HOME › Research Insight › Plant Asset Management (PAM) Solutions have been implemented in Various Process and Discrete Industries Such as Automotive, Food & Beverages, Chemical, and Pharmaceutical
Plant Asset Management (PAM) Solutions have been implemented in Various Process and Discrete Industries Such as Automotive, Food & Beverages, Chemical, and Pharmaceutical
Plant asset management (PAM) solutions have been implemented in various process and discrete industries such as automotive, food & beverages, chemical, and pharmaceutical to manage different production as well as automation assets of the plants. Plant asset management solution helps companies to increase productivity, increase efficiency, and minimize downtime, which in turn reduces labor cost and increases safety of people, asset, and plant. The plant asset management 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 PAM solutions, real-time data analysis, and failure detection software.
ABB Ltd. (Switzerland), AB SKF (Sweden), Emerson Electric Co. (U.S.), Endress+Hauser Management AG (Switzerland), General Electric Co. (U.S.), Honeywell International, Inc. (U.S.), Rockwell Automation, Inc. (U.S.), Schneider Electric SA (France), Siemens AG (Germany), and Yokogawa Electric Corporation (Japan) are some of the leading players in the plant asset management market. New product launches and developments, expansions, contracts, agreements, acquisitions, and partnerships are the key strategies adopted by the major players to gain a competitive edge in the market.
Honeywell International, Inc. is actively involved in improving its product portfolio by introducing new products to ensure its growth in the plant asset management market. For instance, the company launched a fully integrated range of Industrial Internet of Things (IIoT)-ready natural gas measurement and data management solutions for natural gas utilities in North America. Honeywell’s integrated solution would help gas operators to improve asset efficiency, reduce unplanned downtime, increase return on investment (ROI), and implement preventive maintenance. Furthermore, in September 2016, the company released a new version of its process modeling software, UniSim Design Suite, which helps industrial manufacturers to enhance safety and decrease operating costs for their manufacturing plants.
Yokogawa Electric Corporation has adopted strategies such as product developments, acquisitions, and expansions to ensure growth in the PAM market. For instance, in January 2016, Yokogawa Electric Corporation acquired cloud data service provider, Industrial Evolution, Inc. (U.S.), to strengthen its solution offerings for process industries. In February 2016, the company started its new business unit, Industrial Knowledge, to enhance the cloud-based advanced solution business. This new business unit would play an important role in the expansion of Yokogawa’s business in asset-intensive industries.
The other companies involved in the development of the PAM market include ABB Ltd. (Switzerland), AB SKF (Sweden), Emerson Electric Co. (U.S.), Endress+Hauser Management AG (Switzerland), General Electric Co. (U.S), Rockwell Automation, Inc. (U.S.), Schneider Electric SA (France), and Siemens AG (Germany).
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
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