Market Research Future (MRFR) has disclosed in its latest report that the global plant asset management market will exhibit steep growth at a striking CAGR of 10% during the forecast period 2016 to 2022. The report further reveals that the valuation of the market will reach USD 420 Mn by the end of 2022. The embracement of plant asset management assures the efficiency of the organization which amplifies the demand for plant asset management by industry leaders.
Plant asset management solutions enable the enterprises for adapting to the changing market trends without compromising on the quality of products or services. The integration of IT infrastructure with operations of business empowers the plant asset management solutions to improve the performance of the enterprise. Furthermore, the cloud-based deployment will fuel growth due to large-scale penetration of IoT.
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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).
The competitive landscape of the market reveals that the players employ strategies such as collaborations, expansion of product portfolios, acquisitions & mergers, innovation, etc. for strengthening foothold in the market.
Endress +Hauser has launched The SmartBlue App for convenient and secure access to the devices that are difficult to reach or are placed in hazardous places. The German institute Fraunhofer has approved the system. The application is based on Bluetooth® wireless technology and helps to access machinery within a radius of 20 meters.
Globally the Industry for Plant Asset Management Market is expected to grow at the rate of more than 10% from 2016 to 2022.
The strict laws implemented by the governments mandate the compliance of quality level for industry goods which can be assured by the use of plant asset management solutions. Therefore, the adoption of the technology has accelerated over a short span of time and will persistently thrive across the assessment period.
The complex installation process, high initial cost, need for periodic upgradation, etc. will restrict the growth and adversely affect the expansion rate of the market.
By type, the Plant asset management market has been segmented into hardware, and, software.
By services, the market is segmented into performance management, monitoring & controlling, information management, device configuration, and, content management.
By application, the market has been segmented into energy & power, petrochemical, Chemical, mining, food & beverage, and, pharmaceutical.
By region, the market has been segmented into North America, Europe, Asia Pacific, and, Middle East & Africa. North America market will be the primary revenue contributor in the global market. Industrialization started early in this region, and, with the advancements in technology, the sector has been evolving for betterment. The need for obtaining optimum performances from industries has facilitated the adoption of plant asset management in the market. The key driver of the market is the demand from aging plants that require to be integrated with plant asset management solution for efficient performances.
Asia Pacific is poised to be the second largest market for plant asset management due to the focus of the region towards rapid industrialization. The economies of the region are being pushed to be self-sufficient by making way for industrialization. Therefore, application of plant asset management comes naturally to the industry leaders for making the best use of the resources available. Europe region trails Asia Pacific in terms of revenue generated from the market. The benefits of utilization of plant asset management such as optimum performance, lower cost, adaption with changes in the market, etc. are fueling demand in Europe. The robust growth to be witnessed in the global market over the next couple of years will push the demand to grow in the Middle East & Africa region.
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- Design engineering information management
- Supply chain vendors
- Research & consultants
- PAM software solution providers
- Retailer and distributor
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.)
11.3.1. Company Overview
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
TABLE 5 GLOBAL PLANT ASSET MANAGEMENT MARKET, BY APPLICATION
Browse Press Release @ https://www.marketresearchfuture.com/press-release/global-plant-asset-management-industry
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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