Plant Asset Management (PAM) Market 2020: Current Trends, Business Growth by Leading Players like ABB Ltd, Hitachi Ltd, Endress+Hauser, Honeywell International and Others

Plant Asset Management (PAM) is crucial for the industries that spend enormous amounts of time and money maintaining its plant, machinery and building assets and owing to the constantly increasing business and financial pressures, there is an ongoing need to achieve the maximum performance from those assets.

Market Research Future (MRFR) has announced a new release on the global plant and asset management market. The release talks about the market's present conditions in detail through a comprehensive assessment of the market's segmentation and factors affecting the market's growth trajectory, and provides a clear look into the probable growth trajectory of the market over the forecast period (2016-2022). It estimates the global plant asset management market to grow at a solid CAGR of more than 10% over the aforementioned forecast period.

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Other prominent players contributing equally in bringing innovations and driving the market growth of PAM include ABB Ltd. (Switzerland), Emerson electric company (U.S.), Hitachi Ltd. (Japan), Endress+Hauser (Switzerland), Dassault Systems (France), Honeywell International, Inc. (U.S.), and Plant Asset Management (Petrofac) (UK).

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 Global Plant Asset Management Market is predominantly driven by the factors such as the augmenting awareness towards competitive features the PAM solutions offer especially for the low cost manufacturing plants, changing consumer needs, rising new business models for enterprise asset management and increasing trends of merging IT and operational technology. The other trend driving the market growth of PAM is R&D investments in Services industries. Additionally factors such as reputed giant players of the market and the completion intensified by these players is fostering the market growth up to a large extent. Moreover, increased use of shifting commodity prices and the need to curtail costs of Plant Management is providing impetus to the market growth.

Plant Asset Management Market demonstrates a very large untapped potential for PAM solutions. Many are either unaware or have not evaluated PAM solutions. About half of the users perceive net benefits. There is an important need for on-line plant asset information for a wider array of asset classes. There is pressure to reduce the engineering and maintenance effort for PAM systems, as well as operations and production costs. PAM strategies can become more proactive and more value-oriented. Both management and maintenance functions are required in PAM. There is great potential for business process and application integration between PAM and EAM. The technical basis for PAM is well established for field devices. Users are demanding further development of a wide array of monitoring methods for asset classes outside of automation and electrical equipment. Methods, standardization, and integration must improve in order to lower engineering and maintenance cost of systems. This will lower the threshold for further usage and boost benefits for the industry.

Plant asset management has taken on an important role in the industrial sector with the advent of the Internet of Things (IoT). The IoT has allowed for much more detailed monitoring of the minutest of points, enabling owners to get a comprehensive picture of their plant assets' condition and requirements. Rising awareness about low-cost manufacturing plants and efforts to minimize the overall expenses of any plant are likely to drive the global plant asset management market over the forecast period. As the global market is getting ever more competitive, companies are looking for the smallest edge to get ahead of their rivals. This is likely to drive the demand from the plant asset management market over the forecast period, as the money saved on plant maintenance and repair by implementing monitoring solutions adds up to a considerable amount.

The increasing trend of merging IT solutions with the day to day operations of a plant is likely to drive the demand from the global plant asset management market.

Segmental Analysis:

The global plant asset management market is segmented on the basis of application, type, service, and region.

On the basis of application, the global plant asset management market is segmented into chemical, pharmaceutical, mining, energy and power, food and beverage, and petrochemicals.

By type, the global plant asset management market is segmented into hardware and software.

By service, the global plant asset management market is segmented into performance management, monitoring and controlling, information management, device configuration, and content management.

Regional Analysis:

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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This release was published on openPR.