Plant Asset Management Market 2023 | Size, Trends, Demand And Forecast Till 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 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.

Plant asset management (PAM) is a comprehensive and strategic process used by manufacturing companies to plan, organize, track, maintain, and optimize physical assets within an industrial plant. This approach involves utilizing services, software, and hardware to effectively monitor assets throughout their lifecycle. The main objectives of PAM include gaining insights into the lifecycle of plant assets, optimizing maintenance planning strategies, and achieving optimal plant performance through lean manufacturing practices. By implementing PAM, organizations can improve asset reliability, reduce maintenance costs, enhance safety, make data-driven decisions, and ensure compliance with regulatory standards. PAM enables companies to optimize asset utilization, improve product quality, reduce energy consumption, and increase overall plant productivity. As a result, PAM finds wide application in various industries, including energy and power, mining, metal, aerospace, defense, and automotive sectors.

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 Plant Asset Management Market Trends and Drivers:

The plant asset management market is experiencing positive growth, driven primarily by the expanding oil and gas industry. In this sector, PAM is used to monitor critical equipment like pumps, compressors, and turbines to detect potential failures and prevent downtime. There is also an increasing demand for PAM software solutions to track corrosion in hydrofluoric acid alkylation units, which helps mitigate the risk of acid leaks, prevent shutdowns, and ensure worker safety. The market growth is further fueled by the integration of machine learning (ML) algorithms for data analysis, equipment failure prediction, and anomaly detection. PAM solutions are also being adopted to ensure safety compliance, reduce accidents, and prevent environmental incidents. Additionally, the increasing adoption of automation technologies is expected to contribute to the growth of the plant asset management market in the future.

What is included in market segmentation?

The report has segmented the market into the following categories:

Offering Insights:

Software
Services

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

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

Competitive Landscape with Key Player:

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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This release was published on openPR.