Plant Asset Management Market Research Report- Forecast till 2030
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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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.
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.
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.
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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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 2030