DUBLIN--(BUSINESS WIRE)--The "Plant Asset Management Market (PAM) by Offering (Software and Services), Deployment Mode (Cloud-based and On Premises), Asset Type (Production Assets and Automation Assets), End-user Industry (Process and Discrete), and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
Plant asset Management market to exhibit significant growth during 2019-2024
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.
Market for cloud-based (online) deployment to grow at highest CAGR during the 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 the 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 the largest market for PAM 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.
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.
Key Topics Covered:
1.1 Study Objectives
1.3 Study Scope
2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Research Assumptions
3 Executive Summary
4 Premium Insights
4.1 Attractive Growth Opportunities in Plant Asset Management Market
4.2 PAM Market, By Industry
4.3 PAM Market, By Asset Type
4.4 PAM Market, By Deployment Mode
4.5 PAM Market, By Offering
4.6 PAM Market, By Region
5 Market Overview
5.2 Market Dynamics
6 Industry Trends
6.2 Value Chain Analysis
6.3 Key Use Cases
6.4 Industry Trends
7 Plant Asset Management Market, By Offering
7.2 Software Solutions
7.2.1 PAM Software Solutions Help Improve Operational Efficiency of Business Processes
7.3.1 Industry-Specific PAM Services for Expanding Vertical Expertise
8 Plant Asset Management Market, By Deployment Mode
8.2 On-Premises (Offline) Deployment
8.3 Cloud-Based (Online) Deployment
9 Plant Asset Management Market, By Asset Type
9.2 Production Assets
9.3 Automation Assets
10 Plant Asset Management Market, By Industry
10.2 Process Industries
10.3 Discrete Industries
11 Geographic Analysis
11.2 North America
11.5 Rest of the World
12 Competitive Landscape
12.2 Market Ranking Analysis
12.3 Competitive Leadership Mapping, 2018
12.4 Strength of Product Portfolio (For 25 Companies)
12.5 Business Strategy Excellence (For 25 Companies)
12.6 Competitive Situations and Trends
12.6.1 Contracts, Agreements, Collaborations, and Partnerships
12.6.2 Product Launches and Developments
13 Company Profiles
13.1 Key Players
13.1.1 ABB LTD.
13.1.2 Emerson Electric Co.
13.1.3 Honeywell International, Inc.
13.1.4 Rockwell Automation, Inc.
13.1.5 Siemens AG
13.1.6 Yokogawa Electric Corporation
13.1.7 General Electric Co.
13.1.8 Endress+Hauser AG
13.1.9 Schneider Electric SE
13.1.10 SKF Group
13.2 Right to Win
13.3 Other Key Players
13.3.1 Dassault Systèmes
13.3.5 Phoenix AMC
13.3.6 SMAR International Corporation
13.3.8 Hexagon PPM
13.3.9 Aspen Tech
13.3.10 Bentley Systems
13.3.11 Nexus Global Business Solutions, Inc.
13.3.12 Infoplus Technologies UK Limited
13.3.13 Hubhead Corp.
13.3.14 DNR Process Solution Pte LTD
13.3.15 Plantvision AB
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