What Has Been the Growth of the Plant Asset Management PAM Market So Far?
The plant asset management pam market has seen considerable growth due to a variety of factors.
• In recent times, the plant asset management (PAM) market has witnessed rapid growth. It is predicted to expand from $9.14 billion in 2024 to $10.32 billion in 2025, marking a compound annual growth rate (CAGR) of 12.8%.
The growth observed in the historic period can be linked to technological advancements, the initiation of industry 4.0 concepts, integration with enterprise systems, the evolution towards cloud-based solutions, and aging infrastructure.
What Is the Forecasted Market Size and Growth Rate for The Plant Asset Management PAM Market Size In The Coming Years?
The plant asset management pam market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the plant asset management (PAM) market is anticipated to experience rapid expansion, predicted to reach $15.62 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 10.9%.
This growth during the projected period can be credited to the rising adoption of predictive analytics, importance laid on remote monitoring, integration with digital twins, advancements made in sensor technologies, and an emphasis on cybersecurity. Major emerging trends during the forecast period encompass the integration of artificial intelligence, a trend towards digitalization, technological progression, and prioritizing asset integrity management.
What Factors Are Driving Growth In The Plant Asset Management PAM Market?
The future uptick in the plant asset management market is anticipated to be triggered by the uptake of automation technologies. Such technologies comprise a vast array of systems, procedures, and methods which deploy diverse technologies to complete tasks with limited human involvement. Plant asset management (PAM) underpins automation technologies by offering a holistic strategy for managing and preserving physical assets in industrial environments. For example, the International Federation of Robotics, a non-profit organization based in Germany, stated in May 2023 that industrial robot installations within manufacturing saw an overall increase of 12% in 2022, amounting to 41,624 units. The automotive sector, predominately made up of businesses from the US, Canada, and Mexico, emerged as the primary adopter with 20,391 installed units, indicating a 30% increase from the year 2021. Consequently, the uptake of automation technologies is fueling the expansion of the plant asset management market.
What Are The Main Segments Of The Global Plant Asset Management PAM Market?
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
Subsegments:
1) By Software: Enterprise Asset Management (EAM) Software, Maintenance Management Software (CMMS), Condition Monitoring Software, Performance Management Software, Asset Lifecycle Management Software, Predictive Maintenance Software
2) By Services: Consulting Services, Integration and Deployment Services, Training and Support Services, Managed Services, Cloud-Based Services, Maintenance and Repair Services
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How Are Emerging Trends Reshaping The Dynamics Of The Plant Asset Management PAM Market?
Major corporations in the plant asset management market, such as Cantilever, are advancing by incorporating AI to boost operational effectiveness, lengthen asset durability and elevate productivity within industrial automation procedures. An AI-assisted asset management solution, Cantilever, mechanizes the procedure of industrial asset inspection. For example, Gecko Robotics, a software company located in the US, rolled out Cantilever in October 2023. This all-encompassing asset management system comprises robotic inspections, data amalgamation, analytical instruments, and user modules. Cantilever amalgamates data from several robotics, fixed sensor, and partner systems on a software platform, thereby enabling effective monitoring of physical asset health.
Who Are the Key Players In The Plant Asset Management PAM Market?
Major companies operating in the plant asset management (PAM) market are:
• Google LLC
• Microsoft Corporation
• Hitachi Ltd.
• Siemens AG
• General Electric Co.
• International Business Machines Corporation
• Oracle Corporation
• Schneider Electric SA
• Honeywell International Inc.
• SAP SE
• BAE Systems plc
• Emerson Electric Company
• CGI Group Inc.
• AB SKF
• Rockwell Automation Inc.
• Dassault Systemes
• Yokogawa Electric Corporation
• KUKA AG
• Endress+Hauser Management AG
• Bentley Systems
• Maxwell Technologies Inc.
• Aspen Technology Inc.
• Ramco Systems Ltd.
What Is The Most Dominant Region In The Plant Asset Management PAM Market?
North America was the largest region in the plant asset management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the plant asset management (PAM) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
