Market
Highlights
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.
Plant
Asset Management Market is expected to develop USD 16.47 Billion by 2030, at a
CAGR of 11.29% during the forecast period 2020-2030.
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Segmentation:
The global report on the plant asset management market requires a
proper understanding of different aspects to ensure the incorporation of exact
details that can boost the strategic designs and make sure the market profits
more.
By offering, the study on the global plant asset management market
can be segmented into software and services.
By deployment mode, the recent study on the plant asset management
market can be discussed on the basis of offline deployment and cloud
deployment. The cloud deployment segment is slated to boost the market even
more by reducing the cost of installation of these tools.
By asset type, the study containing various details of the plant asset management market
can be segmented into production asset and automation asset.
By
end user, the analysis of the plant asset management market contains segments
like energy and power, chemical, oil and gas, food and beverages, aerospace
& defense, automotive, healthcare, and others. The oil & gas segment is
witnessing some significant changes in the recent years.
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
Rockwell Automation, Inc. (US), General Electric Co. (US),
Endress+Hauser Management AG (Switzerland), Yokogawa Electric Corporation
(Japan), Honeywell International Inc. (US), Siemens AG (Germany), IBM
Corporation (US), Emerson Electric Company (US), Dassault Systèmes (France),
and Hitachi Ltd are companies making ripples in the global plant asset
management market by implementing strategic moves that will help the market in
establishing better outcomes.
Industry News:
The ABB Ability™ Genix Industrial Analytics and AI Suite, are two
products of ABB that have been designed to simplify the work process of the
plant owners and manufacturers. This can be defined as a scalable advanced
analytics platform loaded with pre-built, easy-to-use applications and
services. These technologies work by collecting data, contextualizing it, and
converting it to operational, engineering and information technology data that
can be used for actionable insights. It will help industries taking up their
game for operations, optimizing of asset management, and streamlining of
business processes, all the while maintaining safety and sustainability.
The
COVID-19 pandemic acted as an eye-opener for a lot of companies. This
disruptive force made sure that the companies take an inward journey to
understand the potential threats that are looming large and how they can plan
their contingencies. Plant asset management is a process that helps in cutting
corners to increase the profit margin, which will inspire better stability and
back companies in withstanding such negative forces.
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