The functional efficiency in plants is expected to be maintained at a certain level which is significantly aided by the use of plant asset management systems. Market reports connected with information and communication technology industry have been presented by Market Research Future which makes reports on other industry verticals that aims to analyze the current market scenarios better. The market is projected to earn revenues worth USD 8.78 billion while developing at a CAGR of 9.5% in the forecast period.
The need to ensure optimization of costs in a plant is a major factor that is spurring the expansion of the plant asset management market. The need to ensure the prevention of potential asset failures and precautionary measures is expected to motivate the development of the market for plant asset management. Moreover, cloud-based deployment of plant asset management is expected to fuel the growth of the plant asset management market in the forecast period.
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Major Key Players
- ABB Ltd. (Switzerland),
- Rockwell Automation, Inc. (U.S.),
- IBM Corporation (U.S.),
- Endress +Hauser (Switzerland),
- Honeywell International, Inc. (U.S.),
- Emerson Electric Company (U.S.),
- Siemens AG (Germany),
- Hitachi Ltd. (Japan),
- Dassault Systemes (France),
- Plant Asset Management (Petrofac) (UK).
Globally the Industry for Plant Asset Management Market is expected to grow at the rate of more than 10% from 2016 to 2022.
Increased conformity of market players to new customers and market trend inclinations are boosting the growth curve of the market and will persist in the forecast period. Substantial cuts in administrative costs are inducing further expansion of the market. The effective implementation of strategies is likely to stimulate the market in the coming years. The expansion of a strong value chain is additionally motivating the development of the market. The growth of the market is moving in a promising direction due to new product introductions or intensifying gross revenue of the players in the market. The vertical supplements and product tactics of the market are advancing the potential of the market players. The tactical goals intended for the market are buoyed due to advantageous product differentiation carried out by market contestants.
The segmental analysis of the plant asset management market is carried out on the basis of offering, deployment mode, asset type, end user and regions. Based on offering, the market for plant asset management is segmented into service and software. On the basis of deployment mode, the plant asset management market is segmented into offline and cloud. On the basis of asset type, the plant asset management market is segmented into automation asset and production asset. The end-user based segmentation of the market consists of aerospace, chemical, and defense. The regions included in the plant asset management market are Europe, Asia Pacific, North America and the rest of the world.
Regionally, the global plant asset management market is segmented into North America, Asia Pacific, Europe, and the rest of the world.
North America is the leading party in the global plant asset management market due to the widespread use of digital tools for plant monitoring and asset management. The presence of several old and aging plants in the region has also encouraged players to look out for ways to maximize the performance of aging machinery, leading to growing demand from the plant asset management market. The rapid progress in terms of adoption of IoT solutions in North America, due to the presence of a supportive technological and political framework, is likely to drive the region’s role in the global plant asset management market over the forecast period. The growth of the industrial sector in North American countries such as the U.S. is likely to be the main driver for the global plant asset management market, as new establishments will likely receive the latest technological solutions, while old establishments are also being retrofitted with the suitable solutions as per their need.
Asia Pacific is also likely to be a major regional market for plant asset management tools due to the rapid growth of the industrial sector in countries such as China, India, Thailand, Indonesia, Malaysia, Australia, Japan, and Korea. The industrial sector in these countries has grown spectacularly in the last few decades, leading to a growing need for monitoring solutions. The growth of the industrial sector in these countries is likely to remain a major driver for the global plant asset management market over the forecast period.
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- Design engineering information management
- Supply chain vendors
- Research & consultants
- PAM software solution providers
- Retailer and distributor
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 (%)
LIST OF TABLES
Table 1 Global Plant Asset Management Market, By Country, 2018-2023
Table 2 North America: Plant Asset Management Market, By Country, 2018–2023
Table 3 Europe: Plant Asset Management Market, By Country, 2018–2023
Table 4 Asia-Pacific: Plant Asset Management Market, By Country, 2018–2023
Table 5 Latin America: Plant Asset Management Market, By Country, 2018–2023
Table 6 North America: Plant Asset Management Market, By Country
Table 7 North America: Plant Asset Management Market, By Offering
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