Market Research Future (MRFR) has disclosed in its latest report that the global plant asset management market will exhibit steep growth at a striking CAGR of 10% during the forecast period 2016 to 2022. The report further reveals that the valuation of the market will reach USD 420 Mn by the end of 2022. The embracement of plant asset management assures the efficiency of the organization which amplifies the demand for plant asset management by industry leaders.
Plant asset management solutions enable the enterprises for adapting to the changing market trends without compromising on the quality of products or services. The integration of IT infrastructure with operations of business empowers the plant asset management solutions to improve the performance of the enterprise. Furthermore, the cloud-based deployment will fuel growth due to large-scale penetration of IoT.
The strict laws implemented by the governments mandate the compliance of quality level for industry goods which can be assured by the use of plant asset management solutions. Therefore, the adoption of the technology has accelerated over a short span of time and will persistently thrive across the assessment period.
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Major Key Players
- ABB Ltd. (Switzerland),
- Rockwell Automation, Inc. (U.S.),
- IBM Corporation (U.S.),
- Endress +Hauser (Switzerland),
- Honeywell International, Inc. (U.S.),
- Emerson Electric Company (U.S.),
- Siemens AG (Germany),
- Hitachi Ltd. (Japan),
- Dassault Systemes (France),
- Plant Asset Management (Petrofac) (UK).
Globally the Industry for Plant Asset Management Market is expected to grow at the rate of more than 10% from 2016 to 2022.
The requirement of plant asset management is increasing rapidly for reducing machine failure and downtime, resulting in cost saving. Technological advancements and increasing awareness about plant asset management among the users drive the growth of the plant asset management market.
In September 2018, Encavis Asset Management a Germany-based company agreed to enter into an extensive cooperative alliance for institutional investments in renewable energy services with Maxwell Technologies, Inc. This will lead to management of the machinery in the energy plants and reduction of cost.
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.
The global market for plant asset management is estimated to grow at a moderate rate during the forecast period from 2018 to 2023.
Asia-Pacific is expected to dominate the plant asset management market due to the presence of various key players and vendors in the region. Additionally, the growing solar , hardware, energy and power, and automotive industries are fueling market growth in the region. The growing economy has led to the development in Japan, India, China, and other Asian countries as the industries are adopting plant asset management to reduce the cost of maintenance; this factor is driving the market growth due to increasing foreign investments in the region. Asia-Pacific is also expected to be the fastest growing market due to the rapidly expanding industrial base and rising competition among the players in the region. North America is projected to be the second-largest market due to the presence of various industries and key players such as IBM Corporation and Honeywell International Inc. in the region. North America also has early access to new technologies due to superior infrastructure support, therefore it is one of the early adopters of the plant asset management solution, which is responsible for the market growth.
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- Design engineering information management
- Supply chain vendors
- Research & consultants
- PAM software solution providers
- Retailer and distributor
List of Figures
FIGURE 1 RESEARCH PROCESS
FIGURE 2 DRIVERS OF GLOBAL PLANT ASSET MANAGEMENT MARKET
FIGURE 3 GLOBAL PLANT ASSET MANAGEMENT MARKET: BY TYPE (%)
FIGURE 4 GLOBAL PLANT ASSET MANAGEMENT MARKET: BY APPLICATION (%)
LIST OF TABLES
Table 1 Global Plant Asset Management Market, By Country, 2018-2023
Table 2 North America: Plant Asset Management Market, By Country, 2018–2023
Table 3 Europe: Plant Asset Management Market, By Country, 2018–2023
Table 4 Asia-Pacific: Plant Asset Management Market, By Country, 2018–2023
Table 5 Latin America: Plant Asset Management Market, By Country, 2018–2023
Table 6 North America: Plant Asset Management Market, By Country
Table 7 North America: Plant Asset Management Market, By Offering
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