The report, now available on ASDReports, recognizes the following companies as the key players in the Global Advanced Process Control (APC) Software Market in Oil and Gas Industry: ABB, Honeywell International, Schneider Electric and Siemens
Other Prominent Vendors in the market are: Aspen Technology, GE, Rockwell Automation and Yokogawa Electric
Commenting on the report, an analyst said: “Analytics measures the economic benefits of all processes and it is a fast growing tool in today’s business environment. APC vendors are incorporating analytics into APC software as an additional feature to provide added value and also to facilitate the realization of the benefits of APC. They are integrating APC with other automation systems to reduce the time required to implement APC software.”
According to the report, there is a growing need to reduce operational costs and increased productivity in the process industries as they require high capital expenditure and it takes years to attain a return on investment. A reduction in the number of errors, amount of process re-engineering, and raw material usage, as well as increased quality are some of the major requirements of the oil and gas industry.
Further, the report states that the increased supply of oil and gas in the global market has resulted in a fall in oil prices, which is leading to heavy inventory losses and also a reduction in revenue and profit.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Read more on ASDReports!
Source: ASDReports - Market Research
Date: Nov 9, 2015