Plant Asset Management Market Opportunities and Challenges

1
MarketsandMarkets Presents

Plant Asset Management Market Opportunities and
Challenges Plant Asset Management Market (PAM)
by Offering (Software and Services), Deployment
Mode (Cloud-based and On Premises), Asset Type
(Production Assets and Automation Assets),
End-user Industry (Process and Discrete), and
Geography - Global Forecast to 2024
https//www.marketsandmarkets.com/Market-Reports
/plant-asset-management-market-8606975.html
2
According to the new market research report
"Plant Asset Management Market (PAM) by Offering
(Software and Services), Deployment Mode
(Cloud-based and On Premises), Asset Type
(Production Assets and Automation Assets),
End-user Industry (Process and Discrete), and
Geography - Global Forecast to 2024", published
by MarketsandMarkets, the Plant Asset Management
Market is projected to grow from USD 5.5 billion
in 2019 to USD 9.4 billion by 2024, at a CAGR of
11.3. Major factors fueling the market
growth include surging adoption of lean
manufacturing practices by several organizations,
increasing focus on providing cloud-based PAM
solutions to satisfy customer demands, escalating
demand for asset management software that can
identify potential failures to avoid futuristic
loss, and growing need for real-time data
analytics. Browse 109 market data Tables and 52
Figures spread through 178 Pages and in-depth TOC
on "Plant Asset Management Market (PAM) - Global
Forecast to 2024"
3
Services to lead plant asset management market
by 2024 The deployment of PAM software is a
costly process and a one-time activity, whereas
PAM services that include maintenance needs,
software upgrades, and personnel training are
demanded by end-user industries continuously.
Hence, PAM services have a more significant
contribution to generating more revenue than PAM
software solutions. Further, market players are
focusing on offering industry-specific services
to meet the ever-changing demands of different
industries. Ask PDF Brochure https//www.markets
andmarkets.com/pdfdownloadNew.asp?id8606975 Prod
uction assets to hold largest share of PAM market
during forecast period Rising adoption of PAM
solutions for monitoring rotating and
reciprocating equipment, among others, across
various industries is expected to drive the
growth of the PAM market during the forecast
period. Moreover, incidents of unplanned
shutdowns or slowdowns due to equipment failures
lead to high financial loss in terms of damage to
equipment, production losses, and unscheduled
maintenance. However, real-time health and
performance insights encourage informed actions
and decisions to improve plant efficiency
minimizing risks of equipment failure, thereby
reducing the wastage of valuable finances. Hence,
the demand for PAM solutions is high to manage
these production assets.
4
Asia Pacific to be largest market for PAM during
forecast period Asia Pacific presents a
substantial market for PAM. The PAM market in
APAC is growing rapidly due to several
advancements and technological innovations in
different manufacturing industries. The adoption
of PAM solutions is high in APAC due to the
growing manufacturing sector in the region. Most
of the key manufacturers from different
industries have shifted their manufacturing
plants in APAC due to the low labor cost and
availability of a skilled workforce. These
manufacturing units are using asset management
solutions for the improvement in the overall
manufacturing processes, which is expected to
drive the growth of the PAM market in the
region. Request Free Sample Pages https//www.ma
rketsandmarkets.com/requestsampleNew.asp?id860697
5 Major players in the PAM market are Emerson
(US), Honeywell (US), Rockwell (US), ABB
(Switzerland), Schneider (France), Yokogawa
(Japan), General Electric (US), Siemens
(Germany), and SKF Group (Sweden). Browse in-dept
h TOC on "Plant Asset Management Market" 109
Tables 52 Figures 178 Pages
5
About MarketsandMarkets MarketsandMarkets
provides quantified B2B research on 30,000 high
growth niche opportunities/threats which will
impact 70 to 80 of worldwide companies
revenues. Currently servicing 7500 customers
worldwide including 80 of global Fortune 1000
companies as clients. Almost 75,000 top officers
across eight industries worldwide approach
MarketsandMarkets for their painpoints around
revenues decisions. Our 850 fulltime analyst and
SMEs at MarketsandMarkets are tracking global
high growth markets following the "Growth
Engagement Model GEM". The GEM aims at
proactive collaboration with the clients to
identify new opportunities, identify most
important customers, write "Attack, avoid and
defend" strategies, identify sources of
incremental revenues for both the company and its
competitors. MarketsandMarkets now coming up
with 1,500 MicroQuadrants (Positioning top
players across leaders, emerging companies,
innovators, strategic players) annually in high
growth emerging segments. MarketsandMarkets is
determined to benefit more than 10,000 companies
this year for their revenue planning and help
them take their innovations early to the market
by providing them research ahead of the
curve. MarketsandMarketss flagship competitive
intelligence and market research platform,
"Knowledgestore" connects over 200,000 markets
and entire value chains for deeper understanding
of the unmet insights along with market sizing
and forecasts of markets.
6
Contact Us
Contact Mr. Shelly Singh MarketsandMarkets
INC. 630 Dundee Road Suite 430 Northbrook, IL
60062 USA 1-888-600-6441 Email
newsletter_at_marketsandmarkets.com   For More
Info https//www.marketsandmarkets.com/PressRelea
ses/plant-asset-management.asp