Scope of the Study
Plant asset management increases plant uptime with a digital twin and empowers maintenance operations to improve asset reliability through machine learning and access to complete and correct information. It can efficiently manage the life cycle of assets, lengthen their effective life and reduce equipment failure and associated costs such as loss of production.
The market study is being classified by Type (Software and Service), by Application (Energy & Power, Petrochemical, Chemical, Mining, Food & Beverage and Pharmaceutical) and major geographies with country level break-up.
Emerson (United States), Honeywell (United States), Rockwell (United States), ABB (Switzerland), Schneider (France), Yokogawa (Japan), General Electric (United States), Siemens (Germany), Hitachi (Japan) and IBM (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Endress+Hauser (Switzerland) and Dassault Systemes SE (France).
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain competitive advantage through combined collaborations. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Plant Asset Management market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Plant Asset Management market by Type, Application and Region.
On the basis of geography, the market of Plant Asset Management has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Surging Adoption of Lean Manufacturing Practices By Several Organizations
- Increasing Focus on Providing Cloud-Based PAM Solutions to Satisfy Customer Demands
- Growing Need for Real-Time Data Analytics
- Escalating Demand for Asset Management Software That Can Identify Potential Failures to Avoid Futuristic Loss
- High Initial Investment and Need for Periodic Upgrading of PAM Solutions Limiting Their Demand
- Increasing Investments in Greenfield Projects
- Less Acceptance From Operators Due to Lack of Technical Know-How and Fear of Job Loss
Key Target AudiencePlant Asset Management Providers, Emerging Companies, Research Professionals and End-users
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Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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