Selbyville, Delaware, Nov. 26, 2024 (GLOBE NEWSWIRE) --
The industrial asset management market valuation is predicted to exceed USD 557.5 billion by 2032, reported in a research analysis by Global Market Insights Inc.
This growth is largely driven by the increasing integration of advanced technologies, such as predictive analytics and artificial intelligence (AI). Companies are utilizing AI-driven tools to forecast equipment failures, optimize asset performance, and extend asset lifecycles. These innovations help reduce downtime, lower maintenance costs, and improve overall operational efficiency. By providing real-time insights into asset conditions, AI-powered analytics enable timely decision-making and better resource management. As industrial organizations continue to prioritize asset optimization, the adoption of predictive analytics plays a crucial role in boosting market growth.
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Sustainability and energy efficiency have also emerged as key factors contributing to the expansion of the industrial asset management market. Businesses are focusing on minimizing energy consumption and reducing their environmental footprint by optimizing their industrial assets. Asset management solutions provide valuable insights into energy usage across operations, allowing companies to detect inefficiencies and implement necessary improvements. This trend is especially significant in energy-intensive industries like manufacturing and utilities, where the need to align with global sustainability goals is driving the demand for energy-efficient asset management solutions.
The industrial asset management market from the solutions segment held over 70% of the market share, a figure expected to rise during the forecast period. Integrated asset management platforms are in high demand, offering organizations complete visibility into asset lifecycles. These platforms enable effective tracking, monitoring, and optimization of industrial assets. The integration of real-time data analytics, IoT-enabled sensors, and cloud computing allows businesses to make informed decisions about asset health, maintenance, and performance. This not only reduces downtime but also extends asset lifecycles and enhances operational efficiency, making solutions a crucial part of asset management strategies across various industries.
By end-use industry, the oil & gas sector accounted for over 28% share of the industrial asset management market in 2023. The reliance on expensive, large-scale assets in this sector creates a strong demand for asset management systems, which help optimize performance, streamline operations, and enhance safety.
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The U.S. dominated the North American industrial asset management market, driven by advanced technological infrastructure and a strong industrial base, while Europe saw growth due to strict regulations and a focus on sustainability and energy efficiency.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2021 - 2032
Chapter 3 Industrial Asset Management Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Component supplier
3.2.2 Software provider
3.2.3 Cloud service provider
3.2.4 System integrator
3.2.5 End use
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Key news & initiatives
3.6 Regulatory landscape
3.7 Impact forces
3.7.1 Growth drivers
3.7.1.1 Integration of predictive maintenance technologies
3.7.1.2 Increasing adoption of IoT for asset tracking
3.7.1.3 Growing demand for asset lifecycle optimization
3.7.1.4 Rising focus on operational efficiency and cost savings
3.7.2 Industry pitfalls & challenges
3.7.2.1 Managing diverse and legacy systems
3.7.2.2 Shortage of skilled workforce for technology adoption
3.8 Growth potential analysis
3.9 Porter’s analysis
3.10 PESTEL analysis
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About Global Market Insights Inc.
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.
