Plant Asset Management Market Research Report: Information by Offering (Software, Service), by Deployment Mode (Offline, Cloud), by Asset Type (Production Asset, Automation Asset), by End-User (Chemical, Aerospace and Defense) by Region - Global Forecast till 2023
Market Overview
Market Research Future (MRFR) emphasizes in its research report that the global market 2020 is projected to rise rapidly over the review period, achieving a significant market valuation from USD 5.20 Billion in 2017 to USD 8.78 billion by 2023, and a healthy CAGR of 9.5% over the review period. Drivers and Restraints
Growing demand for a cloud-based plant asset management solution drives the plant asset management market. Adopting lean manufacturing practice, requiring real-time data analysis, and growing demand for applications for failure detection also propels market growth. Growing awareness about the adoption of low-cost manufacturing plants, rising customer needs and growing trends in integrating IT and operational technology among others are key factors driving growth in the plant asset management sector. The plant asset management market is also projected to expand at the highest pace over the forecast period. This is due to the rising IoT market and an increasing demand from end-user industries for new technologies.
On the other hand, one of the major factors hampering the growth of the plant asset management market is high initial cost of investment. In addition, the need for periodic upgrading and the complexities involved in plant asset management solutions installations can hinder market development.
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Segmental Analysis
By offering, the market is bifrucated into software and services.
By deployment mode, the plant asset market is divided into offline deployment and cloud deployment.
By asset type, the market is bifurcated into production asset and automation asset.
By end user, the market is divided into chemical, energy and power, food and beverages, oil and gas, healthcare, aerospace & defense, automotive, and others.
Regional Analysis
The global business regional analysis was conducted in four major regions including Asia Pacific, North America, Europe and the rest of the world.
Asia-Pacific owing to the presence of numerous main players and vendors in the area is expected to dominate the plant asset management market. The growing solar, hardware, energy and power industries, and automotive industries are also driving the region's market development. The rising economy has led to growth in Japan, India, China and other Asian countries as the industries adopt plant asset management to minimize maintenance costs.This trend is fueling market growth as foreign investment in the region is growing. Due to the rapidly increasing industrial base and rising competition among the players in the region, the fastest growing market is expected to be the Asia-Pacific market too. North America is slated to be the second-largest market due to the presence of numerous industries and key players in the region, such as IBM Corporation and Honeywell International Inc. North America also has early access to emerging technology due to the superior infrastructure funding, and it is one of the early adopters of the plant asset management system, responsible for business growth.
Competitive Analysis
The major market players operating in the global market as identified by MRFR are Endress+Hauser Management AG (Switzerland), Honeywell International Inc. (US), General Electric Co. (US), Rockwell Automation, Inc. (US) , Siemens AG (Germany), Yokogawa Electric Corporation (Japan), Emerson Electric Company (US), Dassault Systèmes (France), IBM Corporation (US), and Hitachi Ltd. Plant asset management market tends to be highly competitive. To retain its market place and drive market growth, a competitive environment is created by numerous diverse and diversified foreign organizations, domestic organizations and new entrants. Business leaders are constantly innovating and increasingly pursuing market growth through numerous strategic mergers and acquisitions, innovation, increased research and development investments, and cost-effective product portfolio. Big players invest in internal R&D, and most of all in the purchase of other firms.
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According to the new market research report "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 to 2024", published by MarketsandMarkets™, the Plant Asset Management Market is projected to grow from USD 5.5 billion in 2019 to USD 9.4 billion by 2024, at a CAGR of 11.3%.
Major factors fueling the market growth include 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.
Ask for PDF Brochure:https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=8606975 Services to lead plant asset management market by 2024 The deployment of PAM software is a costly process and a one-time activity, whereas PAM services that include maintenance needs, software upgrades, and personnel training are demanded by end-user industries continuously.
Hence, PAM services have a more significant contribution to generating more revenue than PAM software solutions.
Further, market players are focusing on offering industry-specific services to meet the ever-changing demands of different industries.
Production assets to hold largest share of PAM market during forecast period Rising adoption of PAM solutions for monitoring rotating and reciprocating equipment, among others, across various industries is expected to drive the growth of the PAM market during the forecast period.
Plant Asset Management Market Research Report: Information by Offering (Software, Service), by Deployment Mode (Offline, Cloud), by Asset Type (Production Asset, Automation Asset), by End-User (Chemical, Aerospace and Defense) by Region - Global Forecast till 2023Market OverviewMarket Research Future (MRFR) emphasizes in its research report that the global market 2020 is projected to rise rapidly over the review period, achieving a significant market valuation from USD 5.20 Billion in 2017 to USD 8.78 billion by 2023, and a healthy CAGR of 9.5% over the review period.
Drivers and RestraintsGrowing demand for a cloud-based plant asset management solution drives the plant asset management market.
Growing awareness about the adoption of low-cost manufacturing plants, rising customer needs and growing trends in integrating IT and operational technology among others are key factors driving growth in the plant asset management sector.
This is due to the rising IoT market and an increasing demand from end-user industries for new technologies.On the other hand, one of the major factors hampering the growth of the plant asset management market is high initial cost of investment.
In addition, the need for periodic upgrading and the complexities involved in plant asset management solutions installations can hinder market development.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/1788Segmental AnalysisBy offering, the market is bifrucated into software and services.By deployment mode, the plant asset market is divided into offline deployment and cloud deployment.By asset type, the market is bifurcated into production asset and automation asset.By end user, the market is divided into chemical, energy and power, food and beverages, oil and gas, healthcare, aerospace & defense, automotive, and others.Regional AnalysisThe global business regional analysis was conducted in four major regions including Asia Pacific, North America, Europe and the rest of the world.Asia-Pacific owing to the presence of numerous main players and vendors in the area is expected to dominate the plant asset management market.
The rising economy has led to growth in Japan, India, China and other Asian countries as the industries adopt plant asset management to minimize maintenance costs.This trend is fueling market growth as foreign investment in the region is growing.
