Plant Asset Management Market Size to Hit USD 14.54 Billion by 2028, CAGR of 10.70%
The report has categorized the global plant asset management market based on offering, deployment mode, asset type and end user.
BROOKLYN, NY, UNITED STATES, June 26, 2023/EINPresswire.com/ — IMARC Group, a leading market research company, has recently releases report titled “Plant Asset Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global plant asset management market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the plant asset management market?
The global plant asset management market size reached US$ 7.68 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.54 Billion by 2028, exhibiting a growth rate (CAGR) of 10.70% during 2023-2028.
What is plant asset management?
Plant asset management (PAM) represents a strategic procedure of planning, organizing, tracking, maintaining, and optimizing physical assets within an industrial plant. It mainly comprises services, software, and hardware deployed by a manufacturing company to monitor goods over their lifecycle. PAM is widely used to understand the life cycle of plant assets, optimize the maintenance planning strategy, and ensure the plant runs efficiently through lean-making practices. In addition, it aids in increasing reliability, reducing maintenance costs, improving safety, facilitating data-driven decision-making, and enhancing regulatory compliance. Consequently, PAM finds wide applications across the energy and power, oil and gas, petrochemical, mining and metal, and aerospace and defense industries.
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What are the growth prospects and trends in the plant asset management?
The widespread adoption of this strategic process to monitor the condition of essential equipment, such as pumps, compressors, and turbines, and identify potential failures is primarily driving the plant asset management market. Furthermore, the rising usage of PAM to provide real-time tracking of goods, including drilling rigs, tankers, and pipelines, ensuring they operate at maximum efficiency and reduce the risk of theft or loss, is also augmenting the market growth. Apart from this, the integration of artificial intelligence (AI) and machine learning (ML) algorithms that assist in analyzing vast amounts of data to identify patterns and predict equipment failures and detect suspicious activities is positively influencing the global market.
Moreover, the elevating requirement for PAM solutions to help industrial plants ensure compliance with safety and regulatory standards and reduce the risk of accidents and environmental incidents is further bolstering the market growth. Besides this, the growing adoption of automation technologies is acting as another significant growth-inducing factor. Additionally, extensive research and development (R&D) activities and continuous technological advancements are expected to drive the plant asset management market in the coming years.
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What is included in market segmentation?
The report has segmented the market into the following categories:
Offering Insights:
• Software
• Services
Deployment Mode Insights
• Cloud-based
• On-premises
Asset Type Insights:
• Production Asset
o Motors, Rotating, Reciprocating Equipment
o Process and Mechanical Equipment
o Remote Equipment, Wiring and Other Electrical Equipment
• Automation Assets
o Field Devices
o Control Values Position and Associated Equipment
End User Insights
• Energy and Power
• Oil and Gas
• Petrochemical
• Mining and Metal
• Aerospace and Defense
• Automotive
• Others
Breakup by Geography:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa
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Who are the key players operating in the industry?
The report covers the major market players including:
• ABB Ltd
• Bentley Systems Incorporated
• Emerson Electric Co.
• Endress+Hauser AG
• General Electric Company
• Honeywell International Inc.
• Rockwell Automation Inc.
• Schneider Electric SE
• Siemens AG
• Yokogawa Electric Corporation
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization
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