LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global plant asset management (PAM) system market report until 2021. This research report also lists 11 other prominent vendors that are expected to impact the market during the forecast period.
The power and oil and gas industries will contribute significantly to the overall PAM system market. The power industry will see an increase in smart grid capacity in developing nations, such as Australia, China, and India, which will require PAM systems. Similarly, the oil and gas industry will need PAM systems for new projects. Oil drilling is experiencing new complexities due to difficult terrain, which limits the data collection and analysis. Asset management is a big issue for oil companies in offshore fields, where geographical complexities limit maintenance and monitoring of resources. The PAM system market will see a surge in the oil and gas industry due to increased competition because of low oil prices, regulatory and environmental compliance, and technological complexities in the exploration of oil.
Competitive vendor landscape
Competition in the global PAM system market has intensified, with the increased adoption of automation in the process and discrete industries. Vendors are offering new solutions to address the needs of various industries. With the rise in safety regulations, companies are adopting PAM systems to increase safety measures in plants. Vendors are also focusing on cyber security.
Bharath Kanniappan, an industry expert at Technavio for research on automation, says, “Various vendors are offering cyber security solutions to address the needs of customers, with an increase in the Internet-connected devices. For example, Honeywell acquired Nextnine in 2017, to improve cyber security for its PAM software. To cater to specific requirements of vendors and face competition, vendors are moving toward M&A. ABB acquired B&R, an independent product- and software-based open-architecture solutions provider in 2017.”
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Top five PAM system market vendors
ABB offers PAM products and services under its industrial automation segment, formerly known as process automation segment. Under this segment, it provides solutions for safety, asset optimization, batch and continuous process control, and energy management. The company caters to a wide range of industries, such as food and beverages, marine, metals, mining and minerals processing, oil and gas, petrochemicals, power generations, printing, pulp and paper, and water and wastewater.
Emerson offers PAM solutions under its process management segment. The company offers products and services for machinery health management, asset monitoring, and field device management. In 2016, Emerson introduced Plantweb, a digital ecosystem, which combines hardware, software, and IIoT solutions. It provides process control, safety, and asset management systems.
Honeywell is one of the leading process solution delivering companies, which offers products in automation, instrumentation, and software. The company has a presence in industries such as oil and gas, refining, chemicals, life sciences, power generation, pulp and paper, and minerals and mining.
Rockwell Automation offers a whole range of asset optimization solutions customized to client needs. It offers PAM under its architecture and software segment. The company offers LEAP, which optimizes and simplifies ongoing operations. It includes automated documentation, collaboration tools, integrated controllers, advanced alarm management, real-time analytics, proactive asset management, and cloud-based execution with built-in cyber security.
Siemens focuses on PAM through its process industries and drives segment. The company caters to industries such as aerospace, automotive, chemical, cement, oil and gas, food and beverage, mining, pharmaceutical, and power. Siemens product lifecycle management (PLM) Software helps to manage the lifecycle of a product efficiently and cost-effectively.
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