Plant Asset Management Market

Plant Asset Management (PAM) Market worth 7.87 Billion USD by 2022

According to the new market research report "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", 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. Factors such as increasing adoption of lean manufacturing practices and growing demand for cloud-based PAM solutions, real-time data analysis, and failure detection software are expected to drive the growth of the PAM market.

Browse 71 market data tables and 82 figures spread through 170 pages and in-depth TOC on “Plant Asset Management (PAM) Market - Global Forecast to 2022”
Early buyers will receive 10% customization on reports.

“Automation asset segment expected to grow at a higher rate during the forecast period”

The market for automation assets is expected to grow at a higher CAGR during the forecast period. Increasing adoption of automation in industries such as oil and gas, chemical, food and beverages, automotive, and aerospace and defense is expected to encourage the growth of the plant asset management market during the forecast period.

“Market for cloud (online) deployment mode to grow at the highest rate between 2016 and 2022”

The cloud deployment mode is gaining popularity due to the growing IIoT market and increasing demand for new technology by end-user industries. Furthermore, the cloud deployment mode of plant asset management is being increasingly adopted as it provides better visibility and competitive edge over others. The industries with complex equipment footprints find it necessary to connect with the new-age accessible technology tools. It is very important to deal with complex plant asset management systems as major end-user industries are using intelligent machines, new connected devices, and latest technology monitoring systems. Cloud is creating value for adopters because of its ability to connect the experts to the data from remote locations, cost-effectiveness, and high storage capability. However, the safety and security concern is still a major challenge for the adoption of cloud deployment.

“APAC expected to dominate the PAM market between 2016 and 2022”

The plant asset management market in APAC is growing rapidly owing to several advancements and technological innovations in different manufacturing industries. Adoption of plant asset management solution 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 to the APAC region due to low labor cost and availability of skilled labors. These manufacturing units are using asset management solutions for the overall improvements in the manufacturing processes, which is expected to encourage the growth of the PAM market in the region.

The major players involved in 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.), Honeywell International, Inc. (U.S.), Rockwell Automation, Inc. (U.S.), Schneider Electric SA (France), Siemens AG (Germany), and Yokogawa Electric Corporation (Japan).

About MarketsandMarkets

MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.

M&M’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.

We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.

Mr. Rohan
Markets and Markets
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune, Maharashtra 411013, India

Report Code
SE 4750
PR Published ON
Choose License Type
Request Customization
Speak to Analyst
Speak to Analyst
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
  • What are the Known and Unknown Adjacencies Impacting the Plant Asset Management Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
© MarketsandMarkets Research Private Ltd. All rights reserved

Digital Virtual Assistant - MarketsandMarkets