Global Plant Asset Management 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% - ResearchAndMarkets.com

DUBLIN--()--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 Introduction

1.1 Study Objectives

1.3 Study Scope

1.4 Currency

1.5 Limitations

1.6 Stakeholders

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

5.1 Introduction

5.2 Market Dynamics

5.2.1 Drivers

5.2.2 Restraints

5.2.3 Opportunities

5.2.4 Challenges

6 Industry Trends

6.1 Introduction

6.2 Value Chain Analysis

6.3 Key Use Cases

6.4 Industry Trends

7 Plant Asset Management Market, By Offering

7.1 Introduction

7.2 Software Solutions

7.2.1 PAM Software Solutions Help Improve Operational Efficiency of Business Processes

7.3 Services

7.3.1 Industry-Specific PAM Services for Expanding Vertical Expertise

8 Plant Asset Management Market, By Deployment Mode

8.1 Introduction

8.2 On-Premises (Offline) Deployment

8.3 Cloud-Based (Online) Deployment

9 Plant Asset Management Market, By Asset Type

9.1 Introduction

9.2 Production Assets

9.3 Automation Assets

10 Plant Asset Management Market, By Industry

10.1 Introduction

10.2 Process Industries

10.3 Discrete Industries

11 Geographic Analysis

11.1 Introduction

11.2 North America

11.3 Europe

11.4 APAC

11.5 Rest of the World

12 Competitive Landscape

12.1 Overview

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

12.6.3 Acquisitions

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

13.3.2 Petrofac

13.3.3 Entsika

13.3.4 Opentext

13.3.5 Phoenix AMC

13.3.6 SMAR International Corporation

13.3.7 IBM

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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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900