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Plant Asset Management Market Report by Offering (Software, Services), Deployment Mode (Cloud-based, On-premises), Asset Type (Production Asset, Automation Assets), End User (Energy and Power, Oil and Gas, Petrochemical, Mining and Metal, Aerospace and Defense, Automotive, and Others), and Region 2024-2032

April 2024 | 140 pages | ID: P6EF98B2BED9EN
IMARC Group

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The global plant asset management market size reached US$ 8.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 16.7 Billion by 2032, exhibiting a growth rate (CAGR) of 7.6% during 2024-2032. Significant growth in the oil and gas industry, extensive research and development (R&D) activities, and rising demand to improve operational efficiency and reduce downtime represent some of the key factors driving the market.

Plant asset management (PAM) is a strategic process of planning, organizing, tracking, maintaining, and optimizing physical assets within an industrial plant. It primarily consists of services, software, and hardware deployed by a manufacturing company to monitor assets over their lifecycle. It is widely used to understand the life cycle of plant assets, optimize the maintenance planning strategy, and ensure the plant is running efficiently through lean manufacturing practices. PAM assists in increasing reliability, reducing maintenance costs, improving safety, facilitating data-driven decision-making, and enhancing regulatory compliance. It also helps to optimize asset utilization, improve product quality, reduce energy consumption, and increase overall plant productivity. As a result, PAM finds extensive applications across the energy and power, oil and gas, petrochemical, mining and metal, aerospace and defense, and automotive industries.

Plant Asset Management Market Trends:
Significant growth in the oil and gas industry across the globe is one of the key factors creating a positive outlook for the market. PAM is widely used to monitor the condition of critical equipment such as pumps, compressors, and turbines and identify potential failures. In line with this, the widespread adoption of PAM to provide real-time tracking of assets such as drilling rigs, tankers, and pipelines, ensuring they operate at maximum efficiency and reduce the risk of theft or loss, is favoring the market growth. Moreover, the increasing demand for PAM software solution as it helps in minimizing the risk of potential acid leaks by tracking corrosion of hydrofluoric acid alkylation units, which allows refinery operators to prevent accidental shutdowns and better estimate the lifespan of equipment, thus securing the safety of their workers, is acting as another growth inducing factor. Apart from this, the integration of artificial intelligence (AI) and machine learning (ML) algorithms that help to analyze vast amounts of data to identify patterns and predict equipment failures and detect suspicious activities is providing an impetus to the market growth. Additionally, the widespread utilization of PAM solutions to help industrial plants ensure compliance with safety and regulatory standards, and reduce the risk of accidents and environmental incidents, is propelling the market growth. Furthermore, the increasing utilization of cloud-based solutions that allows data to be stored and analyzed in real-time and offer cost-effective solutions is positively influencing the market growth. Other factors, including the increasing adoption of automation technologies, extensive research and development (R&D) activities, the rising demand to improve operational efficiency and reduce downtime, and rapid technological advancements are supporting the market growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global plant asset management market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on offering, deployment mode, asset type and end user.

Offering Insights:

Software
Services

The report has provided a detailed breakup and analysis of the plant asset management market based on the offering. This includes software and services. According to the report, services represented the largest segment.

Deployment Mode Insights

Cloud-based
On-premises

A detailed breakup and analysis of the plant asset management market based on the deployment mode has also been provided in the report. This includes cloud-based and on-premises. According to the report, cloud-based accounted for the largest market share.

Asset Type Insights:

Production Asset
Motors, Rotating, Reciprocating Equipment
Process and Mechanical Equipment
Remote Equipment, Wiring and Other Electrical Equipment
Automation Assets
Field Devices
Control Values Position and Associated Equipment

The report has provided a detailed breakup and analysis of the plant asset management market based on the asset type. This includes production asset (motors, rotating, reciprocating equipment, process and mechanical equipment and remote equipment, wiring and other electrical equipment) and automation assets (field devices, control values position and associated equipment). According to the report, production assets represented the largest segment.

End User Insights

Energy and Power
Oil and Gas
Petrochemical
Mining and Metal
Aerospace and Defense
Automotive
Others

A detailed breakup and analysis of the plant asset management market based on the end user has also been provided in the report. This includes energy and power, oil and gas, petrochemical, mining and metal, aerospace and defense, automotive and others. According to the report, power accounted for the largest market share.

Regional Insights:

North America
United States
Canada
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for plant asset management. Some of the factors driving the North America plant asset management market included extensive research and development (R&D) activities, significant growth in the oil and gas industry, and rapid technological advancements.

Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global plant asset management market. Detailed profiles of all major companies have also been provided. Some of the companies covered include ABB Ltd, Bentley Systems Incorporated, Emerson Electric Co., Endress+Hauser AG, General Electric Company, Honeywell International Inc., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Yokogawa Electric Corporation, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Questions Answered in This Report

1. How big is the global plant asset management market?
2. What is the expected growth rate of the global plant asset management market during 2024-2032?
3. What are the key factors driving the global plant asset management market?
4. What has been the impact of COVID-19 on the global plant asset management market?
5. What is the breakup of the global plant asset management market based on the offering?
6. What is the breakup of the global plant asset management market based on the deployment mode?
7. What is the breakup of the global plant asset management market based on the asset type?
8. What is the breakup of the global plant asset management market based on the end user?
9. What are the key regions in the global plant asset management market?
10. Who are the key players/companies in the global plant asset management market?
1 PREFACE

2 SCOPE AND METHODOLOGY

2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
  2.3.1 Primary Sources
  2.3.2 Secondary Sources
2.4 Market Estimation
  2.4.1 Bottom-Up Approach
  2.4.2 Top-Down Approach
2.5 Forecasting Methodology

3 EXECUTIVE SUMMARY

4 INTRODUCTION

4.1 Overview
4.2 Key Industry Trends

5 GLOBAL PLANT ASSET MANAGEMENT MARKET

5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast

6 MARKET BREAKUP BY OFFERING

6.1 Software
  6.1.1 Market Trends
  6.1.2 Market Forecast
6.2 Services
  6.2.1 Market Trends
  6.2.2 Market Forecast

7 MARKET BREAKUP BY DEPLOYMENT MODE

7.1 Cloud-based
  7.1.1 Market Trends
  7.1.2 Market Forecast
7.2 On-premises
  7.2.1 Market Trends
  7.2.2 Market Forecast

8 MARKET BREAKUP BY ASSET TYPE

8.1 Production Asset
  8.1.1 Market Trends
  8.1.2 Key Segments
    8.1.2.1 Motors, Rotating, Reciprocating Equipment
    8.1.2.2 Process and Mechanical Equipment
    8.1.2.3 Remote Equipment, Wiring and Other Electrical Equipment
  8.1.3 Market Forecast
8.2 Automation Assets
  8.2.1 Market Trends
  8.2.2 Key Segments
    8.2.2.1 Field Devices
    8.2.2.2 Control Values Position and Associated Equipment
  8.2.3 Market Forecast

9 MARKET BREAKUP BY END USER

9.1 Energy and Power
  9.1.1 Market Trends
  9.1.2 Market Forecast
9.2 Oil and Gas
  9.2.1 Market Trends
  9.2.2 Market Forecast
9.3 Petrochemical
  9.3.1 Market Trends
  9.3.2 Market Forecast
9.4 Mining and Metal
  9.4.1 Market Trends
  9.4.2 Market Forecast
9.5 Aerospace and Defense
  9.5.1 Market Trends
  9.5.2 Market Forecast
9.6 Automotive
  9.6.1 Market Trends
  9.6.2 Market Forecast
9.7 Other
  9.7.1 Market Trends
  9.7.2 Market Forecast

10 MARKET BREAKUP BY REGION

10.1 North America
  10.1.1 United States
    10.1.1.1 Market Trends
    10.1.1.2 Market Forecast
  10.1.2 Canada
    10.1.2.1 Market Trends
    10.1.2.2 Market Forecast
10.2 Asia-Pacific
  10.2.1 China
    10.2.1.1 Market Trends
    10.2.1.2 Market Forecast
  10.2.2 Japan
    10.2.2.1 Market Trends
    10.2.2.2 Market Forecast
  10.2.3 India
    10.2.3.1 Market Trends
    10.2.3.2 Market Forecast
  10.2.4 South Korea
    10.2.4.1 Market Trends
    10.2.4.2 Market Forecast
  10.2.5 Australia
    10.2.5.1 Market Trends
    10.2.5.2 Market Forecast
  10.2.6 Indonesia
    10.2.6.1 Market Trends
    10.2.6.2 Market Forecast
  10.2.7 Others
    10.2.7.1 Market Trends
    10.2.7.2 Market Forecast
10.3 Europe
  10.3.1 Germany
    10.3.1.1 Market Trends
    10.3.1.2 Market Forecast
  10.3.2 France
    10.3.2.1 Market Trends
    10.3.2.2 Market Forecast
  10.3.3 United Kingdom
    10.3.3.1 Market Trends
    10.3.3.2 Market Forecast
  10.3.4 Italy
    10.3.4.1 Market Trends
    10.3.4.2 Market Forecast
  10.3.5 Spain
    10.3.5.1 Market Trends
    10.3.5.2 Market Forecast
  10.3.6 Russia
    10.3.6.1 Market Trends
    10.3.6.2 Market Forecast
  10.3.7 Others
    10.3.7.1 Market Trends
    10.3.7.2 Market Forecast
10.4 Latin America
  10.4.1 Brazil
    10.4.1.1 Market Trends
    10.4.1.2 Market Forecast
  10.4.2 Mexico
    10.4.2.1 Market Trends
    10.4.2.2 Market Forecast
  10.4.3 Others
    10.4.3.1 Market Trends
    10.4.3.2 Market Forecast
10.5 Middle East and Africa
  10.5.1 Market Trends
  10.5.2 Market Breakup by Country
  10.5.3 Market Forecast

11 DRIVERS, RESTRAINTS, AND OPPORTUNITIES

11.1 Overview
11.2 Drivers
11.3 Restraints
11.4 Opportunities

12 VALUE CHAIN ANALYSIS

13 PORTERS FIVE FORCES ANALYSIS

13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes

14 PRICE ANALYSIS

15 COMPETITIVE LANDSCAPE

15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
  15.3.1 ABB Ltd
    15.3.1.1 Company Overview
    15.3.1.2 Product Portfolio
    15.3.1.3 Financials
    15.3.1.4 SWOT Analysis
  15.3.2 Bentley Systems Incorporated
    15.3.2.1 Company Overview
    15.3.2.2 Product Portfolio
    15.3.2.3 Financials
  15.3.3 Emerson Electric Co.
    15.3.3.1 Company Overview
    15.3.3.2 Product Portfolio
    15.3.3.3 Financials
    15.3.3.4 SWOT Analysis
  15.3.4 Endress+Hauser AG
    15.3.4.1 Company Overview
    15.3.4.2 Product Portfolio
    15.3.4.3 SWOT Analysis
  15.3.5 General Electric Company
    15.3.5.1 Company Overview
    15.3.5.2 Product Portfolio
    15.3.5.3 Financials
    15.3.5.4 SWOT Analysis
  15.3.6 Honeywell International Inc.
    15.3.6.1 Company Overview
    15.3.6.2 Product Portfolio
    15.3.6.3 Financials
    15.3.6.4 SWOT Analysis
  15.3.7 Rockwell Automation Inc.
    15.3.7.1 Company Overview
    15.3.7.2 Product Portfolio
    15.3.7.3 Financials
    15.3.7.4 SWOT Analysis
  15.3.8 Schneider Electric SE
    15.3.8.1 Company Overview
    15.3.8.2 Product Portfolio
    15.3.8.3 Financials
    15.3.8.4 SWOT Analysis
  15.3.9 Siemens AG
    15.3.9.1 Company Overview
    15.3.9.2 Product Portfolio
    15.3.9.3 Financials
    15.3.9.4 SWOT Analysis
  15.3.10 Yokogawa Electric Corporation
    15.3.10.1 Company Overview
    15.3.10.2 Product Portfolio
    15.3.10.3 Financials
    15.3.10.4 SWOT Analysis
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

LIST OF TABLES

Table 1: Global: Plant Asset Management Market: Key Industry Highlights, 2023 & 2032
Table 2: Global: Plant Asset Management Market Forecast: Breakup by Offering (in Million US$), 2024-2032
Table 3: Global: Plant Asset Management Market Forecast: Breakup by Deployment Mode (in Million US$), 2024-2032
Table 4: Global: Plant Asset Management Market Forecast: Breakup by Asset Type (in Million US$), 2024-2032
Table 5: Global: Plant Asset Management Market Forecast: Breakup by End User (in Million US$), 2024-2032
Table 6: Global: Plant Asset Management Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 7: Global: Plant Asset Management Market: Competitive Structure
Table 8: Global: Plant Asset Management Market: Key Players

LIST OF FIGURES

Figure 1: Global: Plant Asset Management Market: Major Drivers and Challenges
Figure 2: Global: Plant Asset Management Market: Sales Value (in Billion US$), 2018-2023
Figure 3: Global: Plant Asset Management Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 4: Global: Plant Asset Management Market: Breakup by Offering (in %), 2023
Figure 5: Global: Plant Asset Management Market: Breakup by Deployment Mode (in %), 2023
Figure 6: Global: Plant Asset Management Market: Breakup by Asset Type (in %), 2023
Figure 7: Global: Plant Asset Management Market: Breakup by End User (in %), 2023
Figure 8: Global: Plant Asset Management Market: Breakup by Region (in %), 2023
Figure 9: Global: Plant Asset Management (Software) Market: Sales Value (in Million US$), 2018 & 2023
Figure 10: Global: Plant Asset Management (Software) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 11: Global: Plant Asset Management (Services) Market: Sales Value (in Million US$), 2018 & 2023
Figure 12: Global: Plant Asset Management (Services) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 13: Global: Plant Asset Management (Cloud-based) Market: Sales Value (in Million US$), 2018 & 2023
Figure 14: Global: Plant Asset Management (Cloud-based) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 15: Global: Plant Asset Management (On-premises) Market: Sales Value (in Million US$), 2018 & 2023
Figure 16: Global: Plant Asset Management (On-premises) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 17: Global: Plant Asset Management (Production Asset) Market: Sales Value (in Million US$), 2018 & 2023
Figure 18: Global: Plant Asset Management (Production Asset) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 19: Global: Plant Asset Management (Automation Assets) Market: Sales Value (in Million US$), 2018 & 2023
Figure 20: Global: Plant Asset Management (Automation Assets) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 21: Global: Plant Asset Management (Energy and Power) Market: Sales Value (in Million US$), 2018 & 2023
Figure 22: Global: Plant Asset Management (Energy and Power) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 23: Global: Plant Asset Management (Oil and Gas) Market: Sales Value (in Million US$), 2018 & 2023
Figure 24: Global: Plant Asset Management (Oil and Gas) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 25: Global: Plant Asset Management (Petrochemical) Market: Sales Value (in Million US$), 2018 & 2023
Figure 26: Global: Plant Asset Management (Petrochemical) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 27: Global: Plant Asset Management (Mining and Metal) Market: Sales Value (in Million US$), 2018 & 2023
Figure 28: Global: Plant Asset Management (Mining and Metal) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 29: Global: Plant Asset Management (Aerospace and Defense) Market: Sales Value (in Million US$), 2018 & 2023
Figure 30: Global: Plant Asset Management (Aerospace and Defense) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 31: Global: Plant Asset Management (Automotive) Market: Sales Value (in Million US$), 2018 & 2023
Figure 32: Global: Plant Asset Management (Automotive) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 33: Global: Plant Asset Management (Other End Users) Market: Sales Value (in Million US$), 2018 & 2023
Figure 34: Global: Plant Asset Management (Other End Users) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 35: North America: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 36: North America: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 37: United States: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 38: United States: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 39: Canada: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 40: Canada: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 41: Asia-Pacific: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 42: Asia-Pacific: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 43: China: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 44: China: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 45: Japan: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 46: Japan: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 47: India: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 48: India: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 49: South Korea: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 50: South Korea: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 51: Australia: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 52: Australia: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 53: Indonesia: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 54: Indonesia: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 55: Others: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 56: Others: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 57: Europe: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 58: Europe: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 59: Germany: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 60: Germany: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 61: France: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 62: France: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 63: United Kingdom: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 64: United Kingdom: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 65: Italy: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 66: Italy: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 67: Spain: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 68: Spain: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 69: Russia: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 70: Russia: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 71: Others: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 72: Others: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 73: Latin America: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 74: Latin America: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 75: Brazil: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 76: Brazil: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 77: Mexico: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 78: Mexico: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 79: Others: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 80: Others: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 81: Middle East and Africa: Plant Asset Management Market: Sales Value (in Million US$), 2018 & 2023
Figure 82: Middle East and Africa: Plant Asset Management Market: Breakup by Country (in %), 2023
Figure 83: Middle East and Africa: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 84: Global: Plant Asset Management Industry: Drivers, Restraints, and Opportunities
Figure 85: Global: Plant Asset Management Industry: Value Chain Analysis
Figure 86: Global: Plant Asset Management Industry: Porter's Five Forces Analysis


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