PUNE, India, November 18, 2016 /PRNewswire/ --
According to the new market research report "Plant Asset Management (PAM) Market by Offering (Software and Services), Deployment Mode (Cloud (online) and offline), Asset Type (Production and Automation), End-User Industry (Process and Discrete), and Geography - Global Forecast to 2022" , published by MarketsandMarkets, the global PAM market was valued at USD 3.91 Billion in 2015 and is expected to grow at a CAGR of 10.7% between 2016 and 2022.
Browse 71 market data Tables and 82 Figures spread through 170 Pages and in-depth TOC on "Plant Asset Management (PAM) Market"
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Factors such as increasing adoption of lean manufacturing practices and growing demand for cloud-based PAM solutions, real-time data analysis, and failure detection software are expected to drive the growth of the PAM market.
"Automation asset segment expected to grow at a higher rate during the forecast period"
The market for automation assets is expected to grow at a higher CAGR during the forecast period. Increasing adoption of automation in industries such as oil and gas, chemical, food and beverages, automotive, and aerospace and defense is expected to encourage the growth of the plant asset management market during the forecast period.
"Market for cloud (online) deployment mode to grow at the highest rate between 2016 and 2022"
The cloud deployment mode is gaining popularity due to the growing IIoT market and increasing demand for new technology by end-user industries. Furthermore, the cloud deployment mode of plant asset management is being increasingly adopted as it provides better visibility and competitive edge over others. The industries with complex equipment footprints find it necessary to connect with the new-age accessible technology tools. It is very important to deal with complex plant asset management systems as major end-user industries are using intelligent machines, new connected devices, and latest technology monitoring systems. Cloud is creating value for adopters because of its ability to connect the experts to the data from remote locations, cost-effectiveness, and high storage capability. However, the safety and security concern is still a major challenge for the adoption of cloud deployment.
"APAC expected to dominate the PAM market between 2016 and 2022"
The Plant Asset Management Market in APAC is growing rapidly owing to several advancements and technological innovations in different manufacturing industries. Adoption of plant asset management solution 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 to the APAC region due to low labor cost and availability of skilled labors. These manufacturing units are using asset management solutions for the overall improvements in the manufacturing processes, which is expected to encourage the growth of the PAM market in the region.
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The major players involved in the PAM market include ABB Ltd. (Switzerland), AB SKF (Sweden), Emerson Electric Co. (U.S.), Endress+Hauser Management AG (Switzerland), General Electric Co. (U.S.), Honeywell International, Inc. (U.S.), Rockwell Automation, Inc. (U.S.), Schneider Electric SA (France), Siemens AG (Germany), and Yokogawa Electric Corporation (Japan).
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