The global plant asset management market is estimated to capture a valuation of USD 7.0 billion in 2023 and surpass a valuation of USD 21.4 billion by 2033s. The market is estimated to rise at a CAGR of 11.4% during the forecast period.
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Why is the Adoption of Plant Asset Management Surging Among End-Use Industries?
The adoption of plant asset management is surging among end-use industries in several ways. These are as follows:
- Cost Reduction and Efficiency: Plant asset management reduces cost and optimizes operations by improving reliability and downtime and maximizing equipment utilization. Companies increase the adoption of plant asset management to ensure asset safety and maintenance processes and save costs.
- Enhance Asset Performance: Plant asset management analyzes asset performance by monitoring real-time. It collects data and utilizes and collects operational parameters.
- Regulatory Compliance: Several industries regulate plant asset management due to environmental impact, and ensuring safety standards. It offers functionality and tools for monitoring, reporting, and documentation that meet organizations’ requirements effectively.
- Shift Towards Predictive Maintenance: Industries and organizations focus on quick maintenance practices compared to traditional ones. The plant asset management can analyze data, monitor asset conditions, and perform predictive modeling. This approach reduces downtime and maximizes asset availability.
- Technological Advancements: The rapidly growing advanced technology such as cloud computing, artificial intelligence, and the Internet of Things drives the global market. These technologies allow real-time monitoring by advanced sensors, detect patterns, and identify anomalies. These technologies improve plant asset management to be more scalable, effective, and accessible.
- Growing Focus on Asset Lifecycle Management: Industries are focused on managing assets throughout the entire lifecycle. These assets track, optimize, monitor, and utilize the performance of the assets.
Key Takeaways:
- The plant asset management market is estimated to secure a CAGR of 11.4% with a valuation of US$ 21.4 billion by 2033.
- In the historical period, the market registered a CAGR of 9.6% with a valuation of US$ 6.4 billion in 2022.
- The oil and gas sector dominates the global market by securing a massive share worldwide.
- The United States is dominating the global market by securing a share of 15.8% during the forecast period.
- Germany is estimated to capture a share of 11.8% of the global market by 2033.
- China is estimated to capture a CAGR of 10.5% in the global market during the forecast period.
How are Key Players Adding Value in the Global Market?
The prominent players consolidate the market presence globally. These players are investing their million-dollar amount in research and development activities to develop unique and innovative products as per consumers’ requirements. They significantly drive the global market through deep analysis and adopting marketing strategies and tactics.
The key players are adopting various marketing tactics, including collaborations, agreements, acquisitions, mergers, and product launches. These players get consumer feedback, suggestions, and requirements to satisfy their desires.
Recent Developments in the Global Market are:
In 2022, Emerson announced its new manufacturing facility in Chennai. The company integrated the manufacturing plant to enhance the company’s portfolio through various strategies.
Plant Asset Management Market by Category
By Component:
- Plant Asset Management Solution
- Asset Lifecycle Management
- Predictive Maintenance
- Work Order Management
- Inventory Management
- Plant Asset Management Service
- Professional Service
- Managed Service
By Deployment:
- Cloud
- On-premise
By Asset Type:
- Production
- Automation
By End User:
- Energy & Power
- Oil & Gas
- Petrochemicals
- Mining & Metals
- Aerospace & Defense
- Automotive
- Other End Users
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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