Plant asset management has taken on an important role in the industrial sector with the advent of the Internet of Things (IoT). The IoT has allowed for much more detailed monitoring of the minutest of points, enabling owners to get a comprehensive picture of their plant assets’ condition and requirements. Rising awareness about low-cost manufacturing plants and efforts to minimize the overall expenses of any plant are likely to drive the global plant asset management market over the forecast period. As the global market is getting ever more competitive, companies are looking for the smallest edge to get ahead of their rivals. This is likely to drive the demand from the plant asset management market over the forecast period, as the money saved on plant maintenance and repair by implementing monitoring solutions adds up to a considerable amount.
The increasing trend of merging IT solutions with the day to day operations of a plant is likely to drive the demand from the global plant asset management market.
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The global plant asset management market is segmented on the basis of application, type, service, and region.
On the basis of application, the global plant asset management market is segmented into chemical, pharmaceutical, mining, energy and power, food and beverage, and petrochemicals.
By type, the global plant asset management market is segmented into hardware and software.
By service, the global plant asset management market is segmented into performance management, monitoring and controlling, information management, device configuration, and content management.
Regionally, the global Plant & Asset Management Market is segmented into North America, Asia Pacific, Europe, and the rest of the world.
North America is the leading party in the global plant asset management market due to the widespread use of digital tools for plant monitoring and asset management. The presence of several old and aging plants in the region has also encouraged players to look out for ways to maximize the performance of aging machinery, leading to growing demand from the plant asset management market. The rapid progress in terms of adoption of IoT solutions in North America, due to the presence of a supportive technological and political framework, is likely to drive the region’s role in the global plant asset management market over the forecast period. The growth of the industrial sector in North American countries such as the U.S. is likely to be the main driver for the global plant asset management market, as new establishments will likely receive the latest technological solutions, while old establishments are also being retrofitted with the suitable solutions as per their need.
Asia Pacific is also likely to be a major regional market for plant asset management tools due to the rapid growth of the industrial sector in countries such as China, India, Thailand, Indonesia, Malaysia, Australia, Japan, and Korea. The industrial sector in these countries has grown spectacularly in the last few decades, leading to a growing need for monitoring solutions. The growth of the industrial sector in these countries is likely to remain a major driver for the global plant asset management market over the forecast period.
Key players in the global plant asset management market include Siemens AG, IBM Corp., ABB Ltd., Hitachi Ltd., Emerson Electric Company, Endress + Hauser, Rockwell Automation Inc., Dassault Systemes, Plant Asset Management (Petrofac), and Honeywell International Inc.
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