Plant Asset Management (PAM) Market - By Component (Solution, Service), By Deployment (On-premise, Cloud), By Asset Type (Production Assets, Automation Assets), By End User & Forecast, 2022-2030

Plant Asset Management Market Size

Plant Asset Management Market size exceeded USD 5 billion in 2021 and is set to register 10% CAGR between 2022 and 2030. The growing demand for improving the various processes across manufacturing & utility plants to achieve improved productivity with minimum resource wastage is driving the industry growth.
 

The rising digitalization and the advent of Industry 4.0 are enabling various stakeholders to adopt lean manufacturing practices. Plants that are using lean processes have seen a 10%-12% growth in productivity. Advantages of these practices increase the adoption of digitalization in manufacturing processes, thereby boosting market demand.
 

Plant Asset Management Market Analysis

The asset lifecycle management held over 30% share of Canada PAM market in 2021, due to the growing adoption of various technologies, such as IoT and automation, across plants. Smart technologies and rich troves of data related to equipment & infrastructure are now available to help enterprises take a more proactive approach to asset management. Asset lifecycle management solutions balance the very different maintenance requirements of diverse & distributed assets to deliver maximum safety & longevity in design, construction, commissioning, operations, maintenance, decommissioning, and replacement.
 

Owing to their low costs, cloud-based (online) PAM software solutions are the best choice for small- & medium-sized businesses in Europe. In Germany plant asset management market, the cloud deployment model is projected to witness growth rate of over 10% through 2030, because of the increasing use of cloud services to reduce the cost of ownership across various industries. Cloud-based deployments are helping enterprises to manage their business operations in the pandemic and allowing users to work remotely & execute day-to-day operations.
 

In the UK, production asset segment captured a market share of 60% in 2021, impelled by the growing demand for managing & mapping production assets and ensuring a smooth work process throughout plants. Production asset management software solutions increase the efficiency of production environments with the help of tools & features that manage & track media throughout the whole content creation process. The production asset helps to automate workflow, ensuring efficient storage & controlling of production assets.
 

The aerospace & defense segment in China is poised to attain around 15% gains from 2022 to 2030, attributed to investments in advanced technologies in the aerospace & defense sector. Manufacturing cost management is becoming a priority for aerospace manufacturers, forcing them to adopt asset management technologies for their plants. The aerospace sector is implementing PAM solutions to reduce operational costs with the help of advanced technologies such as predictive maintenance and AI.
 

The North American plant asset management market is expected to generate a revenue of nearly USD 4 billion by 2030, propelled by smart factory solutions in the region. The rapid adoption of IoT/IIoT in various sectors, such as manufacturing, automotive, and healthcare, can be credited to rising internet penetration, the availability of cheap IoT sensors, and the proliferation of smart connected devices. The presence of developed IT infrastructure and supportive government initiatives to support the advent of Industry 4.0 in the region are contributing to market growth.
 

Plant Asset Management Market Share

Some of the key plant asset management market players include :

• ABB Ltd
• AB SKF
• Bentley Systems
• CGI Group, Inc
• Dassault Systèmes
• Emerso
• Endress+Hauser Management AG
• General Electrical
• Hitachi
• Honeywell
• IBM Corporation
• IFS AB, Ing
• Punzenberger COPA-DATA GmbH
• Maxwell Technologies Inc
• Oracle Corporation
• Ramco Systems Ltd
• Rockwell Automation
• SAP SE
• Siemens
• Schneider Electric SA
• Yokogawa Electric Corporation

Companies are emphasizing on various merger & acquisition strategies to gain a competitive advantage in the market.
 

This market research report on plant asset management (PAM) includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2030 for the following segments:

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Market By, Component

• Solution
  • Asset Lifecycle Management
  • Predictive Maintenance
  • Work Order Management
  • Inventory Management
• Service
  • Professional Service
  • Managed Service

Market By, Deployment Model

• Cloud
• On-premise

Market By, Asset Type

• Production Assets
• Automation Assets

Market By, End User

• Energy & Power
• Oil & Gas
• Petrochemical
• Mining & Metal
• Aerospace & Defense
• Automotive
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Israel