Plant Asset Management Market Industry Analysis, Growth, Trends, Forecast to 2024

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MarketsandMarkets Presents

Plant Asset Management Market Industry Analysis,
Growth, Trends, Forecast to 2024 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 https//www.marketsandmarkets.com/Market
-Reports/plant-asset-management-market-8606975.htm
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The plant asset management market is expected to
grow from USD 5.5 billion in 2019 to USD 9.4
billion by 2024, at a CAGR of 11.3. The markets
growth is propelled by 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. Browse 109 market data Tables and 52
Figures spread through 178 Pages and in-depth TOC
on "Plant Asset Management Market (PAM) - Global
Forecast to 2024"
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Plant Asset Management Market for cloud-based
(online) deployment to grow at higher CAGR from
2019 to 2024 The market for cloud-based (online)
PAM solutions is expected to grow at the highest
CAGR during the forecast period. The adoption of
cloud-based (online) PAM software solutions is
the most suitable option for small and
medium-sized enterprises due to its low cost.
Quick installation and easy access to cloud save
time and help end-user industries to make better
decisions to improve efficiency, as well as focus
on other important business parameters. Ask PDF
Brochure https//www.marketsandmarkets.com/pdfdow
nloadNew.asp?id8606975 Automation assets to
exhibit high growth in PAM market during forecast
period The plant asset management market for
automation assets is expected to register the
highest CAGR during the forecast period.
Increasing adoption of automation systems to
enhance the production capacity in the process
industries. However, different types of
automation systems such as programmable logic
controllers (PLCs) and distributed control
systems (DCSs) find applications in discrete
industries, thereby fueling the demand for PAM
solutions for effective handling of automation
assets too.
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Plant Asset Management Market in APAC to grow at
highest CAGR during forecast period The PAM
market in APAC is expected to grow at the highest
CAGR during the forecast period. The adoption of
PAM solutions 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 in APAC due to
the low labor cost and availability of a skilled
workforce. These manufacturing units are using
asset management solutions for the improvement in
the overall manufacturing processes, which is
expected to drive the growth of the PAM market in
the region. Request Free Sample
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mpleNew.asp?id8606975 Key Market
Players Emerson (US), Honeywell (US), Rockwell
(US), ABB (Switzerland), Schneider (France),
Yokogawa (Japan), General Electric (US), and
Siemens (Germany) dominated the PAM market.
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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 segmentsAutomation
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. Rockwell (US) Rockwell Automation,
Inc. is one of the worlds 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 company's 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. Rockwell
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.
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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 segmentsElectrification Products,
Robotics and Motion, and Industrial Automation.
The company strives to increase its profit margin
by strengthening its product competitiveness,
adopting inorganic strategies, and lowering
market-related risks. ABB has launched ABB
Ability drives to accelerate profitable growth. A
significant portion of ABBs RD investments is
utilized for its Industrial Automation business
segment, which develops PAM solutions. In
addition, ABB significantly invests in RD to
thrive in a competitive environment. In FY 2018,
its RD 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.
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