HOME Top Market Reports Plant Asset Management (PAM) Market by Offering (Software and Services), Deployment Mode (Cloud (online) and offline), Asset Type (Production and Automation), End-User Industry (Process and Discrete), and Geography - Global Forecast to 2022

Plant Asset Management (PAM) Market by Offering (Software and Services), Deployment Mode (Cloud (online) and offline), Asset Type (Production and Automation), End-User Industry (Process and Discrete), and Geography - Global Forecast to 2022

By: marketsandmarkets.com
Publishing Date: November 2016
Report Code: SE 4750

 

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Factors such as increasing adoption of lean manufacturing practices and growing demand for cloud-based plant asset management (PAM) solutions, real-time data analysis, and failure detection software are expected to drive the growth of the PAM market. The global PAM market was valued at USD 3.91 Billion in 2015 and is expected to grow at a CAGR of 10.7% between 2016 and 2022. The base year considered for the study is 2015 and the forecast period is between 2016 and 2022. The objective of the report is to provide a detailed analysis of the plant asset management market based on offering, deployment mode, asset type, end-user industry, and geography. The report provides detailed information regarding the major factors influencing the growth of the PAM market. The report also gives detailed overview of the value chain of the PAM market and analyzes the market trends with Porter’s five forces analysis.

The research methodology used to estimate and forecast the plant asset management market begins with capturing data on key vendor revenue through secondary research such as IEEE journals, Automation World Magazine, Manufacturing Automation Magazine, and leading players’ newsletters. The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall size of the global plant asset management market from the revenue of key players. After arriving at the overall market size, the total market has been split into several segments and subsegments which have been verified through primary research by conducting extensive interviews with industry experts such as CEOs, VPs, directors, and executives. The market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of the profiles of primaries is depicted in the below figure.

Plant Asset Management (PAM) Market

To know about the assumptions considered for the study, download the pdf brochure

The plant asset management market ecosystem comprises OEMs such as General Electric Co. (U.S.) and Endress+Hauser Management AG (Switzerland), system integrators such as Rockwell Automation, Inc. (U.S.) and Honeywell International, Inc. (U.S.), and software providers such as Siemens AG (Germany) and Yokogawa Electric Corporation (Japan).

Target Audience of the Report:

  • Associations and industrial bodies
  • Component suppliers and distributors
  • End users of PAM solutions across process and discrete industries
  • Government bodies such as regulatory authorities and policymakers
  • Industrial automation equipment providers
  • Market research and consulting firms
  • Original equipment manufacturers (OEMs)
  • PAM solution providers
  • Research institutes and organizations

“This study answers several questions for the stakeholders, primarily which market segments to focus on in the next two to five years for prioritizing efforts and investments

Scope of the Report:

This research report categorizes the global plant asset management market on the basis of offering, deployment mode, asset type, industry, and geography.

PAM Market, by Offering:

  • Software
  • Services

PAM Market, by Deployment Mode:

  • Cloud (Online) Deployment
  • Offline Deployment

PAM Market, by Asset Type:

  • Production Assets
  • Automation Assets

PAM Market, by Industry:

  • Process Industries
    • Oil & Gas
    • Energy & Power
    • Food & Beverages
    • Chemical
    • Metals & Mining
    • Pharmaceutical & Biotech
    • Pulp & Paper
    • Water & Wastewater
  • Discrete Industries
    • Aerospace & Defense
    • Automotive
    • Semiconductor & Electronics
    • Medical Device

PAM Market, by Geography:

  • Americas
  • Europe
  • Asia-Pacific (APAC)
  • Rest of the World (RoW)

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the companies’ specific needs. The following customization options are available for the report:

Company Information:

Detailed analysis and profiling of additional market players (up to five)

Table of Contents

1 Introduction (Page No. - 17)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Study Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 21)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 29)

4 Premium Insights (Page No. - 35)
    4.1 PAM Market, 2016–2022 (USD Billion)
    4.2 PAM Market, By Deployment Mode (2016–2022)
    4.3 PAM Market, By Offering (2016)
    4.4 PAM Market, By Discrete Industry and Region (2016)
    4.5 PAM Market, By Geography (2016)

5 Market Overview (Page No. - 38)
    5.1 Introduction
    5.2 Market Segmentation
           5.2.1 By Offering
           5.2.2 By Deployment Mode
           5.2.3 By Asset Type
           5.2.4 By End-User Industry
           5.2.5 By Geography
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Increasing Adoption of Lean Manufacturing Practices
                    5.3.1.2 Growing Demand for Cloud-Based PAM Solutions
                    5.3.1.3 Increasing Demand for Real-Time Data Analysis
                    5.3.1.4 Increasing Demand for A Software System Which Can Determine Failure in Advance to Avoid Future Loss
           5.3.2 Restraints
                    5.3.2.1 High Investment Cost and Need for Periodic Upgradation of PAM Solutions Limit the Demand From End Users
                    5.3.2.2 Complexity Involved in the Installation of PAM Solution
           5.3.3 Opportunities
                    5.3.3.1 Increasing Investment in Greenfield Projects Expected to Create Robust Growth Opportunities for the PAM Market
                    5.3.3.2 Increasing Demand for Industry-Specific PAM Solution
           5.3.4 Challenges
                    5.3.4.1 Issue of Acceptance From Operators Before PAM Implementation

6 Industry Trends (Page No. - 46)
    6.1 Introduction
    6.2 Value Chain Analysis
    6.3 Porter’s Five Forces Analysis
           6.3.1 Intensity of Competitive Rivalry
           6.3.2 Threat of Substitutes
           6.3.3 Bargaining Power of Buyers
           6.3.4 Bargaining Power of Suppliers
           6.3.5 Threat of New Entrants

7 Market Analysis, By Offering (Page No. - 53)
    7.1 Introduction
    7.2 Software
           7.2.1 PAM Software Helps to Improve Operational Efficiency of the Business Processes
    7.3 Services
           7.3.1 Industry-Specific PAM Services for Expanding the Vertical Expertise

8 Market Analysis, By Deployment Mode (Page No. - 57)
    8.1 Introduction
    8.2 Offline Deployment
           8.2.1 Increasing Safety and Security Concerns Force End-User Industries to Adopt Offline Deployment
    8.3 Cloud (Online) Deployment
           8.3.1 Quick Deployment and Easy Access of Cloud is Expected to Increase the Adoption of PAM Market During the Forecast Period

9 Market Analysis, By Asset Type (Page No. - 61)
    9.1 Introduction
    9.2 Production Assets
           9.2.1 High Adoption of PAM Solutions for Rotating and Reciprocating Equipment
    9.3 Automation Assets
           9.3.1 Presence of Number of Automation Solution Providers Drives the Growth of PAM Solutions for Automation Assets

10 Market, By End-User Industry (Page No. - 66)
     10.1 Introduction
     10.2 Process Industry
             10.2.1 Chemical
                        10.2.1.1 High Risk Associated With Fluctuations of Raw Material Prices to Encourage the Adoption of PAM Solutions in the Chemical Industry
             10.2.2 Energy and Power
                        10.2.2.1 Increasing Adoption of Automation Assets in Power Industry is Expected to Drive the Growth of the PAM Market
             10.2.3 Food and Beverages
                        10.2.3.1 Increasing Adoption of PAM Solutions By Food & Beverages Manufacturers to Extract the Huge Amount of Data
             10.2.4 Metal and Mining
                        10.2.4.1 Increasing Need of Preventive Maintenance Encourages the Adoption of PAM Solutions
             10.2.5 Oil and Gas
                        10.2.5.1 Adoption of Corrosion-Monitoring System to Drive the Growth of the PAM Market
             10.2.6 Pharmaceutical and Biotech
                        10.2.6.1 Complex Manufacturing of Pharmaceuticals Leading to the Adoption of PAM Solutions
             10.2.7 Pulp and Paper
                        10.2.7.1 Increasing PAM Solution Offerings By Key Players in the Industry
             10.2.8 Water and Wastewater
                        10.2.8.1 Major Applications of PAM in Water and Wastewater Industries
     10.3 Discrete Industry
             10.3.1 Aerospace and Defense
                        10.3.1.1 High Equipment Cost Encourages Adoption of the PAM Solutions to Avoid the Risk of Asset Failure
             10.3.2 Automotive
                        10.3.2.1 Technological Advancements in the Automotive Industry Drive the PAM Market Growth
             10.3.3 Semiconductor and Electronics
                        10.3.3.1 High Competition in the Industry Encourages the Adoption of PAM Solutions to Enhance the Productivity
             10.3.4 Medical Device
                        10.3.4.1 Major Application of PAM Solutions Into the Medical Device Industry-

11 Geographical Analysis (Page No. - 105)
     11.1 Introduction
     11.2 Americas
             11.2.1 Increasing Demand for Iiot and Cloud-Based PAM Solutions in the Region
             11.2.2 North America
                        11.2.2.1 U.S.
                                     11.2.2.1.1 Increasing Demand for Plant Services in Renewable Power Plants
                        11.2.2.2 Canada
                                     11.2.2.2.1 Increasing Demand for PAM Solutions From Oil and Gas Industry
                        11.2.2.3 Mexico
             11.2.3 South America
                        11.2.3.1 Brazil
                                     11.2.3.1.1 Increasing Adoption of PAM Solutions in Metal and Mining Industry
                        11.2.3.2 Argentina
                                     11.2.3.2.1 Growing Power Industry to Fuel the Growth of the PAM Market
             11.2.4 Rest of South America
     11.3 Europe
             11.3.1 U.K.
                        11.3.1.1 Increasing Adoption of PAM Solutions in Automotive and Power Industries
             11.3.2 Germany
                        11.3.2.1 Presence of Highly Competitive and Innovative Automotive Manufacturing Companies in the Region
             11.3.3 France
                        11.3.3.1 Growing Manufacturing Sector in the Country Encourages Adoption of PAM Solutions
             11.3.4 Rest of Europe
     11.4 APAC
             11.4.1 China
                        11.4.1.1 Increasing Semiconductor and Electronics Manufacturing Expected to Fuel the Growth of the PAM Market
             11.4.2 Japan
             11.4.3 South Korea
                        11.4.3.1 High Adoption of PAM Solutions in Discrete Industries
             11.4.4 Rest of the APAC
     11.5 Rest of the World
             11.5.1 Middle East
                        11.5.1.1 High Adoption of PAM Solutions in the Oil and Gas Industry
             11.5.2 Africa

12 Competitive Landscape (Page No. - 127)
     12.1 Overview
     12.2 Competitive Analysis
             12.2.1 Market Ranking Analysis: PAM Market, 2015
     12.3 Competitive Situations and Trends
             12.3.1 New Product Launches and Developments
             12.3.2 Agreements/Collaborations/Contracts
             12.3.3 Acquisitions and Expansions

13 Company Profiles (Page No. - 134)
(Company at A Glance, Recent Financials, Products & Services, Strategies & Insights, & Recent Developments)*
     13.1 Introduction
     13.2 ABB Ltd.
     13.3 Emerson Electric Co.
     13.4 Honeywell International, Inc.
     13.5 Rockwell Automation, Inc.
     13.6 Siemens AG
     13.7 Yokogawa Electric Corporation
     13.8 General Electric Co.
     13.9 Endress+Hauser Management AG
     13.10 Schneider Electric Se
     13.11 AB SKF

*Details on Company at A Glance, Recent Financials, Products & Services, Strategies & Insights, & Recent Developments Might Not Be Captured in Case of Unlisted Companies.

14 Appendix (Page No. - 162)
     14.1 Insights of Industry Experts
     14.2 Discussion Guide
     14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     14.4 Introducing RT: Real-Time Market Intelligence
     14.5 Available Customizations
     14.6 Related Reports
     14.7 Author Details


List of Tables (71 Tables)

Table 1 PAM Market, By Offering
Table 2 PAM Market, By Deployment Mode
Table 3 PAM Market, By Asset Type
Table 4 PAM Market, By End-User Industry
Table 5 Plant Asset Management Market, By Offering, 2016–2022 (USD Billion)
Table 6 Plant Asset Management Market, By Deployment Mode, 2016–2022 (USD Billion)
Table 7 Plant Asset Management Market, By Asset Type, 2016–2022 (USD Billion)
Table 8 PAM Market, By End-User Industry, 2013–2022 (USD Billion)
Table 9 PAM Market, By Process Industry, 2013–2022 (USD Million)
Table 10 PAM Market for Process Industries, By Region, 2013–2022 (USD Million)
Table 11 PAM Market for Process Industries, By Asset Type, 2013–2022 (USD Million)
Table 12 PAM Market for Process Industries, By Deployment Mode, 2013–2022 (USD Million)
Table 13 PAM Market for Chemical Industry, By Geography, 2016–2022 (USD Million)
Table 14 PAM Market for Chemical Industry, By Asset Type, 2013–2022 (USD Million)
Table 15 PAM Market for Chemical Industry, By Deployment Mode, 2016–2022 (USD Million)
Table 16 PAM Market for Energy and Power Industry, By Region, 2013–2022 (USD Million)
Table 17 PAM Market for Energy and Power Industry, By Asset Type, 2013–2022 (USD Million)
Table 18 PAM Market for Energy and Power Industry, By Deployment Mode, 2013–2022 (USD Million)
Table 19 PAM Market for Food and Beverages Industry, By Region, 2013–2022 (USD Million)
Table 20 PAM Market for Food and Beverages Industry, By Asset Type, 2013–2022 (USD Million)
Table 21 PAM Market for Food and Beverages Industry, By Deployment Mode, 2013–2022 (USD Million)
Table 22 PAM Market for Metal and Mining Industry, By Region, 2013–2022 (USD Million)
Table 23 PAM Market for Metal and Mining Industry, By Asset Type, 2016–2022 (USD Million)
Table 24 PAM Market for Metal and Mining Industry, By Deployment Mode, 2013–2022 (USD Million)
Table 25 PAM Market for Oil and Gas Industry, By Region, 2013–2022 (USD Million)
Table 26 PAM Market for Oil and Gas Industry, By Asset Type, 2013–2022 (USD Million)
Table 27 PAM Market in Oil and Gas Industry, By Deployment Mode, 2013–2022 (USD Million)
Table 28 PAM Market for Pharmaceutical and Biotech Industry, By Region, 2013–2022 (USD Million)
Table 29 PAM Market for Pharmaceutical and Biotech Industry, By Asset Type, 2016–2022 (USD Million)
Table 30 PAM Market for Pharmaceutical and Biotech Industry, By Deployment Mode, 2013–2022 (USD Million)
Table 31 PAM Market for Pulp and Paper Industry, By Region, 2013–2022 (USD Million)
Table 32 PAM Market for Pulp and Paper Industry, By Asset Type, 2013–2022 (USD Million)
Table 33 PAM Market for Pulp and Paper Industry, By Deployment Mode, 2013–2022 (USD Million)
Table 34 PAM Market for Water and Wastewater Industry, By Geography, 2013–2022 (USD Million)
Table 35 PAM Market for Water and Wastewater Industry, By Asset Type, 2016–2022 (USD Million)
Table 36 PAM Market for Water and Wastewater Industry, By Deployment Mode, 2013–2022 (USD Million)
Table 37 Plant Asset Management Market, By Discrete Industry, 2013–2022 (USD Million)
Table 38 Plant Asset Management Market for Discrete Industries, By Region, 2013–2022 (USD Million)
Table 39 Plant Asset Management Market for Discrete Industries, By Asset Type, 2013–2022 (USD Million)
Table 40 Plant Asset Management Market for Discrete Industries, By Deployment Mode, 2013–2022 (USD Million)
Table 41 PAM Market for Aerospace and Defense Industry, By Region, 2013–2022 (USD Million)
Table 42 PAM Market for Aerospace and Defense, By Asset Type, 2013–2022 (USD Million)
Table 43 PAM Market for Aerospace and Defense Industry, By Deployment Mode, 2013–2022 (USD Million)
Table 44 PAM Marketfor Automotive Industry, By Region, 2013–2022 (USD Million)
Table 45 PAM Market for Automotive Industry, By Asset Type, 2013–2022 (USD Million)
Table 46 PAM Market for Automotive Industry, By Deployment Mode, 2013–2022 (USD Million)
Table 47 PAM Market for Semiconductor and Electronics Industry, By Region, 2013–2022 (USD Million)
Table 48 PAM Market for Semiconductor and Electronics, By Asset Type, 2013–2022 (USD Million)
Table 49 PAM Marketfor Semiconductor and Electronics, By Deployment Mode, 2013–2022 (USD Million)
Table 50 Medical Device: PAM Market Size, By Region, 2013–2022 (USD Million)
Table 51 PAM Market for Medical Device Industry, By Asset Type, 2013–2022 (USD Million)
Table 52 PAM Market for Medical Device Industry, By Deployment Mode, 2013–2022 (USD Million)
Table 53 PAM Market, By Geography, 2013–2022 (USD Billion)
Table 54 PAM Market in Americas, By Geography, 2013–2022 (USD Million)
Table 55 PAM Market in Americas, By Offering, 2013–2022 (USD Million)
Table 56 PAM Market in Americas, By End-User Industry, 2013–2022 (USD Million)
Table 57 PAM Market in North America, By Country, 2013–2022 (USD Million)
Table 58 PAM Market in South America, By Country, 2013–2022 (USD Million)
Table 59 PAM Market in Europe, By Country, 2013–2022 (USD Million)
Table 60 PAM Market in Europe, By Offering, 2013–2022 (USD Million)
Table 61 PAM Market in Europe, By End-User Industry, 2013–2022 (USD Million)
Table 62 PAM Market in APAC, By Country, 2013–2022 (USD Million)
Table 63 PAM Market in APAC, By Offering, 2013–2022 (USD Million)
Table 64 PAM Market in APAC, By End-User Industry, 2013–2022 (USD Million)
Table 65 PAM Market in RoW, By Geography, 2013–2022 (USD Million)
Table 66 PAM Market in RoW, By Offering, 2013–2022 (USD Million)
Table 67 PAM Market in RoW, By End-User Industry, 2013–2022 (USD Million)
Table 68 Market Ranking of the Top 5 Players in the PAM Market, 2015
Table 69 New Product Launches and Developments
Table 70 Agreements, Contracts, and Collaborations
Table 71 Acquisitions and Expansions


List of Figures (82 Figures)

Figure 1 PAM Market: Markets Covered
Figure 2 PAM Market: Research Design
Figure 3 PAM Market: Bottom-Up Approach
Figure 4 PAM Market: Top-Down Approach
Figure 5 Data Triangulation
Figure 6 Assumptions for the Research Study
Figure 7 PAM Market Segmentation
Figure 8 Services Segment Expected to Hold A Major Share of the PAM Market During the Forecast Period
Figure 9 Offline Deployment Mode Expected to Hold the Largest Market Size During the Forecast Period
Figure 10 Automation Asset Expected to Hold the Largest Market Size During the Forecast Period
Figure 11 Automotive Industry Expected to Record the Highest Rate Between 2016 and 2022
Figure 12 PAM Market for the Oil & Gas Industry Expected to Hold the Largest Market Size During the Forecast Period
Figure 13 PAM Market, By Geography, 2016
Figure 14 Attractive Growth Opportunities for the PAM Market
Figure 15 Market for Cloud (Online) Deployment Expected to Grow at A Higher Rate Between 2016 and 2022
Figure 16 Services Segment Expected to Lead the PAM Market in 2016
Figure 17 Automotive Industry Held the Largest Share in Discrete Industry of the PAM Market in 2016
Figure 18 U.S. Expected to Hold the Largest Share of the PAM Market in 2016
Figure 19 Market, By Geography
Figure 20 Increasing Adoption of Lean Manufacturing Practices Expected to Drive the Growth of the PAM Market
Figure 21 Value Chain Analysis: Maximum Value Added During the PAM Software Development and PAM Software Suppliers Stages
Figure 22 PAM Market: Porter’s Five Forces Analysis, 2016
Figure 23 Intensity of Competitive Rivalry and Bargaining Power of Buyers Expected to Have A High Impact
Figure 24 PAM Market: Intensity of Competitive Rivalry
Figure 25 PAM Market: Threat of Substitutes
Figure 26 PAM Market: Bargaining Power of Buyers
Figure 27 PAM Market: Bargaining Power of Suppliers
Figure 28 PAM Market: Threat of New Entrants
Figure 29 Plant Asset Management Market, By Offering
Figure 30 Services Segment Anticipated to Lead the Plant Asset Management Market Between 2016 and 2022
Figure 31 Plant Asset Management Market, By Deployment Mode
Figure 32 Offline Deployment Mode Expected to Hold the Largest Market Size During the Forecast Period
Figure 33 Plant Asset Management Market, By Asset Type
Figure 34 Automation Asset Segment Expected to Grow at A Higher Rate Between 2016 and 2022
Figure 35 Major Types of Production Assets
Figure 36 Major Types of Automation Assets
Figure 37 Global Plant Asset Management Market, By End-User Industry
Figure 38 Process Industry Expected to Hold A Larger Size of the Plant Asset Management Between 2016 and 2022
Figure 39 Food and Beverages Industry Expected to Grow at the Highest Rate in the PAM Market Between 2016 and 2022
Figure 40 APAC Expected to Grow at the Highest Rate in the Plant Asset Management for Chemical Industry Between 2016 and 2022
Figure 41 APAC Expected to Grow at the Highest Rate in the PAM Market for Energy and Power Industry During the Forecast Period
Figure 42 Americas to Hold the Largest Size of the PAM Market for Food and Beverages Industry During the Forecast Period
Figure 43 APAC Expected to Retain Its Dominance in the PAM Market for the Metal & Mining Industry Till 2022
Figure 44 RoW Estimated to Be the Largest Contributor to the Oil and Gas Industry During the Forecast Period
Figure 45 Europe Expected to Be the Second-Largest Contributor to the PAM Market for Pharmaceutical and Biotech Industry Between 2016 and 2022
Figure 46 APAC Expected to Record the Highest Growth in the PAM Market for the Pulp and Paper Industry
Figure 47 Americas Expected to Lead the PAM Market for the Water and Wastewater Industry During the Forecast Period
Figure 48 The PAM Market for Automotive Industry Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 49 Americas to Dominate the PAM Market, for Aerospace and Defense Industry During the Forecast Period
Figure 50 APAC to Lead the PAM Market for Automotive Industry During the Forecast Period
Figure 51 The Americas to Be the Second-Largest Contributor to the PAM Market for Semiconductor and Electronics Industry During the Forecast Period
Figure 52 PAM Market in APAC for Medical Device Industry to Grow at the Highest Rate Between 2016 and 2022
Figure 53 Geographic Snapshot: Global Plant Asset Management Market
Figure 54 PAM Market in APAC Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 55 Snapshot of the PAM Market in North America
Figure 56 U.S. to Lead the North American PAM Market Between 2016 and 2022
Figure 57 Brazil to Lead the South American PAM Market Between 2016 and 2022
Figure 58 Germany Anticipated to Witness the Highest Growth Between 2016 and 2022
Figure 59 France to Lead the European PAM Market Between 2016 and 2022
Figure 60 Snapshot of the PAM Market in APAC
Figure 61 China to Lead the APAC PAM Market Between 2016 and 2022
Figure 62 PAM Market in the Middle East Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 63 Companies Adopted New Product Launches and Developments as the Key Growth Strategy Between 2014 and 2016
Figure 64 Market Evolution Framework: New Product Developments Fuelled the Growth of the PAM Market (2014–2016)
Figure 65 Battle for Market Share: New Product Launches and Developments Was the Key Strategy Adopted
Figure 66 Geographic Revenue Mix of the Top 5 Players (2015)
Figure 67 ABB Ltd.: Company Snapshot
Figure 68 ABB Ltd.: SWOT Analysis
Figure 69 Emerson Electric Co.: Company Snapshot
Figure 70 Emerson Electric Co.: SWOT Analysis
Figure 71 Honeywell International, Inc.: Company Snapshot
Figure 72 Honeywell International, Inc.: SWOT Analysis
Figure 73 Rockwell Automation, Inc.: Company Snapshot
Figure 74 Rockwell Automation, Inc.: SWOT Analysis
Figure 75 Siemens AG: Company Snapshot
Figure 76 Siemens AG: SWOT Analysis
Figure 77 Yokogawa Electric Corporation: Company Snapshot
Figure 78 Yokogawa Electric Corporation: SWOT Analysis
Figure 79 General Electric Co.: Company Snapshot
Figure 80 Endress+Hauser Management AG: Company Snapshot
Figure 81 Schneider Electric Se: Company Snapshot
Figure 82 AB SKF: Company Snapshot

The plant asset management (PAM) market is expected to be valued at USD 7.87 Billion by 2022, at a CAGR of 10.7% between 2016 and 2022. The growth of this market is propelled by increasing adoption of lean manufacturing practices and growing demand for cloud-based plant asset management solutions, real-time data analysis, and failure detection software.

The services segment is expected to lead the global plant asset management market in terms of market share as well as CAGR during the forecast period. Increasing demand for industry-specific services for maintaining the shelf life of the asset as well as to increase the efficiency of the production process is the key factor expected to drive the growth of the services market.

The offline deployment mode is expected to hold a larger market size during the forecast period. Offline deployment allows to make changes according to the specifications and increases data security and safety, which encourages the market players to adopt offline deployment of the plant asset management software. Offline deployment is primarily feasible for large enterprises since cost involved for the deployment of the entire software infrastructure is high. On the other hand, for small and medium enterprises, cloud (online) deployment is the most suitable option as the cost is low.

The production asset segment is expected to dominate the global plant asset management market during the forecast period. It is important to maintain the health of assets, especially production assets which are continuously used. The low performance of these assets hampers the production process. This leads to high adoption of plant asset management solutions to improve the efficiency and performance. However, the market for the automation asset segment is expected to grow at the highest CAGR between 2016 and 2022 owing to the increasing adoption of automation for performing complex manufacturing processes and reducing human errors in process and discrete industries around the world.

The process industry dominated the plant asset management market in 2016. The oil and gas industry is expected to hold the largest size of the plant asset management market during the forecast period owning to growing awareness and stringent regulations regarding the safety and security of the oil and gas plants. The market for the discrete industry is expected to grow at the highest CAGR between 2016 and 2022. The growth is primarily driven by the increasing need for sustained plant productivity, efficiency, as well as flexibility across all the manufacturing processes. The PAM market for the automotive industry is expected to be the fastest-growing market between 2016 and 2022.

Plant Asset Management (PAM) Market

APAC is expected to lead the global PAM market between 2016 and 2022. Technological innovations in different industries, growing economic and infrastructure developments in China, Japan, India, and other Southeast Asian countries, and increasing foreign direct investment are the major factors driving the PAM market growth in the APAC region. The PAM market in the Americas is expected to be the second-largest market. This region has always been a major market for all the manufacturers with a high rate of adoption of advanced technologies.

The key restraining factors for the PAM market are high investment cost, need for periodic upgradation of PAM software, and complexity involved in the installation of PAM solutions. The key market players such as Emerson Electric Co. (U.S.), Honeywell International, Inc. (U.S.), and Yokogawa Electric Corporation (Japan) are focusing on new product launches and developments, acquisitions, and collaborations to enhance their product offerings and expand their business.

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