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Munna & Guys > Blog > Bookkeeping > Plant Asset Management Market Industry Analysis and Market Forecast to 2024

Plant Asset Management Market Industry Analysis and Market Forecast to 2024

Last updated on June 15, 2023 Bookkeeping

Primary sources, such as experts from related industries and suppliers, have been interviewed to obtain and verify critical information, as well as assess prospects. Key players in the PAM market have been identified through secondary research, and their https://bookkeeping-reviews.com/plant-asset-management-market/ respective market rankings have been determined through primary and secondary research. This research included studying annual reports of top market players and interviewing key opinion leaders such as CEOs, directors, and marketing personnel.

  • It is widely used to understand the life cycle of plant assets, optimize the maintenance planning strategy, and ensure the plant is running efficiently through lean manufacturing practices.
  • When it’s applied to manufacturing or process plants, it’s called manufacturing asset management (MAM), or plant asset management (PAM).
  • The company has 220 manufacturing locations in 150 countries, primarily in Europe and Asia.
  • FREE Sample Pages includes Plant Asset Management Market analysis, growth, market forecasts and much more.
  • End users should also review ongoing asset management practices from time to time and incorporate training as needed.
  • PAM is widely used to monitor the condition of critical equipment such as pumps, compressors, and turbines and identify potential failures.

In October 2019, Rockwell acquired MESTECH Services to expand its consulting and system integration scale in the fast-growing transformation market. Owing to their low costs, cloud-based (online) PAM software solutions are the best choice for small- & medium-sized businesses in Europe. In Germany https://bookkeeping-reviews.com/, the cloud deployment model is projected to witness growth rate of over 10% through 2030, because of the increasing use of cloud services to reduce the cost of ownership across various industries. Cloud-based deployments are helping enterprises to manage their business operations in the pandemic and allowing users to work remotely & execute day-to-day operations. The automotive industry is increasingly relying on digital technologies to ensure its growth.

Regional Research Focus Areas

Exhaustive secondary research has been conducted to collect information on the market. The next step involved has been validating these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches have been employed to estimate the overall market size. Thereafter, market breakdown and data triangulation techniques have been used to estimate the market size of segments and subsegments. The market for cloud-based (online) PAM solutions 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.

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Additionally, the widespread utilization of PAM solutions to help industrial plants ensure compliance with safety and regulatory standards, and reduce the risk of accidents and environmental incidents, is propelling the market growth. Furthermore, the increasing utilization of cloud-based solutions that allows data to be stored and analyzed in real-time and offer cost-effective solutions is positively influencing the market growth. The plant asset management market for automation assets is expected to register the highest CAGR during the forecast period.

How Does Plant Asset Management Work?

The growing demand for improving the various processes across manufacturing & utility plants to achieve improved productivity with minimum resource wastage is driving the industry growth. When it’s applied to manufacturing or process plants, it’s called manufacturing asset management (MAM), or plant asset management (PAM). The market for plant asset management is projected to grow from $5 billion in 2021 to $15 billion by 2030, at a CAGR of 10%. The report focuses on the Plant Asset Management market size, segment size (mainly covering product type, application, and geography), competitor landscape, recent status, and development trends. There is intense competition with several providers of Asset Management Services. The major players include ABB Group, Emerson Electric Co., Siemens AG, Rockwell Automation, and Honeywell International.

Plant Asset Management Market

All manufacturing sections, like equipment, parts, production lines, and plant buildings, are handled during asset management. The application of Plant Asset Management can help plants to refine maintenance scheduling to cut maintenance costs, track and manage inventory and equipment usage, adapt to labor shortages and a lack of technical skills, and much more. As the world moves towards digitalization, a manufacturing company uses Plant Asset Management software and hardware services to monitor assets over their lifecycle.

Plant Asset Management

The PAM market in APAC is expected to grow at the highest CAGR 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.

Plant Asset Management Market

The growth of the automotive industry is also driven by huge capital investments by market players in untapped markets of emerging economies. Honeywell International, Inc. is a diversified technology and manufacturing company operating in 4 business segments—Aerospace, Performance Materials and Technologies, Honeywell Building Technologies, and Safety and Productivity Solutions. Honeywell International, Inc. offers PAM solutions under its business segment Safety and Productivity Solutions. The company is known for its total solution capabilities, life cycle services, and vertical domain expertise. It serves industries such as chemicals & petrochemicals, oil & gas, mining, pharmaceuticals, and pulp & paper. Honeywell offers process-centric PAM solutions that help users to increase operational performance and decrease unplanned downtime, as well as enable faster and more accurate decision-making.

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