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.
The major factor that drives the growth of plant asset management market is growing awareness about low cost manufacturing plants, changing consumer needs, rising new business models for enterprise asset management and increasing trends of merging IT and operational technology among others.
Globally the market for plant asset management market is expected to grow at the rate of more than 10% from 2016 to 2022.
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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)
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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
Table of Content
11. Company profile
11.1 ABB Ltd. (Switzerland)
11.1.1. Company Overview
11.1.2. Product/Business Segment Overview
11.1.4. Key Developments
11.2 Emerson electric company (U.S.)
11.2.1. Company Overview
11.2.2. Product/Business Segment Overview
11.2.4. Key Developments
11.3 Rockwell automation, Inc. (U.S.)
List Of Tables
TABLE 1 GLOBAL PLANT ASSET MANAGEMENT MARKET (USD BILLION)
TABLE 2 GLOBAL PLANT ASSET MANAGEMENT MARKET, BY TYPE
TABLE 3 GLOBAL HARDWARE MARKETS, BY REGION
TABLE 4 GLOBAL SOFTWARE MARKET, BY REGION
List Of Figures
FIGURE 1 RESEARCH PROCESS
FIGURE 2 DRIVERS OF GLOBAL PLANT ASSET MANAGEMENT MARKET
FIGURE 3 GLOBAL PLANT ASSET MANAGEMENT MARKET: BY TYPE (%)
FIGURE 4 GLOBAL PLANT ASSET MANAGEMENT MARKET: BY APPLICATION (%)
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