The market for plant asset management is expected to reach US$ 18 billion while growing at a CAGR of 11.6% throughout the forecast period. According to estimates, the market will be worth $5 billion in 2021 and $6 billion in 2022.
In recent years, managing physical assets has become more crucial to a company’s success. One reason for this tendency is automation, which has prompted businesses to give machines greater responsibilities, elevating the significance of maintenance.
Plant asset management is being used more frequently by businesses as an optimization technique to improve process efficiency and reduce maintenance costs, hence raising their return on investment and assets.
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Strong plant asset management strategies have been credited with reducing maintenance costs by almost 30% and production downtime by up to 20%. Future plant performance improvements will be achieved almost everywhere through the use of controls and automation to gather complex real-time data and automate activities.
Key Takeaways from the Market Study
- The global plant asset management market to value US$ 6 Billion in 2022.
- The global plant asset management market is 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.
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
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 onboard 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 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 of Component (Solution (Asset Lifecycle Management, Predictive Maintenance, Work Order Management, and Inventory Management) and (Service, Professional Service, and Managed Service), Deployment (Cloud and On-premise), 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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