NEW YORK, July 18, 2024 /PRNewswire/ — The global plant asset management (PAM) market size is estimated to grow by USD 2.01 billion from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of almost 7.09% during the forecast period. Incorporation of 3D modeling in real-time asset management is driving market growth, with a trend towards use of prescriptive analytics for analysis. However, competition from substitutes poses a challenge. Key market players include AB SKF, ABB Ltd., Aspen Technology Inc., AVEVA Group Plc, Emerson Electric Co., Endress Hauser Group Services AG, Hitachi Ltd., Honeywell International Inc., IFS World Operations AB, International Business Machines Corp., Novo Solutions Inc., Oracle Corp., Petrofac Ltd., Ramco Systems Ltd., Rockwell Automation Inc., S and T Deutschland GmbH, SAP SE, Schneider Electric SE, Siemens AG, and Yokogawa Electric Corp..

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Key Market Trends Fueling Growth

Prescriptive analytics is a valuable tool in Plant Asset Management (PAM) systems. It uses historical data trends to forecast changes and suggests optimal actions to maintain plant assets. This feature is particularly useful during maintenance, enabling organizations to schedule tasks based on distinct scenarios created through prescriptive analytics. Machine learning and artificial intelligence have significantly increased the adoption of prescriptive analytics in PAM. Leading vendors like Rockwell Automation, ABB, and IBM offer prescriptive analytics services for asset management, providing data on factors influencing plant operations. The growing implementation of prescriptive analytics in PAM is anticipated to enhance the efficiency and effectiveness of plant maintenance, contributing to the market’s growth during the forecast period. 

Plant Asset Management (PAM) market is witnessing significant trends in various sectors, including aerospace & defense and automotive. Media and operations teams are increasingly adopting PAM solutions to manage their plants more efficiently. Preventive maintenance is a key focus area, with a proactive approach towards asset management becoming the norm. Real-time data analytics, location tracking, and monitoring are essential for productivity improvement. Replacement of assets is optimized through predictive maintenance, reducing resource wastage. Smart connected devices, robotics, and AI are transforming work processes. Small- & medium-sized businesses are benefiting from affordable IoT sensors and cloud deployment models. Sustainability solutions, carbon emissions monitoring, and commissioning are gaining importance. PAM software solutions automate workflow, and smart factory solutions integrate smart technologies. Supportive government initiatives and cloud services further boost the market growth. Acoustic technology is a new trend in asset management, offering early detection of equipment failures. 

Discover 360° analysis of this market. For complete information, schedule your consultation- Book Here!

Market Challenges

• The Plant Asset Management (PAM) market faces significant competition from Manufacturing Execution Systems (MES) software. MES solutions, like Schneider Electric’s Wonderware MES Software, offer real-time data on work orders, production rates comparison, and operational activity monitoring. This data enables evaluation of key performance indicators such as overall equipment effectiveness. MES systems provide accurate, real-time data for manufacturing process execution and order tracking, potentially challenging the PAM market’s growth during the forecast period. MES software also facilitates tasks scheduling, labor planning, data acquisition, process control, and quality assurance.
• Plant Asset Management (PAM) Market: Overcoming Challenges in Various Industries The Plant Asset Management (PAM) market faces several challenges in diverse sectors like Aerospace, Automotive, Construction, Energy & Power, and Manufacturing. One significant challenge is the integration of advanced technologies such as acoustic technology, AI, Computer Vision, and Machine Learning (ML) solutions into existing systems. The aerospace & defense sector and manufacturing firms are actively implementing these technologies for asset monitoring and predictive maintenance. Another challenge is the adoption of automation in asset management. Automation assets, including IoT/IIoT sensors and location-based technology, require developed IT infrastructure and data security measures. Cloud deployment models, cloud facilities, and cloud services are essential for managing and analyzing data from these assets. Industries like Construction face unique challenges such as commissioning and decommissioning of equipment and infrastructure. Lean manufacturing practices and digitalization are crucial for optimizing maintenance requirements and reducing carbon emissions. Automating workflows, equipment inspections, and maintenance processes is essential for improving efficiency and reducing costs. Moreover, the use of cheap IoT sensors and machine learning solutions in industries like healthcare and manufacturing & utility plants is gaining popularity for monitoring and maintaining assets. Data security is a significant concern, and ensuring the protection of sensitive information is crucial. In conclusion, the PAM market must address these challenges to provide effective solutions for managing equipment & infrastructure in various industries, including automotive, aerospace, construction, energy & power, and manufacturing.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This plant asset management (pam) market report extensively covers market segmentation by

1. Deployment 
• 1.1 Cloud
• 1.2 On-premises
2. End-user 
• 2.1 Power industry
• 2.2 Pulp and paper industry
• 2.3 Oil and gas industry
• 2.4 Refining industry
• 2.5 Petrochemical and others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Cloud-  The demand for cloud-based Plant Asset Management (PAM) solutions is increasing in various industries due to their advantages. These solutions offer scalability and accessibility, making them ideal for businesses with growing asset needs. Cloud-based PAM systems provide real-time data and analytics, enabling better decision-making and proactive maintenance. This is essential in PAM, where timely insights can prevent costly downtime. Additionally, cloud solutions can integrate with other cloud-based services and emerging technologies, such as IoT devices, for more comprehensive asset management strategies. The adoption of cloud-based PAM solutions will positively impact the growth of the global market during the forecast period.

For more information on market segmentation with geographical analysis including forecast (2023-2027) and historic data (2017 – 2021)  – Download a Sample Report

Learn and explore more about Technavio’s in-depth research reports

The global AI in asset management market is rapidly evolving, leveraging machine learning and predictive analytics to optimize investment strategies and risk management. Key drivers include increased data availability and the need for efficient decision-making processes across financial institutions.

The global ITAD market focuses on the safe disposal of obsolete IT equipment, driven by stringent environmental regulations and the rising adoption of cloud computing. Companies are investing in secure data erasure and recycling solutions to manage electronic waste responsibly and ensure data security compliance.

Research Analysis

The Plant Asset Management (PAM) market is a growing sector that assists manufacturing firms in optimizing the performance, availability, and productivity of their physical assets. This includes equipment inspections, maintenance scheduling, and real-time location tracking using location-based technology for field technicians. PAM solutions like Revo Asset Management utilize digitalization, lean manufacturing practices, and cloud-based technologies to reduce resource wastage and improve asset lifecycle management. Construction equipment, generators, and automation assets in manufacturing & utility plants, aerospace, defense, energy & power industries, and industrial automation benefit significantly from these solutions. Advantages include real-time data analytics, automated workflows, and improved asset utilization. Technologies such as IoT, AI, and machine learning enhance PAM capabilities, enabling predictive maintenance and proactive decision-making.

Market Research Overview

The Plant Asset Management (PAM) market is witnessing significant growth due to the digitalization trend in various sectors, including aerospace & defense, automotive, construction, energy & power, manufacturing, and healthcare. Acoustic technology and computer vision are being integrated into PAM solutions for predictive maintenance and equipment inspections. AI, machine learning, and IoT/IIoT are transforming asset management by automating workflows, automation of assets, and real-time data analytics. Cloud deployment models and cloud services are increasingly being adopted for PAM solutions, providing access to data and services from anywhere. Location-based technology and real-time monitoring enable proactive maintenance and replacement of assets before they fail. The construction business is leveraging PAM solutions for commissioning and decommissioning of construction equipment. Industrial automation and lean manufacturing practices are also driving the demand for PAM solutions. Sustainability solutions, such as carbon emissions monitoring, are gaining importance in the PAM market. Robotics and smart technologies are being used to optimize work processes and improve productivity. Government initiatives and supportive policies are further fueling the growth of the PAM market. Small- & medium-sized businesses are also adopting PAM solutions due to the availability of cheap IoT sensors and smart connected devices. PAM solutions are essential for managing equipment & infrastructure in various sectors, ensuring efficient operations, reducing resource wastage, and minimizing environmental risks.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Deployment
• Cloud
• On-premises
• End-user
• Power Industry
• Pulp And Paper Industry
• Oil And Gas Industry
• Refining Industry
• Petrochemical And Others
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/plant-asset-management-pam-market-size-is-set-to-grow-by-usd-2-01-billion-from-2023-2027–incorporation-of-3d-modeling-in-real-time-asset-management-to-boost-the-market-growth-technavio-302199333.html

SOURCE Technavio