TMCnet News
Plant Asset Management (PAM) Market Outlook, 2020-2024 - Surging Adoption of Lean Manufacturing Practices by Several Organizations Drives Industry GrowthDUBLIN, Jan. 30, 2020 /PRNewswire/ -- The "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" report has been added to ResearchAndMarkets.com's offering. The global PAM market was valued at USD 5 billion in 2018 and is projected to reach USD 9.4 billion by 2024; it is expected to grow at a CAGR of 11.3% from 2019 to 2024. Plant asset Management market to exhibit significant growth during 2019-2024 Also, real-time information about production floor operations offered by these solutions enables effective decision-making. Further, plant safety and reliability are crucial for the management of plant assets. Thus, the industry needs PAM solutions to ensure the safety and operational efficiency of oil and gas plants. Key Topics Covered 1 Introduction 5.2.4 Challenges 5.2.4.1 Less Acceptance From Operators Due to Lack of Technical Know-How and Fear of Job Loss 6 Industry Trends 6.1 Introduction 6.2 Value Chain Analysis 6.3 Key Use Cases 6.3.1 North American Utility Company Deployed ABB Ability Asset Suite Portfolio Offered By ABB Limited 6.3.2 ABB Ability Asset Health Center Performance Management Software Used in Inner Mongolia Electric Power Research Institute (Imepri) 6.3.3 Kahramaa Found Grid Reliability With Power Grid Asset Performance Management Software By Ge 6.3.4 Honeywell Supported Japanese Turbocharger Plant to Improve Performance Monitoring Technology 6.3.5 Akzo Nobel Deployed AMS Device Manager to Reduce Maintenance Costs and Unscheduled Shutdowns 6.3.6 Chobani Deployed Asset Management Services From Rockwell Automation 6.3.7 AMS Device Manager From Emerson Was Used for Online Monitoring and Diagnostics at Aksu Power Plant 6.3.8 EMS GmbH Used Software and Online Tools From Endress+Hauser for Improving Plant Efficiency 6.4 Industry Trends 6.4.1 IIoT Connectivity 6.4.2 Cloud Platform 6.4.3 Predictive Maintenance 6.4.4 Digital Twin 6.4.5 Communication Protocol 7 Plant Asset Management Market, By Offering 7.1 Introduction 7.2 Software Solutions 7.2.1 PAM Software Solutions Help Improve Operational Efficiency of Business Processes 7.3 Services 7.3.1 Industry-Specific PAM Services for Expanding Vertical Expertise 8 Plant Asset Management Market, By Deployment Mode 8.1 Introduction 8.2 On-Premises (Offline) Deployment 8.2.1 Increasing Safety and Security Concerns Force End-User Industries to Adopt PAM Solutions That are Deployed On-Premises (Offline) 8.3 Cloud-Based (Online) Deployment 8.3.1 Growing Inclination Toward Cloud-Based Asset Management Owing to Its Assistance in Utilizing Assets and Resources Optimally 9 Plant Asset Management Market, By Asset Type 9.1 Introduction 9.2 Production Assets 9.2.1 PAM Solutions are in Demand for Monitoring Rotating and Reciprocating Equipment 9.2.1.1 Motors, Rotating, and Reciprocating Equipment 9.2.1.2 Process and Mechanical Equipment 9.2.1.3 Remote Equipment, Wiring, and Other Electrical Equipment 9.3 Automation Assets 9.3.1 Presence of Several Automation Solution Providers Drives Growth of PAM Market for Automation Assets 9.3.2 Field Devices 9.3.3 Control Valves & Positioners and Associated Equipment 10 Plant Asset Management Market, By Industry 10.1 Introduction 10.2 Process Industries 10.2.1 Chemicals 10.2.1.1 Growing Focus of Chemical Companies to Ensure Asset Reliability and Improve Operational Efficiency to Boost Demand for PAM Solutions 10.2.2 Energy & Power 10.2.2.1 Surging Adoption of Control and Automation Solutions in Power Industry to Foster PAM Market Growth 10.2.3 Food & Beverages 10.2.3.1 Increasing Use of PAM Solutions to Extract Large Volumes of Data to Accelerate PAM Market Growth for Food & Beverages Industry 10.2.4 Metals & Mining 10.2.4.1 Rising Need for Predictive Maintenance in Metals & Mining Industry Fuels Adoption of PAM Solutions 10.2.5 Oil & Gas 10.2.5.1 Growing Use of Corrosion Monitoring Systems in Oil and Gas Plants to Foster PAM Market Growth 10.2.6 Pharmaceuticals and Biotechnology 10.2.6.1 Increasing Adoption of PAM Solutions Due to Complex Manufacturing Processes in Pharmaceutical Plants 10.2.7 Pulp & Paper 10.2.7.1 Rising Need to Reduce Waste and Improve Product Consistency to Drive Demand for PAM Solutions in Pulp & Paper Industry 10.2.8 Water & Wastewater 10.2.8.1 Increasing Use of PAM Solutions to Monitor Asset Conditions and Ensure Their Long-Term Sustainability Boosts Growth of PAM Market for Water & Wastewater Industry 10.3 Discrete Industries 10.3.1 Aerospace & Defense 10.3.1.1 High Equipment Cost Encourages Adoption of PAM Solutions to Avoid Asset Failure Risks 10.3.2 Automotive 10.3.2.1 Technological Advancements in Automotive Industry Drive PAM Market Growth 10.3.3 Semiconductor & Electronics 10.3.3.1 Intense Competition Among Semiconductor & Electronic Manufacturing Companies Drives Demand for PAM Solutions to Enhance Plant Productivity 10.3.4 Medical Devices 10.3.4.1 Adoption of PAM Solutions Enabling Higher Efficiency Into Medical Devices Industry 11 Geographic Analysis 11.1 Introduction 11.2 North America 11.2.1 US 11.2.1.1 Growing Focus of Key Players on Developing Innovative PAM Products, Coupled With Increasing Investments in Green Energy Projects, to Accelerate PAM Market Growth in US 11.2.2 Canada 11.2.2.1 Increasing Demand for PAM Solutions From Oil & Gas Industry 11.2.3 Mexico 11.2.3.1 Growing Inclination of Mexican Manufacturers Toward Utilization of IIoT Technology in Industrial Plants 11.3 Europe 11.3.1 UK 11.3.1.1 Increasing Adoption of PAM Solutions in Automotive and Energy & Power Industries 11.3.2 Germany 11.3.2.1 Surging Demand for PAM Solutions From Highly Competitive and Innovative Automobile Companies in Germany 11.3.3 France 11.3.3.1 Growing Manufacturing Sector in France Boosts Adoption of PAM Solutions 11.3.4 Italy 11.3.4.1 Increasing Efforts of Italian Utilities Toward Effective Management of Plant Assets to Drive Demand for PAM Solutions in Country 11.3.5 Rest of Europe 11.4 APAC 11.4.1 China 11.4.1.1 Increasing Number of Manufacturing Activities Expected to Fuel Growth of PAM Market in China 11.4.2 Japan 11.4.2.1 Growing Focus of Country on Implementing Smart Factory Solutions to Accelerate Demand for PAM Solutions 11.4.3 India 11.4.3.1 Growing Manufacturing Industry as Output of Make in India Campaign to Register Country as Fastest-Growing Market in APAC 11.4.4 South Korea 11.4.4.1 Rising Adoption of PAM Solutions in Discrete Industries to Lead Significant Growth in South Korean Market 11.4.5 Rest of APAC 11.5 Rest of the World 11.5.1 South America 11.5.1.1 Growing Awareness About Advantages of PAM Solutions Expected to Increase Their Demand in Brazil 11.5.2 Middle East and Africa 11.5.2.1 Increasing Adoption of PAM Solutions in Oil and Gas and Mining Facilities to Propel Market Growth in Middle East and Africa 12 Competitive Landscape 12.1 Overview 12.2 Market Ranking Analysis 12.3 Competitive Leadership Mapping, 2018 12.3.1 Visionaries 12.3.2 Innovators 12.3.3 Dynamic Differentiators 12.3.4 Emerging Companies 12.4 Strength of Product Portfolio (For 25 Companies) 12.5 Business Strategy Excellence (For 25 Companies) 12.6 Competitive Situations and Trends 12.6.1 Contracts, Agreements, Collaborations, and Partnerships 12.6.2 Product Launches and Developments 12.6.3 Acquisitions 13 Company Profiles 13.1 Key Players 13.1.1 ABB Ltd. 13.1.2 Emerson Electric Co. 13.1.3 Honeywell International, Inc. 13.1.4 Rockwell Automation, Inc. 13.1.5 Siemens AG 13.1.6 Yokogawa Electric Corporation 13.1.7 General Electric Co. 13.1.8 Endress+Hauser AG 13.1.9 Schneider Electric SE 13.1.10 SKF Group 13.2 Right to Win 13.3 Other Key Players 13.3.1 Dassault Systmes 13.3.2 Petrofac 13.3.3 Entsika 13.3.4 Opentext 13.3.5 Phoenix AMC 13.3.6 SMAR International Corporation 13.3.7 IBM 13.3.8 Hexagon PPM 13.3.9 Aspen Tech 13.3.10 Bentley Systems 13.3.11 Nexus Global Business Solutions, Inc. 13.3.12 Infoplus Technologies UK Limited 13.3.13 Hubhead Corp. 13.3.14 DNR Process Solution Pte Ltd. 13.3.15 Plantvision AB For more information about this report visit https://www.researchandmarkets.com/r/e48m3m Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. Media Contact: Research and Markets SOURCE Research and Markets |