According to a recent study report published by the Market Research Future, the global market of Plant Asset Management is forecasted to grow at approximately 10% of CAGR growth in terms of value surpassing its previous growth records by the end of the forecasted period (2016 – 2022). With such a striking rate of a CAGR, MRFR hopes the Global Plant Asset Management Market to reach to ~ 420 Million by 2022.
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.
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Major key Players
ABB Ltd. (Switzerland),
Emerson electric company (U.S.),
Rockwell automation, Inc. (U.S.),
Siemens AG (Germany), I
BM Corporation (U.S.),
Hitachi Ltd. (Japan), E
ndress +Hauser (Switzerland), D
assault Systemes (France),
Honeywell International, Inc. (U.S.), and Plant Asset Management (Petrofac) (UK) 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.
Segments for Plant asset management Market:
Global Plant asset management Market can be segmented as follows:
Segmentation by Type: Hardware, and software.
Segmentation by Services: Performance management, Monitoring & controlling, information management, device configuration, content management among others.
Segmentation by Application: Energy & power, petrochemical, Chemical, mining, food & beverage, and pharmaceutical among others.
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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- Design engineering information management
- Supply chain vendors
- Research & consultants
- PAM software solution providers
- Retailer and distributor
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