The plant asset management market is poised for remarkable growth, with a projected value surpassing US$21.4 billion by the year 2033, propelled by an impressive (CAGR) of 11.7%. This forecast underscores the increasing significance of efficient management and optimization of industrial plant assets. The market’s robust growth is attributed to the rising adoption of advanced technologies, such as predictive maintenance, condition monitoring, and asset performance management, across various industries.
As organizations strive for operational excellence and cost-effectiveness, the Plant Asset Management Market is expected to play a pivotal role in enhancing the reliability and performance of critical assets, ultimately driving sustained growth over the forecast period.
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Key Takeaways from the Plant Asset Management Market Report:
- The global plant asset management market to value US$ 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.
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 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.
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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)
Plant Asset Management Market Segmentation:
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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