Market Share of Advanced Process Control Industry
The degree of competition depends on various factors affecting the market, such as brand identity, powerful competitive strategy, and degree of transparency. One of the major factors governing this force is market innovation. Companies in the market have a significant advantage over competitors due to technological innovations, with new products offering performance gaining faster adoption. Companies in the market are investing heavily to gain a competitive edge.
The APC market comprises several global and regional players who are vying for attention in a fairly contested market space. These players' presence and constant innovative activities intensify the competition in the market. The intensity of competitive rivalry in the market is very high, owing to the presence of large-scale companies such as ABB Ltd, Emerson Electric Co., Yokogawa Electric, Honeywell International Inc., and Schneider Electric SE.
These companies are struggling to gain a competitive advantage by constantly trying to develop their product portfolio and develop expertise. The level of market penetration is relatively high, with tight control on distribution. For instance, while ABB leads the market in electric power generation, it also has a significant presence in oil and gas. Honeywell also has a large installed base of process automation systems.
The firm concentration ratio has remained moderate in the market studied, and it is expected to grow steadily during the forecast period. Overall, the intensity of competitive rivalry is relatively high.
Advanced Process Control Market Leaders
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ABB Ltd.
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Aspen Technology Inc.
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Emerson Electric Co.
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General Electric Co.
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Honeywell International Inc.
*Disclaimer: Major Players sorted in no particular order
