Plant Asset Management - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Plant Asset Management Market is accounted for $5.57 billion in 2018 and is expected to reach $16.07 billion by 2027 growing at a CAGR of 12.5% during the forecast period. Increasing adoption of lean manufacturing practices, growing demand for cloud-based PAM solutions, and increasing demand for real-time data analysis are likely to boost the growth of the Plant Asset Management market. However, high investment cost and need for periodic up gradation of PAM solutions and complexities involved in the installation of PAM solution are likely to hamper the profit boundaries.
Plant asset management is a practice used to optimize operations and gain maximum benefits from all the involved assets in a facility. It is a process of enhancing field devices and monitoring their functioning. This is used to improve the machine operating performance, thus reducing maintenance cost and documentation. Plant asset management is a cost-cutting strategy used in different industrial plants; it predicts potential asset failures and precautionary measures needed to minimize the downtime according to the size of an industrial plant. Plant asset management assesses the condition of assets and uses different technologies such as ultrasonic vibration, and modelling software to protect and forecast the health of an asset.
Based on asset type, the automation assets segment is likely to have a huge demand due to the increasing adoption of automation in industries such as oil and gas, chemical, food and beverages, automotive, and aerospace and defense. By geography, Asia Pacific is going to have a lucrative growth during the forecast period owing to the several advancements and technological innovations in different manufacturing industries. Adoption of plant asset management solution is high in APAC due to the growing manufacturing sector in the region.
Some of the key players in the Plant Asset Management market are the AB SKF, ABB Ltd, Emerson Electric Co, Endress+Hauser Management AG, General Electric Co, Honeywell International, Inc, Rockwell Automation, Inc, Schneider Electric Se, Siemens AG, and Yokogawa Electric Corporation.
Asset Types Covered:
• Automation Assets
• Production Assets
Deployment Modes Covered:
• Cloud (Online) Deployment
• Offline Deployment
End Users Covered:
• Discrete Industry
• Process Industry
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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