NEW
YORK, July 18, 2024 /PRNewswire/ -- The global
plant asset management (PAM) market size is estimated to grow by
USD 2.01 billion from 2023-2027,
according to Technavio. The market is estimated to grow at a
CAGR of almost 7.09% during the forecast period. Incorporation of
3D modeling in real-time asset management is driving market growth,
with a trend towards use of prescriptive analytics
for analysis. However, competition from substitutes poses a
challenge. Key market players include AB SKF, ABB Ltd., Aspen
Technology Inc., AVEVA Group Plc, Emerson Electric Co., Endress
Hauser Group Services AG, Hitachi Ltd., Honeywell International
Inc., IFS World Operations AB, International Business Machines
Corp., Novo Solutions Inc., Oracle Corp., Petrofac Ltd., Ramco
Systems Ltd., Rockwell Automation Inc., S and T Deutschland GmbH,
SAP SE, Schneider Electric SE, Siemens AG, and Yokogawa Electric
Corp..
![Technavio has announced its latest market research report titled Global Plant Asset Management (PAM) Market 2023-2027 Technavio has announced its latest market research report titled Global Plant Asset Management (PAM) Market 2023-2027](https://mma.prnewswire.com/media/2463359/Technavio_Global_Plant_Asset_Management_PAM_Market_2023_2027.jpg)
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Forecast
period
|
2023-2027
|
Base Year
|
2022
|
Historic
Data
|
2017 - 2021
|
Segment
Covered
|
Deployment (Cloud and
On-premises), End-user (Power industry, Pulp and paper industry,
Oil and gas industry, Refining industry, and Petrochemical and
others), and Geography (North America, Europe, APAC, Middle East
and Africa, and South America)
|
Region
Covered
|
North America, Europe,
APAC, Middle East and Africa, and South America
|
Key companies
profiled
|
AB SKF, ABB Ltd., Aspen
Technology Inc., AVEVA Group Plc, Emerson Electric Co., Endress
Hauser Group Services AG, Hitachi Ltd., Honeywell International
Inc., IFS World Operations AB, International Business Machines
Corp., Novo Solutions Inc., Oracle Corp., Petrofac Ltd., Ramco
Systems Ltd., Rockwell Automation Inc., S and T Deutschland GmbH,
SAP SE, Schneider Electric SE, Siemens AG, and Yokogawa Electric
Corp.
|
Key Market Trends Fueling Growth
Prescriptive analytics is a valuable tool in Plant Asset
Management (PAM) systems. It uses historical data trends to
forecast changes and suggests optimal actions to maintain plant
assets. This feature is particularly useful during maintenance,
enabling organizations to schedule tasks based on distinct
scenarios created through prescriptive analytics. Machine learning
and artificial intelligence have significantly increased the
adoption of prescriptive analytics in PAM. Leading vendors like
Rockwell Automation, ABB, and IBM offer prescriptive analytics
services for asset management, providing data on factors
influencing plant operations. The growing implementation of
prescriptive analytics in PAM is anticipated to enhance the
efficiency and effectiveness of plant maintenance, contributing to
the market's growth during the forecast period.
Plant Asset Management (PAM) market is witnessing significant
trends in various sectors, including aerospace & defense and
automotive. Media and operations teams are increasingly adopting
PAM solutions to manage their plants more efficiently. Preventive
maintenance is a key focus area, with a proactive approach towards
asset management becoming the norm. Real-time data analytics,
location tracking, and monitoring are essential for productivity
improvement. Replacement of assets is optimized through predictive
maintenance, reducing resource wastage. Smart connected devices,
robotics, and AI are transforming work processes. Small- &
medium-sized businesses are benefiting from affordable IoT sensors
and cloud deployment models. Sustainability solutions, carbon
emissions monitoring, and commissioning are gaining importance. PAM
software solutions automate workflow, and smart factory solutions
integrate smart technologies. Supportive government initiatives and
cloud services further boost the market growth. Acoustic technology
is a new trend in asset management, offering early detection of
equipment failures.
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Market Challenges
- The Plant Asset Management (PAM) market faces significant
competition from Manufacturing Execution Systems (MES) software.
MES solutions, like Schneider Electric's Wonderware MES Software,
offer real-time data on work orders, production rates comparison,
and operational activity monitoring. This data enables evaluation
of key performance indicators such as overall equipment
effectiveness. MES systems provide accurate, real-time data for
manufacturing process execution and order tracking, potentially
challenging the PAM market's growth during the forecast period. MES
software also facilitates tasks scheduling, labor planning, data
acquisition, process control, and quality assurance.
- Plant Asset Management (PAM) Market: Overcoming Challenges in
Various Industries The Plant Asset Management (PAM) market faces
several challenges in diverse sectors like Aerospace, Automotive,
Construction, Energy & Power, and Manufacturing. One
significant challenge is the integration of advanced technologies
such as acoustic technology, AI, Computer Vision, and Machine
Learning (ML) solutions into existing systems. The aerospace &
defense sector and manufacturing firms are actively implementing
these technologies for asset monitoring and predictive maintenance.
Another challenge is the adoption of automation in asset
management. Automation assets, including IoT/IIoT sensors and
location-based technology, require developed IT infrastructure and
data security measures. Cloud deployment models, cloud facilities,
and cloud services are essential for managing and analyzing data
from these assets. Industries like Construction face unique
challenges such as commissioning and decommissioning of equipment
and infrastructure. Lean manufacturing practices and digitalization
are crucial for optimizing maintenance requirements and reducing
carbon emissions. Automating workflows, equipment inspections, and
maintenance processes is essential for improving efficiency and
reducing costs. Moreover, the use of cheap IoT sensors and machine
learning solutions in industries like healthcare and manufacturing
& utility plants is gaining popularity for monitoring and
maintaining assets. Data security is a significant concern, and
ensuring the protection of sensitive information is crucial. In
conclusion, the PAM market must address these challenges to provide
effective solutions for managing equipment & infrastructure in
various industries, including automotive, aerospace, construction,
energy & power, and manufacturing.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This plant asset management (pam) market report extensively
covers market segmentation by
- Deployment
- 1.1 Cloud
- 1.2 On-premises
- End-user
- 2.1 Power industry
- 2.2 Pulp and paper industry
- 2.3 Oil and gas industry
- 2.4 Refining industry
- 2.5 Petrochemical and others
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Cloud- The demand for cloud-based Plant
Asset Management (PAM) solutions is increasing in various
industries due to their advantages. These solutions offer
scalability and accessibility, making them ideal for businesses
with growing asset needs. Cloud-based PAM systems provide real-time
data and analytics, enabling better decision-making and proactive
maintenance. This is essential in PAM, where timely insights can
prevent costly downtime. Additionally, cloud solutions can
integrate with other cloud-based services and emerging
technologies, such as IoT devices, for more comprehensive asset
management strategies. The adoption of cloud-based PAM solutions
will positively impact the growth of the global market during the
forecast period.
For more information on market segmentation with geographical
analysis including forecast (2023-2027) and historic data (2017 -
2021) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
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leveraging machine learning and predictive analytics to optimize
investment strategies and risk management. Key drivers include
increased data availability and the need for efficient
decision-making processes across financial institutions.
The global ITAD market focuses on the safe disposal of obsolete
IT equipment, driven by stringent environmental regulations and the
rising adoption of cloud computing. Companies are investing in
secure data erasure and recycling solutions to manage electronic
waste responsibly and ensure data security compliance.
Research Analysis
The Plant Asset Management (PAM) market is a growing sector that
assists manufacturing firms in optimizing the performance,
availability, and productivity of their physical assets. This
includes equipment inspections, maintenance scheduling, and
real-time location tracking using location-based technology for
field technicians. PAM solutions like Revo Asset Management utilize
digitalization, lean manufacturing practices, and cloud-based
technologies to reduce resource wastage and improve asset lifecycle
management. Construction equipment, generators, and automation
assets in manufacturing & utility plants, aerospace, defense,
energy & power industries, and industrial automation benefit
significantly from these solutions. Advantages include real-time
data analytics, automated workflows, and improved asset
utilization. Technologies such as IoT, AI, and machine learning
enhance PAM capabilities, enabling predictive maintenance and
proactive decision-making.
Market Research Overview
The Plant Asset Management (PAM) market is witnessing
significant growth due to the digitalization trend in various
sectors, including aerospace & defense, automotive,
construction, energy & power, manufacturing, and healthcare.
Acoustic technology and computer vision are being integrated into
PAM solutions for predictive maintenance and equipment inspections.
AI, machine learning, and IoT/IIoT are transforming asset
management by automating workflows, automation of assets, and
real-time data analytics. Cloud deployment models and cloud
services are increasingly being adopted for PAM solutions,
providing access to data and services from anywhere. Location-based
technology and real-time monitoring enable proactive maintenance
and replacement of assets before they fail. The construction
business is leveraging PAM solutions for commissioning and
decommissioning of construction equipment. Industrial automation
and lean manufacturing practices are also driving the demand for
PAM solutions. Sustainability solutions, such as carbon emissions
monitoring, are gaining importance in the PAM market. Robotics and
smart technologies are being used to optimize work processes and
improve productivity. Government initiatives and supportive
policies are further fueling the growth of the PAM market. Small-
& medium-sized businesses are also adopting PAM solutions due
to the availability of cheap IoT sensors and smart connected
devices. PAM solutions are essential for managing equipment &
infrastructure in various sectors, ensuring efficient operations,
reducing resource wastage, and minimizing environmental risks.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Deployment
-
- End-user
-
- Power Industry
- Pulp And Paper Industry
- Oil And Gas Industry
- Refining Industry
- Petrochemical And Others
- Geography
-
- North America
- Europe
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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