The global plant asset management market is anticipated to garner US$ 18 Billion while expanding at a CAGR of 11.6% during the forecast period. The market is estimated at US$ 5 Billion in 2021 and US$ 6 Billion in 2022.
Physical asset management has been more important to a company’s performance in recent decades. Automation is one cause for this trend, since it has led companies to delegate more duties to machines, increasing the importance of maintenance. Companies are increasingly using plant asset management as an optimization method to increase process efficiency and lower maintenance costs, hence boosting their return on investment/assets.
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Companies have reported nearly a 30% decrease in maintenance costs and up to a 20% reduction in production, downtime as a result of a strong plant asset management strategy. Controls and automation will be used practically everywhere in the future to collect complicated real-time data and automate actions for plant performance gains.
Key Takeaways from the Market Study
- The global plant asset management market to value US$ 6 Billion in 2022.
- The global plant asset management market to record an 11.6% CAGR from 2022 -2032.
- The global plant asset management market to value US$ 15 Billion from 2022 – 2032.
- The U.S market is anticipated to exhibit a 10.6% CAGR from 2022 to 2032.
- India is projected to record a 9% CAGR during the forecast period.
- The cloud segment is likely to expand at 10.2% CAGR in the forecast period.
“The increasing digitization and the introduction of Industry 4.0 are allowing numerous stakeholders to embrace lean manufacturing processes. Plants that use lean procedures have witnessed a 10% to 12% increase in production. The benefits of these techniques encourage the adoption of digitalization in industrial processes, resulting in increased market demand.”
Competitive Landscape
Companies are working on different merger and acquisition tactics to gain a competitive advantage in the market. The following are the important actors in plant asset management:
- ABB Ltd.
- AB SKF
- Bentley Systems
- CGI Group, Inc.
- Dassault Systèmes
- Emerson
- Endress+Hauser Management AG
- General Electrical
- Hitachi
- Honeywell
- IBM Corporation
- IFS AB
- Punzenberger COPA-DATA GmbH
- Maxwell Technologies Inc
- Oracle Corporation
- Ramco Systems Ltd.
- Rockwell Automation
- SAP SE
- Siemens
- Schneider Electric SA
- Yokogawa Electric Corporation
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Recent key developments among players are:
- In July 2022, GE revealed the brand names of the new firms that will be formed as a result of its planned split into three industry-leading, worldwide, investment-grade public companies focused on the expansion sectors of healthcare, energy, and aviation.
- In July 2022, Hitachi High-Tech Corporation announced the development of a remote diagnostic service for on-board automobile lithium-ion batteries. The achievement of steady and efficient battery operation is becoming more critical for the deployment of electric cars. Hitachi High-Tech will begin recommending this service to worldwide clients via various networks in order to contribute to a circular society by resolving customer difficulties.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the Global Plant asset management market presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis by Component (Solution (Asset Lifecycle Management, Predictive Maintenance, Work Order Management and Inventory Management) and (Service, Professional Service and Managed Service), by Deployment (Cloud and On-premise), by Asset Type (Production Assets and Automation Assets), By End-User (Energy & Power, Oil & Gas, Petrochemical, Mining & Metal, Aerospace & Defense, Automotive and Others) & Region (North America, Europe, Asia-Pacific, Latin America and Middle East & Africa)
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