New ARC Advisory Group research on the process simulation and optimization market reveals that the scope of simulation is expanding beyond traditional engineering designs to asset lifecycle optimization by hybrid modeling and workflow re-design. Hybrid modeling combines first principles models with machine learning. First principles models provide a framework for process engineering but in complex process units, where it's difficult to develop a customizable model, machine learning presents an opportunity to keep the plant model sustained. This hybrid modeling approach is bringing together strengths of each technology. Asset owners can then create simple and robust models from rigorous models that can interoperate seamlessly from engineering to planning, scheduling across the full asset lifecycle.
“Whether it be simulation, optimization, or engineering tools, users are looking for simplified, intuitive, easier-to-use software that supports collaboration and the natural workflow of an organization. Today, the “platforming” of PSO tools helps users create reusable workflows and automate data authoring on a broader platform for simulation. The new work processes created enable people to focus on more value-adding activities and shortening the time needed to design and optimize by moving from sequential to simultaneous engineering,” according to Peter Reynolds, Contributing Analyst at ARC Advisory Group and key author of ARC’s Process Simulation and Optimization Global Market Research report.
“Other key trends include improved cross-functional collaboration. Research shows that enabling groups to regularly exchange information on how plant processes are working to improve profitability can deliver significant business benefits, ” added Peter.
About the Process Simulation and Optimization Research
This ARC research explores current and historical market performance and related technology and business trends, identifies leading technology suppliers, and provides five-year global forecasts for the process simulation and optimization market. 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, plus five-year market forecasts by region, industry, revenue category, sales channels, and customer tier.
This new research is available in a variety of formats to meet the specific research and budgetary requirements of a wide variety of organizations. These include a:
- Market Intelligence Workbook (Excel) - personalized spreadsheet includes two years of historical data in addition to the current base year market data and five-year market forecast. This workbook enables licensed users to freely manipulate the data to make it easier to analyze the latest data for business intelligence and generate custom reports.
- Concise Market Analysis Report (PDF) – provides an executive-level summary of the current market dynamics, market forecasts, and competitive analysis, plus an overview of strategic issues. The PDF is available with or without detailed charts.
For more information on this and other available ARC market research, please visit our Market Data & Studies section.