Plant Asset Management (PAM) is crucial for the industries that spend enormous amounts of time and money maintaining its plant, machinery and building assets and owing to the constantly increasing business and financial pressures, there is an ongoing need to achieve the maximum performance from those assets.
Plant Asset Management is the process of optimizing field devices and monitoring information used to integrate with business operations and IT infrastructure. This improves the business operating performance and also reduces maintenance cost and paper work. Major companies such as IBM, Rockwell Automation, and Siemens among others are providing asset management solutions to improve the overall performance of the enterprises.
In the view of enormous traction the PAM Market is receiving currently and profiling the above mentioned top players, Market Research Future recently published a deep diving study report – Global Plant Asset Management Market. According to which the, the global market of Plant Asset Management is forecasted to grow at approximately 10% of CAGR during 2016 – 2022. With such a phenomenal growth rate, MRFR hopes the Global Plant Asset Management Market to reach to 420 Million by 2022.
The other trend driving the market growth of PAM is R&D investments in Services industries. Additionally factors such as reputed giant players of the market and the completion intensified by these players are fostering the market growth up to a large extent. Moreover, increased use of shifting commodity prices and the need to curtail costs of Plant Management is providing impetus to the market growth.
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Major Key Players
IBM Corporation (U.S.)
Emerson electric company (U.S.)
Rockwell automation, Inc. (U.S.)
Honeywell International, Inc. (U.S.)
Hitachi Ltd. (Japan)
Endress +Hauser (Switzerland)
Dassault Systemes (France)
Siemens AG (Germany)
ABB Ltd. (Switzerland)
Plant Asset Management (Petrofac) (UK)
Globally the market for Plant Asset Management Market is expected to grow at the rate of more than 10% from 2016 to 2022.
Market Research Analysis:
Manufacturing industries from all sectors put great efforts in reducing risk related to business operations. This emphasis on reducing risk is increasing demand for plant asset management (PAM) solutions. Changing consumer needs and increasing IT and operational technology trends is increasing the market growth along with innovative business models.
The growing IOT industry is focusing in connecting machine and other devices to remote access and monitoring for the business operations which is also one of the factor fuelling the growth of plant asset management market. However, strict government regulation is the current challenges which are hampering the market growth.
Regional Analysis of Plant asset management Market:
North-America is dominating the Plant asset management market with the largest market share due to growing consumer concern to enhance aging plant assets performance and therefore is expected to grow with highest revenue by 2022. Asia-Pacific is expected to be the second largest market for plant asset management followed by Europe region during forecast period.
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Segments for Plant asset management Market:
Segmentation by Type
Segmentation by Services
- Performance management
- Monitoring & controlling
- information management
- device configuration
- content management
Segmentation by Application
- Energy & power
- food & beverage
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