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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.
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.
This market study may be purchased as an Excel Workbook and/or as a PDF File. The Workbook has some unique features such as the ability to view data in local currency. Regional studies include country and industry market data. Country studies include market trends and industry data. Studies and formats available are listed below:
MIRA Workbook | PDF File | |
Worldwide (includes regional data) | Yes | Yes |
North America (includes country data) | Yes | No |
Latin America (includes country data) | Yes | No |
Europe, Middle East, Africa (includes country data) | Yes | No |
Asia (includes country data) | Yes | No |
Country Profiles (includes country data) | No | Yes |
Countries included in each region.
Table of contents for these studies is shown in the following paragraphs.
The research identifies all relevant suppliers serving this market.
List of countries included in each region: MIRA-Country
Contact us for the countries available for this study.
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