Plant design market tops $700 million; 11% growth forecast for 2006
Cambridge, MA —Plant design software and services can expect robust growth of 11%, moving to $800 million in 2006, according to a recent forecast from Daratech Inc., market research and technology assessment firm. In 2005, market for this area topped $700 million.
Partly as a result of robust demand for oil and other forms of energy, process and power owners and operators and EPC (engineering, procurement, construction) firms are expected to step up investments in IT solutions that enable the quickest time to product, and to control the total lifecycle cost of the asset, said the report. It pointed to heightened demand for such technologies as 3-D plant design and 2-D conceptual layout, evident at the firm’s annual process and power IT conference, held in Houston in January.
Driving new investment in these technologies are pressures to reduce total installed cost of production assets, and reuse and redesign of existing assets while controlling project execution risks and compressing time-to-revenue. IT-enabled strategies for heightening operational and maintenance efficiency through better decision-making during design and construction are coming to the fore, said Daratech, underpinned by new approaches to fostering data and information flow from conceptual and detail design through construction, operations, and maintenance.
— Control Engineering Daily News Desk
Jeanine Katzel , senior editor, Control Engineering