“Plant asset management (PAM) market expected to exhibit significant growth potential between 2016 and 2022”
The plant asset management market is expected to be valued at USD 7.87 billion by 2022, growing at a CAGR of 10.7% between 2016 and 2022. The key driving factors for the growth of the PAM market are increasing adoption of lean manufacturing practices and growing demand for cloud-based PAM solutions, real-time data analysis, and failure detection software. However, high investment cost, need for periodic up gradation of plant asset management solutions, and complexity involved in installation are some of the key factors restraining the growth of the plant asset management market.
“The market for services segment expected to grow at the highest rate during the forecast period”
The services segment is expected to lead the global plant asset management market in terms of market share as well as CAGR during the forecast period. Increasing demand for industry-specific services is the key factor expected to drive the growth of the services segment.
“Oil and gas expected to account for the largest share of the PAM market during the forecast period”
The oil and gas industry is expected to hold the largest size of the plant asset management market during the forecast period. Safety and reliability of the oil and gas plant is crucial for the management of plant assets. Thus, the industry needs PAM solutions for ensuring the safety and operational efficiency of the oil and gas plants.
“APAC expected to be the fastest-growing market during the forecast period”
The plant asset management market in the APAC region is expected to grow at the highest rate between 2016 and 2022. The major factors driving the plant asset management market growth in the APAC region are continuous advancements and technological innovations in different industries, economic development in China, Japan, and India, growing infrastructure developments in India and other Southeast Asian countries, and increasing foreign investment in the region. Furthermore, the emergence of China as the major manufacturing hub is increasing the scope of PAM software and services in the region.
Break-up of the profiles of primary participants for the report:
- By Company Type: Tier 1— 43%, Tier 2— 32%, and Tier 3— 25%
- By Designation: C-Level Executives— 53%, Directors— 26%, and Others— 21%
- By Region: Americas— 45%, Europe— 27%, APAC— 20%, and RoW— 8%
The key players in the PAM market include ABB Ltd. (Switzerland), AB SKF (Sweden), Emerson Electric Co. (U.S.), Endress+Hauser Management AG (Switzerland), General Electric Co. (U.S.), Honeywell International, Inc. (U.S.), Rockwell Automation, Inc. (U.S.), Schneider Electric SA (France), Siemens AG (Germany), and Yokogawa Electric Corporation (Japan).
The research report on the global PAM market covers different segments, namely, offering, deployment mode, asset type, end-user industry, and geography. The market has been segmented on the basis of offering into software and services. On the basis of deployment mode, the PAM market has been classified into cloud (online) deployment and offline deployment. Asset types covered are production and automation assets. The report covers two types of industries, namely, process industry and discrete industry. Further, process industries have been segmented into chemical, oil and gas, energy and power, food and beverages, metals and mining, pharmaceutical and biotech, pulp and paper, and water and wastewater. Discrete industries include automotive, aerospace and defense, semiconductor and electronics, and medical device. The report covers four major geographical regions, namely, Americas, Europe, Asia-Pacific (APAC), and Rest of the World (RoW).
Key Benefits of Buying the Report:
- The report includes illustrative segmentation, analysis, and forecast for the market based on offering, deployment mode, asset type, industry, and geography.
- Porter’s five forces framework has been utilized along with the value chain analysis to provide an in-depth insight into the PAM market.
- The major drivers, restraints, opportunities, and challenges for the PAM market have been detailed in this report.
- A detailed competitive landscape includes key players, in-depth analysis, and market share of the key players.