Plant asset management (PAM) includes asset identification, monitoring, refurbishing, and replacement. The plant asset management plan includes the utilization of different measurement technologies to protect and predict the health of plant assets. It provides valuable information about the condition of assets over the entire life cycle. This information is used for optimizing plant operations and maintenance, increasing production capacity, and implementing predictive maintenance and operational strategies. Further, 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 are the major factors driving the market growth. The plant asset management (PAM) market size is estimated to grow from USD 5.5 billion in 2019 to USD 9.4 billion by 2024, at a CAGR of 11.3%. Emerson Electric Co. (U.S.), Rockwell (US), and ABB Ltd. (Switzerland) are the leading players in the PAM market.
Emerson Electric Co. (U.S.)
Emerson Electric Co. manufactures and develops process controls, systems, valves, and analytical instruments. The company offers industrial, commercial, automation, and residential solutions worldwide. It operates through 2 business segments—Automation Solutions and Commercial & Residential Solutions. The company has 220 manufacturing locations in 150 countries, primarily in Europe and Asia. Emerson Electric provides PAM solutions under its Automation Solutions segment. It serves industries such as petroleum, chemicals, food & beverages, pulp & paper, pharmaceuticals, and water & wastewater treatment. The company focuses on expanding its product portfolio and improving its offerings to meet the ever-changing needs of its customers across various end-user industries. For instance, in July 2019, the company modified its AMS Device Manager Software solution with HART-IP support, and in September 2019, Emerson launched the AMS Asset Monitor edge analytics device.
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Rockwell Automation, Inc. is one of the world’s largest companies providing industrial automation power, control, and information solutions. The company operates in 2 major business segments, namely, Architecture & Software and Control Products & Solutions. The Architecture & Software segment includes hardware, software, and communication components of the companys integrated control and information architecture capable of controlling customers’ industrial processes and connecting with their manufacturing enterprise. Rockwell Automation has a strong market position in the asset management field. The company emphasizes on product improvements. For instance, in July 2019, the company upgraded its FactoryTalk AssetCentre Software to protect a wider range of assets. Moreover, the company is aggressively involved in mergers and acquisitions to increase its market share in countries other than the US. In October 2019, Rockwell acquired MESTECH Services to expand its consulting and system integration scale in the fast-growing transformation market.
ABB Ltd. (Switzerland)
ABB Ltd., a global leader in power and automation technologies. The ABB Group was founded in 1988 after the merger of Asea AB (Sweden) and BBC Brown Boveri AG (Switzerland). It operates mainly in areas such as robotics, power, heavy electrical equipment, and automation technology. The company has presence in Europe, the Americas, Asia, Africa, and the Middle East. ABB mainly operates in 3 business segments—Electrification Products, Robotics and Motion, and Industrial Automation. The company strives to increase its profit margins by strengthening its product competitiveness, adopting inorganic strategies, and lowering market-related risks. ABB has launched ABB Ability, a unified, cross-industry digital offering, to accelerate profitable growth. A significant portion of ABB’s R&D investments is utilized for its Industrial Automation business segment, which develops PAM solutions. In addition, ABB significantly invests in R&D to thrive in a competitive environment. In FY 2018, its R&D expenditure was USD 1.2 billion, that is, 4.1% of its total revenue. Further, the company is capitalized on partnerships with other professional third-party solution providers to ensure mutual profit and growth.
Other companies involved in the development of the PAM market are AB SKF (Sweden), Endress+Hauser Management AG (Switzerland), General Electric Co. (US), Rockwell Automation, Inc. (US), Schneider Electric SA (France), Yokogawa (Japan), and Siemens AG (Germany).
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
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