Market Research Future (MRFR) has disclosed in its latest report that the global plant asset management market will exhibit steep growth at a striking CAGR of 10% during the forecast period 2016 to 2022. The report further reveals that the valuation of the market will reach USD 420 Mn by the end of 2022. The embracement of plant asset management assures the efficiency of the organization which amplifies the demand for plant asset management by industry leaders.
Plant asset management solutions enable the enterprises for adapting to the changing market trends without compromising on the quality of products or services. The integration of IT infrastructure with operations of business empowers the plant asset management solutions to improve the performance of the enterprise. Furthermore, the cloud-based deployment will fuel growth due to large-scale penetration of IoT.
The strict laws implemented by the governments mandate the compliance of quality level for industry goods which can be assured by the use of plant asset management solutions. Therefore, the adoption of the technology has accelerated over a short span of time and will persistently thrive across the assessment period.
The complex installation process, high initial cost, need for periodic upgradation, etc. will restrict the growth and adversely affect the expansion rate of the market.
By type, the market has been segmented into hardware, and, software.
By services, the market is segmented into performance management, monitoring & controlling, information management, device configuration, and, content management.
By application, the market has been segmented into energy & power, petrochemical, Chemical, mining, food & beverage, and, pharmaceutical.
By region, the market has been segmented into North America, Europe, Asia Pacific, and, Middle East & Africa. North America market will be the primary revenue contributor in the global market. Industrialization started early in this region, and, with the advancements in technology, the sector has been evolving for betterment. The need for obtaining optimum performances from industries has facilitated the adoption of plant asset management in the market. The key driver of the market is the demand from aging plants that require to be integrated with plant asset management solution for efficient performances.
Asia Pacific is poised to be the second largest Plant Asset Management (PAM) Market due to the focus of the region towards rapid industrialization. The economies of the region are being pushed to be self-sufficient by making way for industrialization. Therefore, application of plant asset management comes naturally to the industry leaders for making the best use of the resources available. Europe region trails Asia Pacific in terms of revenue generated from the market. The benefits of utilization of plant asset management such as optimum performance, lower cost, adaption with changes in the market, etc. are fueling demand in Europe. The robust growth to be witnessed in the global market over the next couple of years will push the demand to grow in the Middle East & Africa region.
The key players competing in the market to garner share of revenue generated have been profiled by MRFR which includes ABB Ltd. (Switzerland), Rockwell Automation, Inc. (U.S.), IBM Corporation (U.S.), Endress +Hauser (Switzerland), Honeywell International, Inc. (U.S.), Emerson Electric Company (U.S.), Siemens AG (Germany), Hitachi Ltd. (Japan), Dassault Systemes (France), and, Plant Asset Management (Petrofac) (UK).
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