Plant Asset Management Systems Market Anticipated to Grow at a Significant Pace by 2024

Plant asset management systems are used to provide a predictive health information of the assets. This information is derived from embedded data in control systems, smart field devices and sensors. There is an intelligent engine for analytical operations to proactively predict the problems before its escalation.

Plant asset management systems are expanding in capability for almost all production and automation assets. Solution for asset and corrosion integrity is emerging in industries as application specific solution. Issues related to corrosion can be predicted by this solution and hence the managers can apply risk management for the assets.

Plant asset management can be segmented on the basis of software, hardware and services, industry and asset type. Under the industry segment the market is sub divided as chemical and petrochemical industry, electricity generation industry, food and beverage industry, metals and mining industry, oil and gas industry, pharmaceutical and biotechnology industry, pulp and paper industry, refining industry and water and wastewater industry among others. The segment on the basis asset type can further be sub segmented as production assets and automation assets.

Turbines are the ideal candidates for plant asset management solutions. This is proven from the fact that the turbines have a mechanical nature as well as they are located in remote location and hence they require continuous condition monitoring. Using the plant asset management systems, the managers become aware about the degradation of the assets. This enables them to schedule the maintenance in advance before the assets actually fails.

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