Global Plant Asset Management System Market 2016-2020
Market overview of plant asset management systems
Technavio’s market research analyst predicts the global plant asset management (PAM) market to grow at a CAGR of more than 10% during the forecast period. The growing shift towards lean manufacturing and green technology is a key growth driver for this market. The implementation of IT in manufacturing has helped process-oriented companies improve their operations and ensure sustainable development. Production processes have increased with the high growth of the demand-driven manufacturing environment. The use of PAM systems can help process-oriented companies go green and reduce cost by cutting down wastage and defects. These systems also improve plant efficiency by ensuring operations on a real-time basis and providing updated information continuously to operators on the shop floor.
The rising need to comply with stringent government regulations has led to a greater demand for PAM systems. Food and beverages and pharmaceutical industries have to meet strict quality standards set by regulatory bodies such as Central Drugs Standard Control Organization in India, State Food and Drug Administration in China, and Food and Drug Administration in the US. These regulatory bodies, during scrutiny, demand a great deal of transparency in the manufacturing operations of food and beverages and pharmaceutical companies. PAM systems ensure quality management by facilitating early detection of problems during the production process. Based on the information given by PAM systems, operators can initiate appropriate corrective action to overcome the technical glitches, thus avoiding any violation of quality norms.
End-user segmentation and analysis of the plant asset management market
- Oil and gas industry
- Power industry
- Petrochemical industry
- Paper and pulp
- Chemical industry
- Mining and metal industry
The oil and gas sector accounted for more than 27% of the market share during 2015. The use of PAM system in the oil and gas industry helps manage long-term and short-term scheduling of operations. For instance, the PAM software reduces the cycle time of the operational process, which consists of a sequence of operations such as production, treatment, transportation, maintenance, and realization of hydrocarbon products. A rise in exploration activities in Asian countries such as India, China, and Japan, and those in the Middle East, such as Saudi Arabia, Iraq, Kuwait, the UAE, and Qatar is expected to drive the demand for PAM systems over the next four years.
Geographical segmentation of the plant asset management market
The US had the largest share of PAM software market in 2015. Foreign investments coupled with investments by US companies such as Dow Chemical and Westlake Chemical have generated $117 billion during 2014. These companies plan to increase their productivity and reduce operational expenditure with the use of PAM systems. For instance, power plants and offshore drilling facilities or oil refineries are large complexes with high-value assets and systems that have long-life. These assets are subjected to design and engineering changes, maintenance, revamps, upgrades or replacements. Often the plant operators need access to details of these changes or the life cycle of the asset. The PAM system helps in keeping a digital record of the assets’ history online in an up-to-date document.
Competitive landscape and key vendors
The increased adoption of PAM systems in both process and discrete industries has intensified competition in the market. Market participants are introducing new solutions to address the requirements of the end-user sectors.
The leading vendors in the market are -
- Emerson Electric
- Rockwell Automation
Other prominent vendors in the market include Applied Materials, Dassault Systèmes, Endress+Hauser, GE Energy, Hitachi, IBM, Petrofac, SAP, Schneider Electric, and Yokogawa.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the global plant asset management market?
- What are the key market trends impacting the growth of the plant asset management market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the vendors in the global plant asset management market?
- What are the trending factors influencing the market shares of Asia, EMEA, the US, and ROW?
- What are the key outcomes of the five forces analysis of the plant asset management market?
Technavio also offers customization on reports based on specific client requirement.
Plant Asset Management (PAM) is used to manage the fixed assets of a company, which are used in the production process. PAM offers better control over the production process and enhances efficiency and productivity of an organization. It also generates a real-time data of the assets, which allows officials to take an informed decision. The real-time data generated by a PAM system can also be used to identify signs of failure. Therefore, it can be used to ensure that the plant productivity is not affected due to machine downtime.
The global PAM system market report is part of Technavio’s industrial automation research portfolio. This portfolio provides a comprehensive market analysis along with the market share, market sizing, and market segmentations covering areas such as automation and robotics. These market research reports provide a perspective on the various market opportunities and market threats along with the key trends that would influence the market growth during the forecast period. It presents insights into the changing competitive landscape and a detailed profiling and market analysis of the vendors. Also covered in the research are the key regions or countries that would have an impact on the market during the assessment years.