According to the new market research report "Plant Asset Management Market
by Offering (Software and Services), Deployment Mode (Cloud (online)
and offline), Asset Type (Production and Automation), End-User Industry
(Process and Discrete), and Geography - Global Forecast to 2022",
the global PAM market was valued at USD 3.91 Billion in 2015 and is
expected to grow at a CAGR of 10.7% between 2016 and 2022.
Factors such
as increasing adoption of lean manufacturing practices and growing
demand for cloud-based PAM solutions, real-time data analysis, and
failure detection software are expected to drive the growth of the PAM
market.
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“Automation asset segment expected to grow at a higher rate during the forecast period”
The market for automation assets is expected to grow
at a higher CAGR during the forecast period. Increasing adoption of
automation in industries such as oil and gas, chemical, food and
beverages, automotive, and aerospace and defense is expected to
encourage the growth of the plant asset management market during the
forecast period.
“Market for cloud (online) deployment mode to grow at the highest rate between 2016 and 2022”
The cloud deployment mode is gaining popularity due
to the growing IIoT market and increasing demand for new technology by
end-user industries. Furthermore, the cloud deployment mode of plant
asset management is being increasingly adopted as it provides better
visibility and competitive edge over others. The industries with complex
equipment footprints find it necessary to connect with the new-age
accessible technology tools. It is very important to deal with complex
plant asset management systems as major end-user industries are using
intelligent machines, new connected devices, and latest technology
monitoring systems. Cloud is creating value for adopters because of its
ability to connect the experts to the data from remote locations,
cost-effectiveness, and high storage capability. However, the safety and
security concern is still a major challenge for the adoption of cloud
deployment.
“APAC expected to dominate the PAM market between 2016 and 2022”
The plant asset management market in APAC is growing
rapidly owing to 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. Most of the key manufacturers from different industries have
shifted their manufacturing plants to the APAC region due to low labor
cost and availability of skilled labors. These manufacturing units are
using asset management solutions for the overall improvements in the
manufacturing processes, which is expected to encourage the growth of
the PAM market in the region.
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The major players involved 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).
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630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com
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