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Plant Asset Management (PAM) Market Size

Report ID: GMI4756
Published Date: Jul 2022
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2021
Plant Asset Management Market Size in 2021:	USD 5 Billion
Forecast Period:	2022 to 2030
Forecast Period 2022 to 2030 CAGR:	10%
2030 Value Projection:	USD 15 Billion
Historical Data for:	2018 to 2021
No. of Pages:	339
Tables, Charts & Figures:	444
Segments covered:	Component, Deployment Model, Asset Type, End-user and Region
Growth Drivers:	Rising need for reducing plant maintenance budgets Increasing adoption of lean manufacturing practices Increasing focus on providing cloud-based PAM solutions Growing need for real-time data analytics
Pitfalls & Challenges:	Concerns over data security and cybersecurity challenges High initial investment and need for periodic upgrading of PAM solutions

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Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of plant asset management (PAM) exceeded USD 5 billion in 2021 and is poised to record a CAGR of more than 10% between 2022 and 2030, owing to the increasing need for improving processes across manufacturing and utility plants.

The asset lifecycle management solution segment held over 30% of the PAM industry in Canada in 2021 owing to the higher adoption of technologies like IoT and automation across plants.

In China, the PAM market share from the aerospace & defense end-user segment is slated to grow at a 15% CAGR through 2030 driven by the rising number of investments in advanced technologies.

Production assets management segment dominated with over 60% of the U.K. market share in 2021 with the rising need for increasing the efficiency of production environments.

Some of the leading players in global PAM industry are CGI Group, Inc., General Electrical, Honeywell, Punzenberger COPA-DATA GmbH, IBM Corporation, Bentley Systems, ABB Ltd., and Schneider Electric SA, among many others.