Overview and Scope
Plant asset management refers to the process of managing and maintaining physical assets within a plant or industrial facility. This includes managing the lifecycle of assets, from acquisition to disposal, as well as optimizing asset performance, reliability, and maintenance processes. The goal of plant asset management is to ensure that assets are operating efficiently, effectively, and safely to support the organization’s goals and objectives.
Sizing and Forecast
The plant asset management (PAM) market size has grown rapidly in recent years. It will grow from $8.09 billion in 2023 to $9.14 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The growth in the historic period can be attributed to advancements in technology, industry 4.0 initiatives, integration with enterprise systems, shift towards cloud-based solutions, aging infrastructure.
The plant asset management (PAM) market size is expected to see rapid growth in the next few years. It will grow to $14.11 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to adoption of predictive analytics, focus on remote monitoring, integration with digital twins, advancements in sensor technologies, focus on cybersecurity. Major trends in the forecast period include artificial intelligence integration, digitalization trend, advancement in technology, asset integrity management priority.
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Segmentation & Regional Insights
The plant asset management (PAM) market covered in this report is segmented –
1) By Offering: Software, Services
2) By Deployment: On-Premise, Cloud
3) By Asset Type: Production Assets, Automation Assets
4) By End-User: Energy And Power, Oil And Gas, Petrochemical, Mining And Metal, Aerospace And Defense, Automotive, Other End-Users
North America was the largest region in the plant asset management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the plant asset management (PAM) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The adoption of automation technologies is expected to propel the growth of the plant asset management market going forward. Automation technologies include a wide range of methods, processes, and systems that use diverse technologies to do tasks with minimal human participation. Plant asset management (PAM) helps automation technologies by providing a comprehensive approach to managing and maintaining physical assets in industrial settings. For instance, in October 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, in 2021, factories worldwide installed 517,385 new industrial robots, representing a 31% annual growth rate. This figure also marked a 22% increase compared to the previous two years’ pre-pandemic record for robot installations. Therefore, the adoption of automation technologies is driving the growth of the plant asset management market.
Key Industry Players
Major companies operating in the plant asset management (PAM) market are Google LLC, Microsoft Corporation, Hitachi Ltd., Siemens AG, General Electric Co., International Business Machines Corporation, Oracle Corporation, Schneider Electric SA, Honeywell International Inc., SAP SE, BAE Systems plc, Emerson Electric Company, CGI Group Inc., AB SKF, Rockwell Automation Inc., Dassault Systemes, Yokogawa Electric Corporation, KUKA AG, Endress+Hauser Management AG, Bentley Systems, Maxwell Technologies Inc., Aspen Technology Inc., Ramco Systems Ltd.
The plant asset management (pam) market report table of contents includes:
1. Executive Summary
2. Plant Asset Management (PAM) Market Characteristics
3. Plant Asset Management (PAM) Market Trends And Strategies
4. Plant Asset Management (PAM) Market – Macro Economic Scenario
5. Global Plant Asset Management (PAM) Market Size and Growth
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32. Global Plant Asset Management (PAM) Market Competitive Benchmarking
33. Global Plant Asset Management (PAM) Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Plant Asset Management (PAM) Market
35. Plant Asset Management (PAM) Market Future Outlook and Potential Analysis
36. Appendix
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