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Plant Asset Management (PAM) Market Segments, Analysis, Overview, Outlook Report 2024-2033
Plant Asset Management (PAM) Market
As per the report, the plant asset management (PAM) market size has grown rapidly in recent years. It will grow from $8.09 billion in 2023 to $9.14 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The plant asset management (PAM) market size is expected to see rapid growth in the next few years. It will grow to $14.11 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%.
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Automation Technologies Revolutionizing Plant Asset Management
The adoption of automation technologies is expected to propel the growth of the plant asset management market going forward. Automation technologies include a wide range of methods, processes, and systems that use diverse technologies to do tasks with minimal human participation. Plant asset management (PAM) helps automation technologies by providing a comprehensive approach to managing and maintaining physical assets in industrial settings. For instance, in October 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, in 2021, factories worldwide installed 517,385 new industrial robots, representing a 31% annual growth rate. This figure also marked a 22% increase compared to the previous two years' pre-pandemic record for robot installations. Therefore, the adoption of automation technologies is driving the growth of the plant asset management market.
Innovative Solutions Driving Plant Asset Management Market Growth
Major companies operating in the plant asset management market are developing innovative products by integrating AI such as Cantilever, to enhance operational efficiency, extend asset lifespan, and improve overall productivity in industrial automation processes. Cantilever is an AI-enabled asset management platform that automates industrial asset inspection processes. For instance, in October 2023, Gecko Robotics, a US-based software company, launched Cantilever. This comprehensive asset management solution includes robotic inspections, data integration, analysis tools, and user modules. Cantilever merges data from multiple robotic, fixed-sensor, and partner systems into a software platform, allowing users to monitor the health of physical assets effectively.
The plant asset management (PAM) market covered in this report is segmented -
1) By Offering: Software, Services
2) By Deployment: On-Premise, Cloud
3) By Asset Type: Production Assets, Automation Assets
4) By End-User: Energy And Power, Oil And Gas, Petrochemical, Mining And Metal, Aerospace And Defense, Automotive, Other End-Users
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Major companies operating in the plant asset management (PAM) market are Google LLC, Microsoft Corporation, Hitachi Ltd., Siemens AG, General Electric Co., International Business Machines Corporation, Oracle Corporation, Schneider Electric SA, Honeywell International Inc., SAP SE, BAE Systems plc, Emerson Electric Company, CGI Group Inc., AB SKF, Rockwell Automation Inc., Dassault Systemes, Yokogawa Electric Corporation, KUKA AG, Endress+Hauser Management AG, Bentley Systems, Maxwell Technologies Inc., Aspen Technology Inc., Ramco Systems Ltd.
Contents of the report:
1. Executive Summary
2. Plant Asset Management (PAM) Market Report Structure
3. Plant Asset Management (PAM) Market Trends And Strategies
4. Plant Asset Management (PAM) Market - Macro Economic Scenario
5. Plant Asset Management (PAM) Market Size And Growth
…..
27. Plant Asset Management (PAM) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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