Market Overview:
The global plant asset definition study of the plant asset management market depends on factorial analysis, market competition, regional scope and growth pockets, and investment flow, along with trends. Market Research Future (MRFR) took the initiative to dig deep into each aspect and explore opportunities that can inspire changes. Their prediction shows that the market could cross a valuation of USD 8.78 billion by 2023 with a CAGR of 10% during the forecast period encompassing 2018 to 2023. Among the major thrust providers, the market will benefit from its ability to reduce maintenance cost by streamlining various procedures. It also delivers data regarding a potential failure in the market and assists in taking preventive measures beforehand. It further create scopes for lean manufacturing practicing, better documentation, real-time data analysis, and others.
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Competitive Landscape:
List of Plant Asset Management Market Key Players:
- Endress+Hauser Management AG (Switzerland)
- Hitachi Ltd
- Honeywell International Inc. (US)
- Dassault Systèmes (France)
- General Electric Co. (US)
- IBM Corporation (US)
- Rockwell Automation, Inc. (US)
- Emerson Electric Company (US)
- Yokogawa Electric Corporation (Japan)
- Siemens AG (Germany)
Market Segmentation:
The global report on the plant asset management market requires a proper understanding of different aspects to ensure the incorporation of exact details that can boost the strategic designs and make sure the market profits more.
By offering, the study on the global plant asset management market can be segmented into software and services.
By deployment mode, the recent study on the plant asset management market can be discussed on the basis of offline deployment and cloud deployment. The cloud deployment segment is slated to boost the market even more by reducing the cost of installation of these tools.
By asset type, the study containing various details of the plant asset management can be segmented into production asset and automation asset.
By end user, the analysis of the plant asset management market contains segments like energy and power, chemical, oil and gas, food and beverages, aerospace & defense, automotive, healthcare, and others. The oil & gas segment is witnessing some significant changes in the recent years.
Regional Analysis:
The PAM market of the Asia Pacific region is dominating the global field as the region is witnessing significant changes in various industries. Inspired by emerging economies, industries are investing more in the market, which is creating better expansion scope.
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Industry News:
The ABB Ability™ Genix Industrial Analytics and AI Suite, are two products of ABB that have been designed to simplify the work process of the plant owners and manufacturers. This can be defined as a scalable advanced analytics platform loaded with pre-built, easy-to-use applications and services. These technologies work by collecting data, contextualizing it, and converting it to operational, engineering and information technology data that can be used for actionable insights. It will help industries taking up their game for operations, optimizing of asset management, and streamlining of business processes, all the while maintaining safety and sustainability.
The COVID-19 pandemic acted as an eye-opener for a lot of companies. This disruptive force made sure that the companies take an inward journey to understand the potential threats that are looming large and how they can plan their contingencies. Plant asset management is a process that helps in cutting corners to increase the profit margin, which will inspire better stability and back companies in withstanding such negative forces.
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