Plant Asset Management Market Research Report by Global Forecast to 2023

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

ID: MRFR/ICT/1256-HCR | February 2021 | Region: Global | 110 pages


Market Synopsis:

Globally, plant asset management (PAM) market is expected to grow from USD 5.20 billion in 2017 to USD 8.78 billion by 2023, at a CAGR of 9.5% during the forecast period.


Plant asset management is a practice used to optimize operations and gain maximum benefits from all the involved assets in a facility. It is a process of enhancing field devices and monitoring their functioning; this information is used to improve the machine operating performance, thus reducing maintenance cost and documentation. Plant asset management is a cost-cutting strategy used in different industrial plants; it predicts potential asset failures and precautionary measures needed to minimize the downtime according to the size of an industrial plant. Plant asset management assesses the condition of  assets and uses different technologies such as ultrasonic vibration, and modeling software to protect and forecast the health of an asset. The plant asset management market is driven by the rising demand for cloud-based plant asset management solution. The adoption of lean manufacturing practicing, the requirement of real-time data analysis, and increasing demand for failure detection software is also propelling market growth. Plant asset management in industries offers efficient plant commissioning, provides remote device parameterization, comprehensive monitoring of process-critical devices, and enables  users to manage devices or parameters in plant remotely.



Plant Asset Management Market, USD Billion:
Plant Asset Management Market



Market Segmentation:


  • By offering, the market is segmented into software and services.

  • By deployment mode, the market is segmented into offline deployment and cloud deployment.

  • By asset type, the market is segmented into production asset and automation asset.

  • By end user, the market is segmented into chemical, energy and power, food and beverages, oil and gas, healthcare, aerospace & defense, automotive, and others.

  • By region, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.



Regional Analysis:
The global market for plant asset management is estimated to grow at a moderate rate during the forecast period from 2018 to 2023.


Asia-Pacific is expected to dominate the plant asset management market due to the presence of various key players and vendors in the region. Additionally, the growing solar , hardware, energy and power, and automotive industries are fueling  market growth in the region. The growing economy has led to the development in Japan, India, China, and other Asian countries as the industries are adopting plant asset management to reduce the cost of maintenance; this factor is driving the market growth due to increasing foreign investments in the region.  Asia-Pacific is also expected to be the fastest growing market due to the rapidly expanding industrial base and rising competition among the players in the region. North America is projected to be the second-largest market due to the presence of various industries and key players such as IBM Corporation and Honeywell International Inc. in the region. North America also has early access to new technologies due to superior infrastructure support, therefore it is one of the early adopters of the plant asset management solution, which is responsible for the market growth.  



Competitive Analysis:
The requirement of plant asset management is increasing rapidly for reducing machine failure and downtime, resulting in cost saving. Technological advancements and increasing awareness about plant asset management among the users drive the growth of the plant asset management market.


In September 2018, Encavis Asset Management a Germany-based company agreed to enter into an extensive cooperative alliance for institutional investments in renewable energy services with Maxwell Technologies, Inc. This will lead to management of the machinery in the energy plants and reduction of cost.



Key Players:
The prominent players in the market of plant asset management market are General Electric Co. (US), Endress+Hauser Management AG (Switzerland), Rockwell Automation, Inc. (US) , Honeywell International Inc. (US), Siemens AG (Germany), Yokogawa Electric Corporation (Japan), Dassault Systèmes (France), Emerson Electric Company (US), IBM Corporation (US), and Hitachi Ltd.



Intended Audience:



  • Associations and industrial bodies

  • Component suppliers and distributors

  • End users of PAM solutions across process and discrete industries

  • Government bodies such as regulatory authorities and policymakers

  • Industrial automation equipment providers

  • Market research and consulting firms

  • Original equipment manufacturers (OEMs)

  • PAM solution providers

  • Research institutes and organizations



Frequently Asked Questions (FAQ) :


USD 5.20 billion is the historic valuation that the plant asset management market gained in 2017.

The plant asset management market will gain a valuation of USD 8.78 billion until 2023.

The plant asset management market will be attaining a CAGR of 9.5% for its growth in the forecast period.

The global market for plant asset management will be growing during the period from 2018 to 2023.

Asia-Pacific will be leading the plant asset management market for having the presence of key players and sellers.

TABLE OF CONTENTS

1. Executive Summary

2. Scope of the Report

2.1. Market Definition

2.2. Scope of the Study

2.2.1. Research Objectives

2.2.2. Assumptions & Limitations

2.3. Markets Structure

3. Market Research Methodology

3.1. Research Process

3.2. Secondary Research

3.3. Primary Research

3.4. Forecast Model

4. Market Landscape

4.1. Porter’s Five Forces Analysis

4.1.1. Threat of New Entrants

4.1.2. Bargaining power of buyers

4.1.3. Threat of substitutes

4.1.4. Rivalry

4.1.5. Bargaining Power of Suppliers

4.2. Value Chain/Supply Chain of Global Plant Asset Management Market

5. Market Overview of Global Plant Asset Management Market

5.1. Introduction

5.2. Growth Drivers

5.3. Impact Analysis

5.4. Market Challenges

6. Market Trends

6.1. Introduction

6.2. Growth Trends

6.3. Impact Analysis

7. Global Plant Asset Management Market, by Offering

7.1. Introduction

7.2. Software

7.2.1. Market Estimates & Forecast, 2018–2023

7.2.2. Market Estimates & Forecast, by Region, 2018–2023

7.3. Services

7.3.1.1. Market Estimates & Forecast, 2018–2023

7.3.1.2. Market Estimates & Forecast, by Region, 2018–2023

8. Global Plant Asset Management Market, by Deployment

8.1. Introduction

8.2. Offline Deployment

8.2.1. Market Estimates & Forecast, 2018–2023

8.2.2. Market Estimates & Forecast, by Region, 2018–2023

8.3. Cloud Deployment

8.3.1.1. Market Estimates & Forecast, 2018–2023

8.3.1.2. Market Estimates & Forecast, by Region, 2018–2023

9. Global Plant Asset Management Market, by Asset Type

9.1. Introduction

9.2. Production Assets

9.2.1. Market Estimates & Forecast, 2018–2023

9.2.2. Market Estimates & Forecast, by Region, 2018–2023

9.3. Automation Assets

9.3.1.1. Market Estimates & Forecast, 2018–2023

9.3.1.2. Market Estimates & Forecast, by Region, 2018–2023

10. Global Plant Asset Management Market, by End-User Industry

10.1. Introduction

10.2. Chemical

10.2.1.1. Market Estimates & Forecast, 2018–2023

10.2.1.2. Market Estimates & Forecast, by Region, 2018–2023

10.3. Energy and Power

10.3.1.1. Market Estimates & Forecast, 2018–2023

10.3.1.2. Market Estimates & Forecast, by Region, 2018–2023

10.4. Food and Beverages

10.4.1.1. Market Estimates & Forecast, 2018–2023

10.4.1.2. Market Estimates & Forecast, by Region, 2018–2023

10.5. Oil and Gas

10.5.1.1. Market Estimates & Forecast, 2018–2023

10.5.1.2. Market Estimates & Forecast, by Region, 2018–2023

10.6. Pharmaceutical

10.6.1.1. Market Estimates & Forecast, 2018–2023

10.6.1.2. Market Estimates & Forecast by Region, 2018-2023

10.7. Aerospace and Defense

10.7.1.1. Market Estimates & Forecast, 2018–2023

10.7.1.2. Market Estimates & Forecast, by Region, 2018–2023

10.8. Automotive

10.8.1.1. Market Estimates & Forecast, 2018–2023

10.8.1.2. Market Estimates & Forecast, by Region, 2018–2023

11. Global Plant Asset Management Market, by Region

11.1. Introduction

11.2. North America

11.2.1. Market Estimates & Forecast, by Country 2018–2023

11.2.2. Market Estimates & Forecast, by Offering, 2018–2023

11.2.3. Market Estimates & Forecast, by Deployment, 2018–2023

11.2.4. Market Estimates & Forecast, by Asset Type, 2018–2023

11.2.5. Market Estimates & Forecast, by End-User Industry, 2018–2023

11.2.6. US

11.2.6.1. Market Estimates & Forecast, by Offering, 2018–2023

11.2.6.2. Market Estimates & Forecast, by Deployment, 2018–2023

11.2.6.3. Market Estimates & Forecast, by Asset Type, 2018–2023

11.2.6.4. Market Estimates & Forecast, by End-User Industry, 2018–2023

11.2.7. Mexico

11.2.7.1. Market Estimates & Forecast, by Offering, 2018–2023

11.2.7.2. Market Estimates & Forecast, by Deployment, 2018–2023

11.2.7.3. Market Estimates & Forecast, by Asset Type, 2018–2023

11.2.7.4. Market Estimates & Forecast, by End-User Industry, 2018–2023

11.2.8. Canada

11.2.8.1. Market Estimates & Forecast, by Offering, 2018–2023

11.2.8.2. Market Estimates & Forecast, by Deployment, 2018–2023

11.2.8.3. Market Estimates & Forecast, by Asset Type, 2018–2023

11.2.8.4. Market Estimates & Forecast, by End-User Industry, 2018–2023

11.3. Europe

11.3.1. Market Estimates & Forecast, by Country 2018–2023

11.3.2. Market Estimates & Forecast, by Offering, 2018–2023

11.3.3. Market Estimates & Forecast, by Deployment, 2018–2023

11.3.4. Market Estimates & Forecast, by Asset Type, 2018–2023

11.3.5. Market Estimates & Forecast, by End-User Industry, 2018–2023

11.3.6. Germany

11.3.6.1. Market Estimates & Forecast, by Offering, 2018–2023

11.3.6.2. Market Estimates & Forecast, by Deployment, 2018–2023

11.3.6.3. Market Estimates & Forecast, by Asset Type, 2018–2023

11.3.6.4. Market Estimates & Forecast, by End-User Industry, 2018–2023

11.3.7. France

11.3.7.1. Market Estimates & Forecast, by Offering, 2018–2023

11.3.7.2. Market Estimates & Forecast, by Deployment, 2018–2023

11.3.7.3. Market Estimates & Forecast, by Asset Type, 2018–2023

11.3.7.4. Market Estimates & Forecast, by End-User Industry, 2018–2023

11.3.8. UK

11.3.8.1. Market Estimates & Forecast, by Offering, 2018–2023

11.3.8.2. Market Estimates & Forecast, by Deployment, 2018–2023

11.3.8.3. Market Estimates & Forecast, by Asset Type, 2018–2023

11.3.8.4. Market Estimates & Forecast, by End-User Industry, 2018–2023

11.4. Asia-Pacific

11.4.1. Market Estimates & Forecast, by Country 2018–2023

11.4.2. Market Estimates & Forecast, by Offering, 2018–2023

11.4.3. Market Estimates & Forecast, by Deployment, 2018–2023

11.4.4. Market Estimates & Forecast, by Asset Type, 2018–2023

11.4.5. Market Estimates & Forecast, by End-User Industry, 2018–2023

11.4.6. China

11.4.6.1. Market Estimates & Forecast, by Offering, 2018–2023

11.4.6.2. Market Estimates & Forecast, by Deployment, 2018–2023

11.4.6.3. Market Estimates & Forecast, by Asset Type, 2018–2023

11.4.6.4. Market Estimates & Forecast, by End-User Industry, 2018–2023

11.4.7. India

11.4.7.1. Market Estimates & Forecast, by Offering, 2018–2023

11.4.7.2. Market Estimates & Forecast, by Deployment, 2018–2023

11.4.7.3. Market Estimates & Forecast, by Asset Type, 2018–2023

11.4.7.4. Market Estimates & Forecast, by End-User Industry, 2018–2023

11.4.8. Japan

11.4.8.1. Market Estimates & Forecast, by Offering, 2018–2023

11.4.8.2. Market Estimates & Forecast, by Deployment, 2018–2023

11.4.8.3. Market Estimates & Forecast, by Asset Type, 2018–2023

11.4.8.4. Market Estimates & Forecast, by End-User Industry, 2018–2023

11.4.9. Rest of Asia-Pacific

11.4.9.1. Market Estimates & Forecast, by Offering, 2018–2023

11.4.9.2. Market Estimates & Forecast, by Deployment, 2018–2023

11.4.9.3. Market Estimates & Forecast, by Asset Type, 2018–2023

11.4.9.4. Market Estimates & Forecast, by End-User Industry, 2018–2023

11.5. Rest of the World

11.5.1. Market Estimates & Forecast, by Country 2018–2023

11.5.2. Market Estimates & Forecast, by Offering, 2018–2023

11.5.3. Market Estimates & Forecast, by Deployment, 2018–2023

11.5.4. Market Estimates & Forecast, by Asset Type, 2018–2023

11.5.5. Market Estimates & Forecast, by End-User Industry, 2018–2023

11.5.6. Middle East & Africa

11.5.6.1. Market Estimates & Forecast, by Offering, 2018–2023

11.5.6.2. Market Estimates & Forecast, by Deployment, 2018–2023

11.5.6.3. Market Estimates & Forecast, by Asset Type, 2018–2023

11.5.6.4. Market Estimates & Forecast, by End-User Industry, 2018–2023

11.5.7. Latin Countries

11.5.7.1. Market Estimates & Forecast, by Offering, 2018–2023

11.5.7.2. Market Estimates & Forecast, by Deployment, 2018–2023

11.5.7.3. Market Estimates & Forecast, by Asset Type, 2018–2023

11.5.7.4. Market Estimates & Forecast, by End-User Industry, 2018–2023

12. Company Profiles

12.1. General Electric Co.

12.1.1. Company Overview

12.1.2. Product/Business Segment Overview

12.1.3. Financial Updates

12.1.4. Key Developments

12.2. Endress+Hauser Management AG

12.2.1. Company Overview

12.2.2. Product/Business Segment Overview

12.2.3. Financial Updates

12.2.4. Key Developments

12.3. Rockwell Automation, Inc.

12.3.1. Company Overview

12.3.2. Product/Business Segment Overview

12.3.3. Financial Updates

12.3.4. Key Developments

12.4. Honeywell International, Inc.

12.4.1. Company Overview

12.4.2. Product/Business Segment Overview

12.4.3. Financial Updates

12.4.4. Key Developments

12.5. Siemens AG

12.5.1. Company Overview

12.5.2. Product/Business Segment Overview

12.5.3. Financial Updates

12.5.4. Key Developments

12.6. Yokogawa Electric Corporation

12.6.1. Company Overview

12.6.2. Product/Business Segment Overview

12.6.3. Financial Updates

12.6.4. Key Developments

12.7. Dassault Systèmes

12.7.1. Company Overview

12.7.2. Product/Business Segment Overview

12.7.3. Financial Updates

12.7.4. Key Developments

12.8. Emerson Electric Company

12.8.1. Company Overview

12.8.2. Product/Business Segment Overview

12.8.3. Financial Updates

12.8.4. Key Developments

12.9. IBM Corporation

12.9.1. Company Overview

12.9.2. Product/Business Segment Overview

12.9.3. Financial Updates

12.9.4. Key Developments

12.10. Hitachi Ltd.

12.10.1. Company Overview

12.10.2. Product/Business Segment Overview

12.10.3. Financial Updates

12.10.4. Key Developments

13. Conclusion


LIST OF TABLES

Table1 Global Plant Asset Management Market, By Country, 2018-2023

Table2 North America: Plant Asset Management Market, By Country, 2018–2023

Table3 Europe: Plant Asset Management Market, By Country, 2018–2023

Table4 Asia-Pacific: Plant Asset Management Market, By Country, 2018–2023

Table5 Latin America: Plant Asset Management Market, By Country, 2018–2023

Table6 North America: Plant Asset Management Market, By Country

Table7 North America: Plant Asset Management Market, By Offering

Table8 North America: Plant Asset Management Market, By Deployment

Table9 North America: Plant Asset Management Market, By Asset Type

Table10 North America: Plant Asset Management Market, By End-User Industry

Table11 Europe: Plant Asset Management Market, By Country

Table12 Europe: Plant Asset Management Market, By Offering

Table13 Europe: Plant Asset Management Market, By Deployment

Table14 Europe: Plant Asset Management Market, By Asset Type

Table15 Europe: Plant Asset Management Market, By End-User Industry

Table16 Asia-Pacific: Plant Asset Management Market, By Country

Table17 Asia-Pacific Plant Asset Management Market, By Offering

Table18 Asia-Pacific: Plant Asset Management Market, By Deployment

Table19 Asia-Pacific: Plant Asset Management Market, By Asset Type

Table20 Asia-Pacific Plant Asset Management Market, By End-User Industry

Table21 Middle East & Africa: Plant Asset Management Market, By Country

Table22 Middle East & Africa: Plant Asset Management Market, By Offering

Table23 Middle East & Africa: Plant Asset Management Market, By Deployment

Table24 Middle East & Africa: Plant Asset Management Market, By Asset Type

Table25 Middle East & Africa: Plant Asset Management Market, By End-User Industry

Table26 Latin America: Plant Asset Management Market, By Country

Table27 Latin America: Plant Asset Management Market, By Offering

Table28 Latin America: Plant Asset Management Market, By Deployment

Table29 Latin America: Plant Asset Management Market, By Asset Type

Table30 Latin America: Plant Asset Management Market, By End-User Industry


LIST OF FIGURES

Figure 1 Global Plant Asset Management Market segmentation

Figure 2 Forecast Methodology

Figure 3 Porter’s Five Forces Analysis of Global Plant Asset Management Market

Figure 4 Value Chain of Global Plant Asset Management Market

Figure 5 Share of Plant Asset Management Market in 2018, by country (in %)

Figure 6 Global Plant Asset Management Market, 2018–2023

Figure 7 Share of Global Plant Asset Management Market by Industry, 2018–2023

Figure 8 Global Plant Asset Management Market Size, by Offering, 2018

Figure 9 Share of Global Plant Asset Management Market, by Offering, 2018–2023

Figure 10 Global Plant Asset Management Market Size, by Deployment, 2018

Figure 11 Share of Global Plant Asset Management Market, by Deployment, 2018–2023

Figure 12 Global Plant Asset Management Market Size, by Asset Type, 2018

Figure 13 Share of Global Plant Asset Management Market, by Asset Type, 2018–2023

Figure 14 Global Plant Asset Management Market Size, by End-User Industry, 2018

Figure 15 Share of Global Plant Asset Management Market, by End-User Industry, 2018–2023