Plant Asset Management Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Poland, Belgium, Netherlands, Russia, Japan, China, India, South Korea, Malaysia, Sri Lanka, Brazil, Argentina, UAE, South Africa, Saudi Arabia), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4756
Plant Asset Management Market size is anticipated to register substantial gains over the coming years driven by rising demand for cloud-based plant assets management solution. Companies are delivering cloud-based services, applications, or resources to their clients with the help of the internet from cloud computing suppliers severs. Companies normally utilize cloud-based computing to extend capacity, upgrade, or include extra managements without having to commit toward expensive structure costs or increase training of existing in-house back staff. Many organizations are seeking superior ways to secure their assets and stock records on disposing waste & duplicate buys, increasing the demand for plant asset management systems. These systems are also experiencing increasing demand from small and medium enterprises as they deliver quick installation, easy access to the cloud, save time, and help industries to take better decisions & improve their efficiency.
Plant Asset Management is a procedure of improving field devices and supervising their operations. The data derived from the devices is used to increase machine operational performance, thus decreasing maintenance costs and documents. Plant asset management is a cost-reducing approach used in different manufacturing plants. It analyzes possible asset failures and aids in taking predictive safety measures needed to reduce interruption in plant processes. Plant asset management evaluates the condition of assets and uses different skills, such as ultrasonic vibration and developing software, to safeguard and estimate the health of assets.
A cloud-based resource management computer code permits business of all sizes to gather and analyze information on assets/inventory in genuine time and see it from for all intents and purposes. A cloud-based asset management software system offers enterprises with a variety of benefits such as highly efficient operations, accurate tracking, easy reporting, and financial accountability. By keeping asset data in the cloud, an organization can analyze minute details about the assets and inventory, thereby minimizing cost and increasing efficiency.
The rising need for real-time data analytics and increasing demand for asset management software that can recognize potential crashes to prevent futuristic failure will boost the plant asset management market during the forecast period. However, high initial costs involved in the deployment of plant asset management software will restrain their demand in the market. On the other hand, plant asset management services provide software upgrades, maintenance needs, and personal training, increasing their demand from end-user industries. This is one of the major factors contributing to the growth of plant market. Adding to this, industry players are also focusing on the delivery of industry-specific services, propelling their demand among competitors.
The automation of assets is experiencing a significant adoption in the market. The growing adoption of automation systems will improve production capacity. There are several types of automation systems used in plant asset management systems, such as Programmable Logic Controllers (PLCs) and Distributed Control Systems (DCSs), increasing their adoption in discrete industries. Replacing traditional manual asset transfer processes with automated ones can offer various benefits in the industry, such as time-savings, safety of data, and accountability, creating high growth opportunities in the market.
Europe is anticipated to hold a major market share owing to the faster adoption of newer technologies in process industries, particularly in Germany, the UK, and France, among others. The region has many leading plant asset management players such as ABB, Siemens, and Schneider, among others. North America also has early access to new technologies due to superior infrastructure support in the automation industry. The Asia Pacific region will witness significant growth in the plant asset management market, which is attributed to the growing manufacturing sector, low labor cost, and availability of a skilled workforce. These business units use asset management solutions to progress in the overall industrial developments, which are anticipated to drive Asia Pacific plant assets management market growth.
Key players in the market are Honeywell International, Inc., ABB, Rockwell Automation, Inc., Emerson Electric Co., Schneider Electric SE, Siemens AG, Yokogawa Electric Corporation, General Electric, Endress+Hauser Management AG, IBM Corporation, Hitachi Ltd, Dassault Systemes, and Maxwell Technologies, Inc., among others. Companies are majorly focusing on research & development activities to enhance their position. For instance, in July 2019, Rockwell Automation enhanced its FactoryTalk Asset Centre Software to protect a wider variety of assets. Furthermore, the company is continuously engaged in strategic acquisitions and mergers to improve its market share among competitors. In October 2019, Rockwell acquired MESTECH Services to increase its consulting and system integration scale in the fast-developing revolution market.
The plant asset management market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2026 for the following segments:
Market, By Offering
Market, By Platform
Market, By End-Use
- Energy & Power
- Food & Beverage
- Metals & Mining
- Oil & Gas
- Pulp & Paper
- Water & Wastewater
- Discrete Industries
- Aerospace & Defense
- Semiconductor & Electronics
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa (MEA)
- Saudi Arabia
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