The plant asset management (pam) global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Plant Asset Management (PAM) Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
The plant asset management (PAM) market size has grown rapidly in recent years. It will grow from $8.09 billion in 2023 to $9.14 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The growth in the historic period can be attributed to advancements in technology, industry 4.0 initiatives, integration with enterprise systems, shift towards cloud-based solutions, aging infrastructure.
The plant asset management (PAM) market size is expected to see rapid growth in the next few years. It will grow to $14.11 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to adoption of predictive analytics, focus on remote monitoring, integration with digital twins, advancements in sensor technologies, focus on cybersecurity. Major trends in the forecast period include artificial intelligence integration, digitalization trend, advancement in technology, asset integrity management priority.
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Scope Of Plant Asset Management (PAM) Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Plant Asset Management (PAM) Market Overview
Market Drivers -
The adoption of automation technologies is expected to propel the growth of the plant asset management market going forward. Automation technologies include a wide range of methods, processes, and systems that use diverse technologies to do tasks with minimal human participation. Plant asset management (PAM) helps automation technologies by providing a comprehensive approach to managing and maintaining physical assets in industrial settings. For instance, in October 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, in 2021, factories worldwide installed 517,385 new industrial robots, representing a 31% annual growth rate. This figure also marked a 22% increase compared to the previous two years' pre-pandemic record for robot installations. Therefore, the adoption of automation technologies is driving the growth of the plant asset management market.
Market Trends -
Major companies operating in the plant asset management market are developing innovative products by integrating AI such as Cantilever, to enhance operational efficiency, extend asset lifespan, and improve overall productivity in industrial automation processes. Cantilever is an AI-enabled asset management platform that automates industrial asset inspection processes. For instance, in October 2023, Gecko Robotics, a US-based software company, launched Cantilever. This comprehensive asset management solution includes robotic inspections, data integration, analysis tools, and user modules. Cantilever merges data from multiple robotic, fixed-sensor, and partner systems into a software platform, allowing users to monitor the health of physical assets effectively.
The plant asset management (PAM) market covered in this report is segmented –
1) By Offering: Software, Services
2) By Deployment: On-Premise, Cloud
3) By Asset Type: Production Assets, Automation Assets
4) By End-User: Energy And Power, Oil And Gas, Petrochemical, Mining And Metal, Aerospace And Defense, Automotive, Other End-Users
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Regional Insights -
North America was the largest region in the plant asset management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The re
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