Demand for Plant Asset Management Solutions through 2024
Author : Tom C | Published On : 23 Jun 2022
The plant asset management market is expected to grow from USD 5.5 billion in 2019 to USD 9.4 billion by 2024, at a CAGR of 11.3%.
The market’s growth is propelled by surging adoption of lean manufacturing practices by several organizations, increasing focus on providing cloud-based PAM solutions to satisfy customer demands, escalating demand for asset management software that can identify potential failures to avoid futuristic loss, and growing need for real-time data analytics.
Plant Asset Management for cloud-based (online) deployment 2024
The market for cloud-based (online) PAM solutions is expected to grow at the highest CAGR during the forecast period. The adoption of cloud-based (online) PAM software solutions is the most suitable option for small and medium-sized enterprises due to its low cost. Quick installation and easy access to cloud save time and help end-user industries to make better decisions to improve efficiency, as well as focus on other important business parameters.
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The plant asset management market for automation assets is expected to register the highest CAGR during the forecast period. Increasing adoption of automation systems to enhance the production capacity in the process industries. However, different types of automation systems such as programmable logic controllers (PLCs) and distributed control systems (DCSs) find applications in discrete industries, thereby fueling the demand for PAM solutions for effective handling of automation assets too.
Plant Asset Management Market in APAC:
The PAM market in APAC is expected to grow at the highest CAGR during the forecast period. The adoption of PAM solutions is high in APAC due to the growing manufacturing sector in the region. Most of the key manufacturers from different industries have shifted their manufacturing plants in APAC due to the low labor cost and availability of a skilled workforce. These manufacturing units are using asset management solutions for the improvement in the overall manufacturing processes, which is expected to drive the growth of the PAM market in the region.
Key Market Players
As of 2018, Emerson (US), Honeywell (US), Rockwell (US), ABB (Switzerland), Schneider (France), Yokogawa (Japan), General Electric (US), and Siemens (Germany) dominated the PAM market.