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Automation Technologies Revolutionizing Plant Asset Management Emerges as a Core Driver of the Plant Asset Management (PAM) Market in 2025
Plant Asset Management (PAM)
What Will the Plant Asset Management (PAM) Industry Market Size Be by 2025?
The market size of plant asset management (pam) has experienced a quick expansion in the preceding years. Its growth is expected to range from $9.14 billion in 2024 to $10.28 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 12.4%. Aspects contributing to this growth during the historic period include advancements in technology, the introduction of Industry 4.0 initiatives, integration with corporate systems, the shift towards cloud-based solutions, and the aging of existing infrastructure.
What's the Long-Term Growth Forecast for the Plant Asset Management (PAM) Market Size Through 2029?
The market size for plant asset management (pam) is predicted to witness a rapid expansion in the coming years, reaching $15.52 billion by 2029 with a compound annual growth rate (CAGR) of 10.9%. The predicted growth over this forecast period can be lined to the acceptance of predictive analytics, priority on remote monitoring, fusion with digital twins, enhancements to sensor technologies, and an emphasis on cybersecurity. Notable trends anticipated during this forecast period will include the integration of artificial intelligence, the trend towards digitalization, advancements in technology, and a focus on asset integrity management.
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What Are the Key Growth Drivers Fueling the Plant Asset Management (PAM) Market Expansion?
The progression of the plant asset management market is predicted to be driven by the uptake of automation technologies. These technologies consist of a variety of techniques, processes and systems that function with minimal human interference. They are aided by plant asset management (PAM), which offers a well-rounded solution to the upkeep and management of physical assets within industrial environments. For instance, the International Federation of Robotics, a non-profit organisation based in Germany, reported in May 2023 that industrial robot installations within manufacturing had increased by 12% in total during 2022, amounting to 41,624 units. Primarily comprised of businesses from the USA, Canada and Mexico, the automotive industry was the principal adopter, with 20,391 installed units. This reflected a growth of 30% from the preceding year, 2021. Therefore, the escalation of the plant asset management market is significantly influenced by the implementation of automation technologies.
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What Are the Key Trends Driving Plant Asset Management (PAM) Market Growth?
Primary players in the plant asset management marketplace, like Cantilever, are innovating by incorporating AI technologies to augment operational efficiency, lengthen the lifespan of assets, and boost overall productivity in industrial automation methods. Cantilever is a tool that employs AI for asset management, automating the inspection processes in the industrial field. To illustrate, Gecko Robotics, a US software corporation, unveiled Cantilever in October 2023. Its robust asset management solution encompasses robotic inspections, data incorporation, analytical instruments, and user modules. Cantilever synthesizes data from various robotic, stationary-sensor, and affiliate systems into a software platform that enables users to effectively track the well-being of their physical assets.
How Is the Plant Asset Management (PAM) Market Segmented?
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
Subsegments:
1) By Software: Enterprise Asset Management (EAM) Software, Maintenance Management Software (CMMS), Condition Monitoring Software, Performance Management Software, Asset Lifecycle Management Software, Predictive Maintenance Software
2) By Services: Consulting Services, Integration and Deployment Services, Training and Support Services, Managed Services, Cloud-Based Services, Maintenance and Repair Services
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Which Companies Are Leading the Charge in Plant Asset Management (PAM) Market Innovation?
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.
Which Regions Are Leading the Global Plant Asset Management (PAM) Market in Revenue?
North America was the largest region in the plant asset management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the plant asset management (PAM) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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