The plant asset management (PAM) market is estimated to grow from USD 5.5 billion in 2019 to USD 9.4 billion by 2024, at a CAGR of 11.3%
NEW YORK, Jan. 28, 2020 /PRNewswire/ --
Plant asset Management market to exhibit significant growth during 2019–2024
The plant asset management (PAM) market is estimated to grow from USD 5.5 billion in 2019 to USD 9.4 billion by 2024, at a CAGR of 11.3%. Major factors fueling the growth include 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.
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Market for cloud-based (online) deployment to grow at highest CAGR during forecast period"
The market for cloud-based (online) deployment 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.
Oil & gas industry to hold major share of PAM in process industry market during forecast period
The oil & gas industry is expected to hold the majority of market share from 2019 to 2024.The evolution in preventive maintenance for instrumentation and monitoring techniques in natural gas increases the demand for PAM services in the oil & gas industry.
PAM solutions are used to track material asset movements.Similarly, these solutions also help oil and gas plants to reduce operational costs, without increasing any risk pertaining to unplanned downtime or employee and environment safety.
Also, real-time information about production floor operations offered by these solutions enables effective decision-making.Further, plant safety and reliability are crucial for the management of plant assets.
Thus, the industry needs PAM solutions to ensure the safety and operational efficiency of oil and gas plants.
Asia Pacific to be largest market for PAM during 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.
Break-up of primary participants' profile:
• By Company Type – Tier 1 – 52%, Tier 2 – 31%, and Tier 3 – 17%
• By Designation – C-level Executives – 47%, Directors – 31%, and Others – 22%
• By Region – North America - 27%, Europe – 25%, APAC – 38%, and RoW – 10%
The key players in the market include Emerson (US), Honeywell (US), Rockwell (US), ABB (Switzerland), Schneider (France), Yokogawa (Japan), General Electric (US), Siemens (Germany), and Others.
The global PAM market has been segmented into offering, asset type, deployment mode, industry, and geography.Based on offering, the market has been segmented into software solutions and services.
Based on deployment mode, the PAM market has been classified into cloud-based (online) deployment and on-premises (offline) deployment.Asset types covered in this report are production assets and automation assets.
The report covers 2 types of industries: process and discrete.Process industries have been further segmented into chemicals, oil & gas, energy & power, food & beverages, metals & mining, pharmaceuticals & biotechnology, pulp & paper, and water & wastewater, while discrete industries have been classified into automotive, aerospace & defense, semiconductor & electronics, and medical devices.
The report covers 4 major geographic regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons to buy the Report:
• Illustrative segmentation, analysis, and forecast for markets based on offering, asset type, deployment mode, industry, and geography have been conducted to give an overall view of the PAM market.
• A value chain analysis has been performed to provide an in-depth insight into the PAM market.
• Major drivers, restraints, opportunities, and challenges for the PAM market have been detailed in this report.
• The report includes a detailed competitive landscape, along with key players, in-depth analysis, and revenues of key players.
Read the full report: https://www.reportlinker.com/p04384459/?utm_source=PRN
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