New ARC Advisory Group research on the Plant Asset Management (PAM) market reveals that the services segment of the market is expected to have the highest growth over the five-year forecast period. 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 driving services growth in the near future. Remote monitoring and asset management solutions have been gaining traction and the adoption 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,” according to Inderpreet Shoker, Senior Analyst at ARC Advisory Group and key author of ARC’s Plant Asset Management Global Market Research report.
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,” added Paula Hollywood, Senior Analyst at ARC Advisory Group and peer author of ARC’s Plant Asset Management Global Market Research report.
Leading Suppliers to the Plant Asset Management Market Identified
In addition to providing specific market data and industry trends, this ARC market research also identifies and positions the leading suppliers to this market and provides and summarizes their relevant offerings. In alphabetical order, these include ABB, AVEVA, Baker Hughes, Brüel & Kjær Vibro, Emerson Automation Solutions, Honeywell, Rockwell Automation, Siemens, and SKF.
About the Plant Asset Management Research
This ARC research explores current market performance and related technology and business trends, identifies leading technology suppliers, and provides five-year global forecasts for the PAM market. This new research is based on ARC’s industry-leading market research database, extensive primary and secondary research, and proprietary economic modelling techniques. The research includes competitive analysis, plus five-year market forecasts by region, industry, revenue category, asset type, technology, application type, communication network, network technology, business system integration, and sales channels.
This new research is available in a variety of formats to meet the specific research and budgetary requirements of a wide variety of organizations. These include a:
- Market Intelligence Workbook (Excel) – personalized spreadsheet with the current base year market data and five-year market forecast. This workbook enables licensed users to freely manipulate the data to make it easier to analyze the latest data for business intelligence and generate custom reports.
- Concise Market Analysis Report (PDF) – provides an executive-level summary of the current market dynamics, market forecasts, and competitive analysis, plus an overview of strategic issues. The PDF is available with or without detailed charts.
For more information on this and other available ARC market research, please visit our Market Data & Studies section.