Plant Asset Management is the process of optimizing field devices and monitoring information used to integrate with business operations and IT infrastructure. This improves the business operating performance and also reduces maintenance cost and paper work. Major companies such as IBM, Rockwell Automation, and Siemens among others are providing asset management solutions to improve the overall performance of the enterprises.
According to a recent study report published by the Market Research Future, the global market of Plant Asset Management is forecasted to grow at approximately 10% of CAGR growth in terms of value surpassing its previous growth records by the end of the forecasted period (2016 – 2022). With such a striking rate of a CAGR, MRFR hopes the Global Plant Asset Management Market to reach to ~ 420 Million by 2022.
Plant Asset Management Market demonstrates a very large untapped potential for PAM solutions. Many are either unaware or have not evaluated PAM solutions. About half of the users perceive net benefits. There is an important need for on-line plant asset information for a wider array of asset classes. There is pressure to reduce the engineering and maintenance effort for PAM systems, as well as operations and production costs. PAM strategies can become more proactive and more value-oriented. Both management and maintenance functions are required in PAM. There is great potential for business process and application integration between PAM and EAM. The technical basis for PAM is well established for field devices. Users are demanding further development of a wide array of monitoring methods for asset classes outside of automation and electrical equipment. Methods, standardization, and integration must improve in order to lower engineering and maintenance cost of systems. This will lower the threshold for further usage and boost benefits for the industry.
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The PAM market appears to be highly fragmented and competitive. Major players having a strong presence in the international and regional market such as Siemens AG, IBM Corporation and Hitachi Ltd. (Japan), adorn the global market. Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for leading players operating in the global Plant Asset Management Market. Market will witness a fierce competition soon as marketers introducing new solutions to address the requirements of the end-user sectors.
Profiled in MRFR some of the major players in Global Plant asset management Market include ABB Ltd. (Switzerland), Emerson electric company (U.S.), Rockwell automation, Inc. (U.S.), Siemens AG (Germany), IBM Corporation (U.S.), Hitachi Ltd. (Japan), Endress +Hauser (Switzerland), Dassault Systemes (France), Honeywell International, Inc. (U.S.), and Plant Asset Management (Petrofac) (UK) among others.
Globally the market for Plant Asset Management Market is expected to grow at the rate of more than 10% from 2016 to 2022.
September 2017 – Honeywell acquired Nextnine in 2017, to improve cyber security for its PAM software. This will further enhance its extensive portfolio of innovative cyber security technologies.
September 2017 – ABB acquired B&R, an independent product- and software-based open-architecture solutions provider in 2017.
The Plant Asset Management market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Type : Comprises Hardware, and software.
Segmentation by Services : Comprises Performance management, Monitoring & controlling, information management, device configuration, content management among others.
Segmentation by Application: Comprises Energy & power, petrochemical, Chemical, mining, food & beverage, and pharmaceutical among others.
Segmentation By Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
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Asset Management and Maintenance are intertwined and overlapping processes, and the differences and similarities between the two depend on the user’s perspective. Both have an effect on an organization’s cost structure and profit. Maintenance is an activity associated with availability of production assets. Several key performance indicators (KPIs) for availability are in use today, including Overall Equipment Effectiveness (OEE) and Total Effective Equipment Productivity (TEEP). Maintenance is often seen from a cost perspective, consistent with an annual accounting view of the enterprise, rather than as a source of profit. Economic profit, a measure of benefit, is the operating profit minus the cost of capital. The cost of capital includes interest for loans for investment in capital goods and the difference in actual value of the goods over the forecast period.
On-line PAM information is considered very important. This should be seen in the context of the asset classes considered, the limited availability of asset monitoring methods for some of those classes, and the hurdles that respondents report in applying PAM, such as a lack of integration, standardization, and interoperability.