Plant Asset Management Market size is set to surpass USD 15 billion by 2030, according to a new research report by Global Market Insights Inc.
The market growth can be attributed to the growing adoption of cloud computing technology, which is increasing the demand for SaaS-based Plant Asset Management (PAM) solutions that offer greater transparency & accessibility of asset data by eliminating infrastructure cost. This is increasing its demand across verticals, thereby making providers extensively work on developing cloud-based PAM solutions.
Rising adoption of advanced analytics solutions in various sectors
The predictive maintenance solution is expected to grow at over 15% CAGR from 2022 to 2030 impelled by increasing adoption of advanced analytics solutions across various industries. The solution is used to predict & prevent any machine failure. It uses advanced technologies, such as IoT, cloud, and machine learning, which help in identifying patterns and predicting issues before they happen.
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Browse key industry insights spread across 339 pages with 408 market data tables and 36 figures & charts from the report, “Plant Asset Management (PAM) Market Size By Component (Solution [Asset Lifecycle Management, Predictive Maintenance, Work Order Management, Inventory Management], Service [Professional Service, Managed Service]), By Deployment (On-premise, Cloud), By Asset Type (Production Assets, Automation Assets), By End User (Energy & Power, Oil & Gas, Petrochemical, Mining & Metal, Aerospace & Defense, Automotive), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
Increasing concerns regarding cloud data security
The on-premise segment held approximately 65% of the plant asset management market share in 2021 driven by increasing concerns of data security in cloud models. On-premise solutions are being extensively deployed by several large & small enterprises due to better data security & control.
Growing industrial automation in the manufacturing sector
The automation asset is projected to witness growth rate of about 10% through 2030 led by rising industrial automation in the manufacturing sector. Automation solution helps in reducing operational costs and improving production efficiency. According to report published by Ericsson Industrial Automation in 2021, the number of IIoT-connected devices valued at 30 billion and it is anticipated to reach around 60 billion by 2025.
Rising usage of advanced technologies in the oil & gas industry
The oil & gas application accounted for more than 25% of the revenue share in 2021 propelled by improved delivery capacity and reduced process costs. It helps to reduce equipment downtime, control inventory, manage resources, save costs, and meet legal & regulatory compliances.
Increasing digitalization in Asia Pacific
Asia Pacific plant asset management market is poised to generate a revenue of above USD 4 billion by 2030. This growth is attributed to rising digitalization across sectors and the increasing adoption of process automation techniques in countries including India and China. Moreover, supportive government initiatives to enhance Plant Asset Management (PAM) capabilities are providing significant growth opportunities in the market.
Focus on developing advanced plant asset management solutions to gain a competitive advantage
Some of the plant asset management market players include ABB Ltd., AB SKF, Bentley Systems, CGI Group, Inc., Dassault Systèmes, Emerson, Endress+Hauser Management AG, General Electrical, Hitachi, Honeywell, IBM Corporation, IFS AB, Ing. Punzenberger COPA-DATA GmbH, Maxwell Technologies Inc, Oracle Corporation, Ramco Systems Ltd., Rockwell Automation, SAP SE, Siemens, Schneider Electric SA, and Yokogawa Electric Corporation. Companies operating in the market are developing & designing more advanced plant asset management solutions to meet the customer demand.