Plant Asset Management Market To Reach USD 16.47 Billion at a CAGR of 11.29% by 2030 - Report by Market Research Future (MRFR)
Growing Need to Elevate Plant Productivity & Performance Drives Plant Asset Management Market
New York, US, Feb. 01, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Plant Asset Management Market: Research Report by Offering, by deployment mode, by asset type 2030”. The market will touch USD 16.47 billion at a 11.29% CAGR by 2030, according to the current Market Research Future report.
The plant asset management market is expected to garner rapid revenue growth. The growing adoption of digital asset management software across heavy industries would drive the market growth.
Plant asset management elevates plant productivity and performance by offering real-time solutions for the optimization and effective use of plant assets. These technologies offer an all-in-one solution for monitoring and optimizing the efficiency and life cycles of critical plant production and automation assets. This software is implemented across plants to monitor, control, and maintain various assets and equipment operability at all times.
These solutions are used to manage inventory and reduce the chances of human error, which further leads to improving the overall performance of enterprises. Vendors offering plant asset management technologies continually implement innovative ideas to improve the customer experience. They target industries such as aviation & defense, automotive, chemical, metal & mining, and offer affordable options to meet their digital asset needs.
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The plant asset management market leaders include:
Honeywell International Inc. (US)
Endress+Hauser Management AG (Switzerland)
General Electric Co. (US), Siemens AG (Germany)
Rockwell Automation, Inc. (US)
Yokogawa Electric Corporation (Japan)
Dassault Systèmes (France)
Emerson Electric Company (US)
IBM Corporation (US)
Market Size by 2030
USD 16.47 Billion
CAGR during 2022-2030
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Market Drivers
Interest for a cloud-based plant resource is developing, and it is the board arrangement that drives the plant resource to the executives market.
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The plant asset management market is growing pervasively over the past few years. The growing adoption of digital asset management software in oil & gas, clinical gadgets, semiconductor industries is a major driving force. Moreover, growing concerns of mismanaged assets causing significant losses to heavy industries worldwide create major opportunities in the plant asset management market.
Manufacturing and industrial sectors have realized the importance of digital mediums to market their products. The proliferation of smart connected equipment and IoT devices, alongside the widespread use of the Internet and mobile devices encourage the adoption of plant management solutions to boost development initiatives. Conversely, accuracy issues and high costs associated with asset management technologies impede the market growth.
This plant asset management market report is segmented based on offerings, asset types, deployment modes, end-users, and regions. By offerings, the market is segmented into software and services. Based on deployment modes, the market is segmented into offline and cloud. Based on asset types, the market is segmented into production assets, automation assets, and others.
By end-user industries, the plant asset management market is segmented into aviation & defense, automotive, chemical, metal & mining, oil & gas, clinical gadgets, semiconductor, and others. Further, the region segment is sub-segmented into Europe, the Americas, Asia-Pacific, and rest-of-the-world.
North America dominates the global plant asset management market with the high adoption rate of advanced technologies. Besides, the increasing demand for new technology, alongside the huge network of plant service providers and well-established enterprises metal & mining, oil & gas, and semiconductor industries, drive the market growth.
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Substantial investments in technology development by market players that offer cutting-edge solutions impact the region’s market shares. Simultaneously, the presence of a well-established infrastructure in the region provides impetus to the plant asset management market size. The US and Canada are major plant asset management markets in the region.
Europe is another lucrative market for plant asset management solutions. The rising demand from the burgeoning industrial sector and the proliferation of manufacturing facilities in the region define the growing market landscape. Certainly, the resurging economy plays a vital role in developing the market landscape. Moreover, government funding support for increasing research & development activities boosts the plant asset management market revenues.
The Asia Pacific region is rapidly emerging as a promising market for plant asset management solutions. The high uptake of technology in the region is also one of the major driving forces. Additionally, the growing industrial landscape, rapid population growth & urbanization, and the improving economy in this region escalate the plant asset management market value.
The increasing demand for easy-to-use asset management software, increasing digitalization, and investments in plants and expansions by market players in the region fuel the market rise. APAC countries such as China and India account for sizable market shares, attracting the international players in the region. The APAC plant asset management market is likely to continue further to value greatly over the forecast period.
Highly competitive, the plant asset management market appears to be fragmented due to the presence of several well-established industry players. These players initiate strategic approaches such as mergers & acquisitions, collaboration, expansion, and technology launches to gain a larger competitive advantage. Well-established vendors are eying the APAC region, which offers a significant scope of growth and immense revenue generation opportunities.
Another strategy that digital asset management technology providers adopt is working closely with end-users to provide customized solutions and gain a steady flow of demand, which benefits both partners. The cooperation strategy within the ecosystem enables the technology integrators to enter into a licensing agreement with the digital asset management technology providers.
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For instance, on Jan.25, 2023, DNV Energy Systems, a leading reliable power generation company, announced the acquisition of Proxima Solutions, an AI-enabled wind software-as-a-service provider to strengthen its green power monitoring portfolio. Proxima Solutions provides a digital platform for remote monitoring and asset management of renewable energy plants.
The acquisition will enable DNV to incorporate novel solutions with higher flexibility that can quickly solve its customers’ problems, without compromising on quality and robustness. Through this acquisition and future technology developments, the company will be able to connect resource and energy price forecasting data within and outside to inform customers on wind and solar technology dispatching scenarios.
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