Plant Asset Management Market – Trends and Forecast, Future Demand 2019-2023

Posted by Savni on December 19th, 2019

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

Overview:

The global plant asset management market is showing immense growth; mainly due to the increasing adoption of lean manufacturing practices and growing demand for cloud-based plant asset management solutions, real-time data analysis, and failure detection software. The growing shift towards lean manufacturing and green technology is a key growth driver for the plant asset management market.

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Plant asset management refers to the process of optimizing field devices and monitoring information used to integrate business operations and IT infrastructure. This improves the business operating performance and also reduces maintenance cost and paper work. Major companies such as IBM, Rockwell Automation, and Siemens among others are providing asset management solutions to improve the overall performance of the enterprises.

According to a recent study report published by Market Research Future, The global market of Plant asset management is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023). Major factor driving the growth of plant asset management market is growing awareness towards adoption of low cost manufacturing plants, changing consumer needs and increasing trends of merging IT and operational technology among others. Also, the market for cloud based deployment is expected to grow at the highest rate during the forecast period. This is due to the growing IoT market and increasing demand for new technologies by end-user industries.

On the other hand, high initial cost of investment is one of the major factors hindering the growth of plant asset management market. Also, need for periodic upgradation and complexities involved in the installations of plant asset management solutions may hamper the market growth.

Key Players:

ABB Ltd. (Switzerland), Emerson electric company (U.S.), Rockwell automation, Inc. (U.S.), Siemens AG (Germany), IBM Corporation (U.S.), Hitachi Ltd. (Japan), Endress+Hauser (Switzerland), Dassault Systemes (France), Honeywell International, Inc. (U.S.), and Plant Asset Management (Petrofac) (UK) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Plant Asset Management Market.

Segmentation:

The plant asset management market can be classified into 5 key segments for the convenience of the report and enhanced understanding;

Segmentation by Offering: Comprises of Software and Services.

Segmentation by Asset Type: Comprises of Production Assets and Automation Assets.

Segmentation by Deployment: Comprises of Online Deployment and Offline Deployment.

Segmentation by Vertical: Comprises of Aerospace & Defense, Automotive, Semiconductor & Electronics, Medical Device, Oil & Gas, Energy & Power, Food & Beverages, Chemical, Metals & Mining, Pharmaceutical & Biotech, Pulp & Paper and Water & Wastewater.

Segmentation by Region: Comprises of Geographical regions – North America, Europe, Asia Pacific and Rest of the World.

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Regional Analysis:

North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the plant asset management market in North America owing to the presence of a large number of established key players such as Emerson electric company, Rockwell automation, Inc., IBM Corporation and Honeywell International, Inc. among others. Also, due to a considerable shift towards the adoption of cloud based technologies and real time data analytics in the region, the market is likely to show immense growth in the coming future. Plant asset management market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 due to growing consumer concern to enhance aging plant asset performance in the region. Whereas, the Europe market for plant asset management is expected to grow at a considerable CAGR (2017-2023).

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