Plant Asset Management Market Share, Size, Growth and Forecast 2023-2028

IMARC Group, a leading market research company, has recently released a report titled "Plant Asset Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including the plant asset management market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the Plant Asset Management Market?

The global plant asset management market size reached US$ 7.68 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.54 Billion by 2028, exhibiting a growth rate (CAGR) of 10.70% during 2023-2028.

What is Plant Asset Management?

Plant asset management (PAM) involves a strategic process aimed at planning, organizing, tracking, maintaining, and optimizing physical assets within an industrial plant. This comprehensive approach encompasses the deployment of services, software, and hardware by manufacturing companies to effectively monitor assets throughout their lifecycle. The primary objectives of PAM are to gain insights into the lifecycle of plant assets, streamline maintenance planning strategies, and provide optimal plant performance through lean manufacturing practices. By utilizing PAM, companies can enhance reliability, reduce maintenance costs, improve safety, facilitate data-driven decision-making, and secure compliance with regulatory standards. PAM enables organizations to optimize asset utilization, enhance product quality, decrease energy consumption, and boost overall plant productivity. Consequently, it finds extensive applications in diverse sectors including energy and power, mining, metal, aerospace, defense, automotive, etc.

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What are the growth prospects and trends in the plant asset management industry?

The plant asset management market is experiencing a positive outlook, owing to the expanding oil and gas industry where it is used to monitor critical equipment, such as pumps, compressors, and turbines, enabling the detection of potential failures. The market is further fueled by the increasing demand for PAM software solutions, which effectively track corrosion in hydrofluoric acid alkylation units and assist in mitigating the risk of acid leaks, preventing shutdowns, and ensuring worker safety. Additionally, the escalating integration of machine learning (ML) algorithms for analyzing vast data, predicting equipment failures, and detecting suspicious activities is acting as another significant growth-inducing factor. Besides this, the growing usage of PAM solutions to ensure safety compliance, reduce accidents, and environmental incidents is also positively influencing the global market. Moreover, the elevating adoption of automation technologies is anticipated to fuel the plant asset management market in the coming years.

What is included in market segmentation?

The report has segmented the market into the following categories:

Offering Insights:

Software
Services

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Deployment Mode Insights :

Cloud-based
On-premises

Asset Type Insights:

Production Asset
Motors, Rotating, Reciprocating Equipment
Process and Mechanical Equipment
Remote Equipment, Wiring and Other Electrical Equipment
Automation Assets
Field Devices
Control Values Position and Associated Equipment

End User Insights :

Energy and Power
Oil and Gas
Petrochemical
Mining and Metal
Aerospace and Defense
Automotive
Others

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Market Breakup by Region:

North America (United States, Canada)
Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

ABB Ltd
Bentley Systems Incorporated
Emerson Electric Co.
Endress+Hauser AG
General Electric Company
Honeywell International Inc.
Rockwell Automation Inc.
Schneider Electric SE
Siemens AG
Yokogawa Electric Corporation

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