ARC Advisory Group’s new market size and forecast research for the Plant Asset Management (PAM) marketplace shows significant growth over the next five years. ARC defines plant asset management systems as a combination of hardware, software, and services intended to assess the health of plant assets by monitoring asset condition to identify potential problems before they escalate. The severity of the problem, potential causes, and possible operator actions can be provided to determine necessary actions. PAM provides predictive asset health information by using data embedded in smart field devices, control systems, and various sensors with an intelligent analytical engine to predict potential asset problems.
“Digital transformation has propelled asset performance management solutions into new and exciting directions, progressing further than its traditional work and asset management foundation. The seemingly mature market of condition monitoring solutions continues to evolve with incorporation of advanced sensor technologies, analytics, cloud, and Industrial Internet of things (IIoT). The market is expected to expand due to increasing demand for connected solutions, the desire to lower downtime, and the expansion of manufacturing capacities in emerging ASEAN economies,” according to Inderpreet Shoker, Director of Research and key author of ARC's Plant Asset Management Market Research.
Plant Asset Management Market Trends
In addition to providing detailed competitive market share data, the research also addresses key market trends as follows:
- Mobile Solutions
- Advancement in Sensors and Industrial IoT
- Connected Assets
- Advanced Analytics and Machine Learning
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. An alphabetical list of key suppliers covered in this analysis includes: Baker
Hughes, Emerson Automation Solutions, Rockwell Automation, Siemens, SKF.
About the Plant Asset Management Research
The Plant Asset Management research explores the current and future market performance and related technology and business trends and identifies leading technology suppliers. 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, five-year market forecasts, and five years of historical analysis. The segmentation includes Industry, World Region, Sales Channel, Revenue Category, Scope of Research, Asset Type, Production Assets by Industry, Automation Assets by Industry, Production Assets by Revenue Category, Automation Assets by Revenue Category, Production Assets by Technology, Automation Asset Network Technology, Production Asset Communication Network, Automation Asset Communication Network, Production Assets by Application Type, Automation Assets by Application Type, Production Assets by Deployment Option, Automation Assets by Deployment Option, Integration with Business Systems.
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