisis resulted in slight setback in 2022.
Lack of human assistance and key player’s hesitation in investing for high-end machineries during the pandemic has negatively impacted the industrial automation industry in 2022. However, with relaxation in lockdown, the Advanced Process Control market has picked up the pace.
The FMI’s recent report talks about the market scenario in the chapter on the Covid-19 impact analysis to aid the market players for the upcoming years. The report gives a detailed market analysis surrounding the market condition and its impact on the Advanced Process Control market.
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