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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.
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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.
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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.