Plant Asset Management

The Plant Asset Management market research study delivers current market analysis plus a five year market and technology forecast. The study is available in multiple editions including worldwide, all regions, and most major countries.

Services Segment Poised to See Highest Growth in the Plant Asset Management Market

Plant asset management (PAM) systems consist of hardware, software, and services to assess asset health by monitoring asset condition.  PAM provides predictive asset health information from data embedded in smart field devices, control systems, and various sensors in concert with an analytical engine to predict potential asset failures. 

In the PAM market, the services segment is expected to have the highest growth in near future. From the retiring wave of baby boomers in North America, Europe, and Japan to the shortfall of qualified engineers in Asia and other parts of the world, the labor shortage of available technical personnel is becoming a major challenge for owner-operators. Demand for value-added services is increasing as end users rely more on suppliers in the face of constrained personnel resources, especially now due to the COVID-19 pandemic. Demand has been particularly strong for outsourced maintenance and performance-related services.  

Owner/operators place greater reliance on OEMs and other third parties to monitor asset performance, this will be the major factor that drives services growth in the near future. Remote monitoring and asset management solutions have been gaining traction for a while and the adoption has jumped in 2020 to help address the COVID-19 related business challenges. End users struggling with skills gaps, are also looking to turn over the function of identifying equipment problems proactively to third-party providers. 

Using Industrial IoT technologies, PAM system suppliers can look into connected equipment, capture data, remotely analyze information in near real-time, and alert the customer via email, phone, or through their business systems so appropriate action can be taken before a failure. While many PAM suppliers already offer some remote monitoring services, they should strive to enhance their offerings to include more equipment types and service options. 

Plant Asset Management Strategic Issues

In addition to providing a five-year market forecast, the Plant Asset Management market research provides detailed quantitative current market data and addresses key strategic issues as follows.

• While the COVID-19 pandemic did not impact the 2019 demand for PAM systems, the market projections do take into account industry trends with our best estimates for how COVID-19 will impact the PAM market in different industries. 
• The PAM market has matured to the late majority phase as suppliers are now being called upon to troubleshoot specific problems in initial engagements as opposed to educating owner/operators on the basics. The study highlights changing expectations of owners/operators in the PAM space.
• Although the PAM market is in the late majority phase, the application of analytics and Industrial IoT technologies is energizing this market. The study discusses leading technology trends in the PAM space and highlights key technology challenges faced by owners/operators.
• The PAM market has remained on the growth track since 2010; it posted growth in 2019 as well. Although, in the last few years, the global economic climate remained soft and saw some volatility; overall the PAM market has remained positive. The market is expected to post positive growth in the 5-year forecast period. The study discusses several factors that will affect the market growth in the near future.