Global Plant Asset Management (PAM) System Market 2017-2021

Overview of the global plant asset management (PAM) system market

Technavio's market research report identifies that the increasing adoption of smart sensors will be one of the primary growth drivers for the global plant asset management (PAM) system market till 2021. Technavio's market research analysts predict that this market will grow at a CAGR of more than 5% by 2021. The deployment of analytical sensors guarantees a minimum downtime in a plant because the maintenance of smart sensors is made relatively easy. These smart sensors provide information on their status, collect data quickly, and transfer them to a plant asset management system. This in turn, minimizes the time taken for sensor replacement and reduces the cost of repair to increase the reliability of systems. This further improves the overall efficiency of the system by enhancing the response time towards any change. The demand for these smart sensors is also increasing due to the fall in their prices. This increasing sale of smart sensors will positively influence the adoption of PAM system.

One of the key trends that will gain traction in the plant asset management (PAM) system market throughout the estimated period is the increasing application of digital twin by companies. The incorporation of digital twin in a PAM system helps companies observe the behavior of physical assets. PAM system uses the data collected from digital twin to assess risks that can cause downtime in a plant, which in turn, boosts the efficiency of a PAM system.

Competitive landscape and key vendors

The PAM system market comprises of many vendors. Vendors are motivated to offer new solutions due to the increasing adoption of automation in the process and discrete industries. The adoption of PAM systems in these industries is increasing due to the rising number of safety regulations. Asset management firms are moving towards the adoption of mergers and acquisitions to sustain in this competitive environment and cater to specific requirements.

Key vendors in this market are -

• ABB
• Emerson
• Honeywell
• Rockwell Automation
• Siemens

Other prominent vendors in the market include Applied Material, Dassault Systèmes, Endress+Hauser, GE Digital, Hitachi, IBM, IFS, Petrofac, SAP, Schneider Electric, and Yokogawa.

Segmentation by end-user and analysis of the PAM system market

• Power industry
• Oil and gas industry
• Refining industry
• Petrochemical industry
• Paper and pulp
• Chemical industry
• Mining and metal industry

The application of PAM system in the power industry helps companies to improve their decision making and manage their resources by providing relevant information about equipment. The power industry will continue to be the largest end-user for the next four years because they employ PAM systems to control processes and provide real-time asset monitoring facilities. Additionally, these systems also increase the quality and efficiency of the equipment and maintain consistency over the process.

Segmentation by geography and analysis of the PAM system market

• Americas
• APAC
• EMEA

The Americas is witnessing an increasing demand for PAM systems due to the rising number of exploration and production activities for unconventional oil in Canada and the US. The market for the plant asset management software and the system will continue to grow in the region in the forthcoming years due to the increased production of automobiles in Mexico and the rising number of renewable energy-based power plants in the US.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global plant asset management (PAM) system market?
• What are the key market trends impacting the growth of the global plant asset management (PAM) system market?
• What are the challenges to market growth?
• Who are the key vendors in the global plant asset management (PAM) system market?
• What are the market opportunities and threats faced by the vendors in the global plant asset management (PAM) system market?
• What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
• What are the key outcomes of the five forces analysis of the global plant asset management (PAM) system market?

Technavio also offers customization on reports based on specific client requirement.

The primary function of plant asset management software supports in optimizing the management of field devices from the engineering to the operation phase. This upcoming research report on the global plant asset management system market offers insights into the major trends and forthcoming drivers influencing the growth of the industrial automation industry. Our reports for the industrial automation industry also follow an extensive data collection methodology and offer an extensive analysis of fast growing market segments like automation.  

By taking into account the market forecast and size, surging demand for various segments of the automation sector, the market research professionals at Technavio present an all-inclusive picture of the plant asset management system market from 2017 to 2021. Furthermore, our research practices support clients develop impactful growth strategies and keep pace with the continually changing market dynamics. This market research report also presents an extensive analysis of various products and services based on the insights from the information gathered from specific resources such as channel partners and market stakeholders.

Furthermore, to offer clients the opportunity to identify key markets and expand in niche markets, this report on the plant asset management system market also covers geographies like the Americas, APAC, and EMEA?. Also, to achieve higher accuracy, our industry experts implement an extensive research approach of primary and secondary data collection methods and assess the changing demand-supply landscape of the automation sector.

The upcoming research report for plant asset management system market also categorizes the major drivers, prominent trends, coupled with the imminent restraints that the automation sector currently experiences. This upcoming report on the plant asset management system market presents insights into the rapidly changing competitive landscape to give clients a complete picture of the forthcoming events within the industrial automation industry. Technavio also provides in-depth assessments into the sectors such as robotics.

Our market research methodology for the plant asset management system market

Technavio also offers clients the possibility to customize every report to suit their specific requirements and offers attractive discounts on all forthcoming reports and future purchases.