London, 27 October 2015: Technavio, the independent tech-focused global research firm, has published a report on the global APC software market in the oil and gas industry 2015-2019, which is expected to grow at a CAGR of 7.37% during the forecast period of 2014-2019.
APC software helps in reducing the variability and inefficiency of processes in the oil and gas industry, whether upstream, midstream or downstream. It assists in producing a high-quality product and maximum utilization of assets by pushing the constraints of production to the limit. This also leads to high throughput as well as improved energy usage, raw material usage, and safety.
“The automation vendors are increasingly incorporating analytics tools in their APC software. This will help end-users to identify faulty processes faster and determine the economic benefits of the optimization of processes,” says Faisal Ghaus, Vice President of Technavio.
“Moreover, these vendors are integrating APC with other automation solutions such as DCS aiming to provide a complete automation package to their end-users in the process industries.”
Key Market Drivers
- Need to reduce costs
- Booming oil and gas industry in Africa
- Need to comply with environmental and safety regulations
Key Market Trends
- Use of analytics in APC
- Integration with automation systems
- Growing oil and gas infrastructure in China
Key Market Vendors
- ABB
- Honeywell
- Schneider Electric
- Siemens
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research on the Global APC Software Market in the Oil and Gas Industry 2015-2019, please send an e-mail to media@TechNavio.com.
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