Plant Asset Management Market Overview:
Plant Asset Management Market is relied upon to develop from USD 5.20 billion out of 2017 to USD 16.47 Billion by 2030, at a CAGR of 11.29% during the figure time frame.
Growing demand for a cloud-based plant asset management solution drives the plant asset management market. Adopting lean manufacturing practice, requiring real-time data analysis, and growing demand for applications for failure detection also propels market growth. Growing awareness about the adoption of low-cost manufacturing plants, rising customer needs and growing trends in integrating IT and operational technology among others are key factors driving growth in the plant asset management sector. The plant asset management market is also projected to expand at the highest pace over the forecast period. This is due to the rising IoT market and a increasing demand from end-user industries for new technologies.
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Key Players:
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)
On the other hand, one of the major factors hampering the growth of the plant asset management market is high initial cost of investment. In addition, the need for periodic upgrading and the complexities involved in plant asset management solutions installations can hinder market development.
Market Segmental Analysis:
By offering, the market is bifrucated into software and services.
By deployment mode, the plant asset market is divided into offline deployment and cloud deployment.
By asset type, the market is bifurcated into production asset and automation asset.
By end user, the market is divided into chemical, energy and power, food and beverages, oil and gas, healthcare, aerospace & defense, automotive, and others.
Regional Analysis:
The global business regional analysis was conducted in four major regions including Asia Pacific, North America, Europe and the rest of the world.
Asia-Pacific owing to the presence of numerous main players and vendors in the area is expected to dominate the plant asset management market. The growing solar, hardware, energy and power industries, and automotive industries are also driving the region's market development. The rising economy has led to growth in Japan, India, China and other Asian countries as the industries adopt plant asset management to minimize maintenance costs.This trend is fueling market growth as foreign investment in the region is growing. Due to the rapidly increasing industrial base and rising competition among the players in the region, the fastest growing market is expected to be the Asia-Pacific market too. North America is slated to be the second-largest market due to the presence of numerous industries and key players in the region, such as IBM Corporation and Honeywell International Inc. North America also has early access to emerging technology due to the superior infrastructure funding, and it is one of the early adopters of the plant asset management system, responsible for business growth.
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Competitive Analysis:
Plant asset management market tends to be highly competitive. To retain its market place and drive market growth, a competitive environment is created by numerous diverse and diversified foreign organizations, domestic organizations and new entrants. Business leaders are constantly innovating and increasingly pursuing market growth through numerous strategic mergers and acquisitions, innovation, increased research and development investments, and cost-effective product portfolio. Big players invest in internal R&D, and most of all in the purchase of other firms.
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