Selbyville, Delaware, July 26, 2022 (GLOBE NEWSWIRE) --
The plant asset management market is expected to reach USD 15 billion by 2030, as reported in a research study by Global Market Insights Inc. Growing technological advancements across various industries have increased the adoption of AL, ML, and advanced analytics-based asset management solutions. The advanced technologies enable asset management solutions to maximize returns and reduce risks in the asset life cycle. It provides operating procedures and reduces human errors & equipment downtime.
Inventory management held nearly 25% of the plant asset management market share in 2021. The inventory management software is used by businesses for various purposes such as to keep track of inventory costs throughout the manufacturing & sales process, monitor stock levels, and track profits.
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The cloud model is set to register growth rate of around 10% from 2022 to 2030 led by growing popularity of cloud-computing-based PAM solutions. Cloud solutions provide agility to businesses and improve collaborations & communications with business partners as well as customers. Cloud platforms offer on-demand computing power to handle large data volumes and deliver useful insights within a short timeframe.
The production asset segment accounted for more than 60% of the plant asset management market revenue share in 2021. Production asset helps to automate the workflow of production assets. The growing need to reduce production will enhance business expansion. For instance, according to report published by the U.S. Bureau of Economic Analysis (BEA), it was reported that deploying production asset management solutions helps business enterprises to reduce their total production costs by around 20%.
Europe plant asset management market size is projected to observe exponential growth in the coming years driven by increasing adoption of technologies such as AI and big data analytics. The key players in the region are developing advanced & integrated asset management systems for customers.
The energy & power segment is estimated to grow at a CAGR of over 10% through 2030 impelled by increasing digitalization across the energy & power sector. Asset management solutions help energy & utility companies in managing critical assets, tracking age, and storing history along with assistance in a range of other variables. It uses various advanced technologies, such as data analytics, condition monitoring, and predictive maintenance, which help in providing operational decisions.
Some of the major findings of the Plant Asset Management (PAM) market report include:
- Advancements in technologies, such as IoT, AI, and ML, are anticipated to support market growth.
- The rapidly growing need to reduce operational costs across various industries is providing significant growth opportunities.
- The Europe plant asset management (PAM) software market is being propelled by the growing adoption of next-generation PAM solutions.
- Industry participants implementing partnerships to develop integrated & advanced PAM solutions for customers.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Plant Asset Management (PAM) industry 360º synopsis, 2018 - 2030
2.2 Business trends
2.3 Regional trends
2.4 Component trends
2.5 Deployment model trends
2.6 Asset type trends
2.7 End-user trends
Chapter 3 Plant Asset Management (PAM) Industry Insights
3.1 Introduction
3.2 Impact of COVID-19 outbreak
3.3 Impact of Russia-Ukraine war
3.4 Industry evolution
3.5 Plant Asset Management (PAM) industry ecosystem analysis
3.6 Investment portfolio
3.7 Patent analysis
3.8 Technology & innovation landscape
3.9 Regulatory landscape
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.2 Industry pitfalls & challenges
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
