Plant Asset Management Market Size & Share 2022 to 2030
Market Size by Component (Solution, Service), by Deployment (On-premise, Cloud), by Asset Type (Production Assets, Automation Assets), by End User & Forecast.
Report ID: GMI4756
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Published Date: July 2022
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
Plant Asset Management Market Size
Plant Asset Management Market size exceeded USD 5 billion in 2021 and is set to register 10% CAGR between 2022 and 2030. The growing demand for improving the various processes across manufacturing & utility plants to achieve improved productivity with minimum resource wastage is driving the industry growth.
The rising digitalization and the advent of Industry 4.0 are enabling various stakeholders to adopt lean manufacturing practices. Plants that are using lean processes have seen a 10%-12% growth in productivity. Advantages of these practices increase the adoption of digitalization in manufacturing processes, thereby boosting market demand.
Plant Asset Management Market Analysis
The asset lifecycle management held over 30% share of Canada PAM market in 2021, due to the growing adoption of various technologies, such as IoT and automation, across plants. Smart technologies and rich troves of data related to equipment & infrastructure are now available to help enterprises take a more proactive approach to asset management. Asset lifecycle management solutions balance the very different maintenance requirements of diverse & distributed assets to deliver maximum safety & longevity in design, construction, commissioning, operations, maintenance, decommissioning, and replacement.
Owing to their low costs, cloud-based (online) PAM software solutions are the best choice for small- & medium-sized businesses in Europe. In Germany plant asset management market, the cloud deployment model is projected to witness growth rate of over 10% through 2030, because of the increasing use of cloud services to reduce the cost of ownership across various industries. Cloud-based deployments are helping enterprises to manage their business operations in the pandemic and allowing users to work remotely & execute day-to-day operations.
In the UK, production asset segment captured a market share of 60% in 2021, impelled by the growing demand for managing & mapping production assets and ensuring a smooth work process throughout plants. Production asset management software solutions increase the efficiency of production environments with the help of tools & features that manage & track media throughout the whole content creation process. The production asset helps to automate workflow, ensuring efficient storage & controlling of production assets.
The aerospace & defense segment in China is poised to attain around 15% gains from 2022 to 2030, attributed to investments in advanced technologies in the aerospace & defense sector. Manufacturing cost management is becoming a priority for aerospace manufacturers, forcing them to adopt asset management technologies for their plants. The aerospace sector is implementing PAM solutions to reduce operational costs with the help of advanced technologies such as predictive maintenance and AI.
The North American plant asset management market is expected to generate a revenue of nearly USD 4 billion by 2030, propelled by smart factory solutions in the region. The rapid adoption of IoT/IIoT in various sectors, such as manufacturing, automotive, and healthcare, can be credited to rising internet penetration, the availability of cheap IoT sensors, and the proliferation of smart connected devices. The presence of developed IT infrastructure and supportive government initiatives to support the advent of Industry 4.0 in the region are contributing to market growth.
Plant Asset Management Market Share
Some of the key plant asset management market players include :
Companies are emphasizing on various merger & acquisition strategies to gain a competitive advantage in the market.
This market research report on plant asset management (PAM) includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2030 for the following segments:
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Market By, Component
Market By, Deployment Model
Market By, Asset Type
Market By, End User
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →