The Process Engineering Tools (PET) market is expected to expand at a compound annual growth rate (CAGR) of more than 13% over the next five years. The market was more than $1.9 billion in 2010 and is expected to reach more than $3.6 billion by 2015, according to a study by the ARC Advisory Group, "Process Engineering Tools Worldwide Outlook".
The PET market has fully recovered from the recession and is surging once again. The market rebounded faster than projected, with growth from the emerging economies becoming a major driver. These applications play an integral part in the design, creation, commissioning, and optimization of assets. In addition, these tools are playing an increasingly important role in the operational phase of plants and assets.