According to new ARC research, the market for process simulation and optimization software is growing because of the need for sustainability. Industrial organizations have to consider many factors at the same time and include carbon intensity in their design and operations to improve their processes and businesses. Successful simulation software companies combine different disciplines and viewpoints to optimize design and operations. By using a good engineering process and working across different teams, industrial manufacturers can use an integrated, "sustainability" approach to engineering design and optimization.
"Market leaders have identified best practices in engineering and are incorporating these into sustainability-enabled technology solutions designed to support asset owners in their efforts to drive a performance engineering lifecycle approach. To achieve the desired model accuracy, plant data is used to calibrate these first principles models to observe plant conditions and performance. Since effective model calibration requires considerable process expertise, AI and machine learning are built into the solutions. AI has the potential to lower the expertise bar needed to model process systems. However, human domain expertise is still needed to create the real-world “guardrails” that make the models work safely and reliably,” according to Peter Reynolds, Contributing Analyst and key author of ARC's Process Simulation and Optimization Software Market Research.
Process Simulation and Optimization Market Trends
In addition to providing detailed competitive market share data, the report also addresses key market trends as follows:
- The Connected Process Licensor
- Simulation Delivered as a SaaS Model
- The Confluence of Process Simulation and Asset Reliability
- Embedding the Expert into the Process Model
- Combining 3D Asset Visualization with Process Models Through Data Centric Approaches
- Creating Value from Hybrid Models with AI
- Performance Engineering
- Enabling Cross-discipline Collaboration
- Collaboration and Data Exchange beyond the Plant
- Changing the Way People Use Technology
- Renewed Collaboration with Academia
Leading Suppliers to the Process Simulation and Optimization Market Identified
In addition to providing specific market data and industry trends, this ARC market research also identifies and positions the leading suppliers to this market and provides and summarizes their relevant offerings. An alphabetical list of key suppliers covered in this analysis includes: Aspen Technology, AVEVA, Emerson Automation Solutions, Honeywell, KBC Advanced Technology.
About the Process Simulation and Optimization Research
The Process Simulation and Optimization Software research explores the current and future market performance and related technology and business trends and identifies leading technology suppliers. This new research is based on ARC’s industry-leading market research database, extensive primary and secondary research, and proprietary economic modelling techniques. The research includes competitive analysis, five-year market forecasts, and five years of historical analysis. The report segmentation includes Industry, World Region, Sales Channel, Service Revenues by Type, Revenue Category, Customer Tier, Application, Overall Scope.
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