The Plant Asset
Management Market is projected to grow from USD 5.5 billion in 2019 to USD 9.4 billion by
2024, at a CAGR of 11.3%. Major factors fueling the market growth include
surging adoption of lean manufacturing practices by several organizations,
increasing focus on providing cloud-based PAM solutions to satisfy customer
demands, escalating demand for asset management software that can identify
potential failures to avoid futuristic loss, and growing need for real-time
data analytics.
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Services to lead
plant asset management market by 2024
The deployment of PAM software is a costly process and a
one-time activity, whereas PAM services that include maintenance needs, software
upgrades, and personnel training are demanded by end-user industries
continuously. Hence, PAM services have a more significant contribution to
generating more revenue than PAM software solutions. Further, market players
are focusing on offering industry-specific services to meet the ever-changing
demands of different industries.
Production assets to
hold largest share of PAM market during forecast period
Rising adoption of PAM solutions for monitoring rotating and
reciprocating equipment, among others, across various industries is expected to
drive the growth of the PAM market during the forecast period. Moreover,
incidents of unplanned shutdowns or slowdowns due to equipment failures lead to
high financial loss in terms of damage to equipment, production losses, and
unscheduled maintenance. However, real-time health and performance insights
encourage informed actions and decisions to improve plant efficiency minimizing
risks of equipment failure, thereby reducing the wastage of valuable finances.
Hence, the demand for PAM solutions is high to manage these production assets.
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Asia Pacific to
be largest market for PAM during forecast period
Asia Pacific presents a
substantial market for PAM. The PAM market in APAC is growing rapidly due to
several advancements and technological innovations in different manufacturing
industries. The adoption of PAM solutions 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 in APAC due to the
low labor cost and availability of a skilled workforce. These manufacturing
units are using asset management solutions for the improvement in the overall
manufacturing processes, which is expected to drive the growth of the PAM
market in the region.
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Major players in the PAM market are Emerson (US), Honeywell
(US), Rockwell (US), ABB (Switzerland), Schneider (France),
Yokogawa (Japan),
General Electric (US), Siemens (Germany),
and SKF Group (Sweden).
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