Plant Asset Management (PAM) Market Analysis And Forecast To 2031: By Component (Solution, Service), By Deployment (On-premise, Cloud), By Asset Type (Production Assets, Automation Assets), By End User (Energy & Power, Aerospace & Defense, Automotive, Min

Plant Asset Management (PAM) Market Analysis And Forecast To 2031: By Component (Solution, Service), By Deployment (On-premise, Cloud), By Asset Type (Production Assets, Automation Assets), By End User (Energy & Power, Aerospace & Defense, Automotive, Mining & Metal, Others) And Region

The global Plant Asset Management (PAM) Market was valued at USD 4.5 billion in 2021 and it is anticipated to grow up to USD 16.1 billion by 2031, at a CAGR of 13.6% during the forecast period.

Plant Asset Management (PAM) is a system used to manage physical assets such as buildings, machinery, and equipment. It includes maintaining records of asset purchase, depreciation, and utilization. PAM can also involve tracking asset location, schedule maintenance, and coordinating repairs.
Global Plant Asset Management (PAM) Market Scope and Report Structure

Market Trends and Drivers
The key drivers of plant asset management (PAM) market are the need for improved operational efficiency, the need for better asset utilization, and the need for reduced downtime. PAM can help organizations to improve their operational efficiency by optimizing their asset utilization and reducing their downtime. PAM can also help organizations to better manage their assets, improving their asset utilization and reducing their downtime. The rising digitalization and the advent of Industry 4.0 are enabling various stakeholders to adopt lean manufacturing practices. Plants that are using lean processes have seen a 10%-12% growth in productivity. Advantages of these practices increase the adoption of digitalization in manufacturing processes, thereby boosting market demand.
Market Restraints and Challenges
The key restraints and challenges in plant asset management (PAM) market include Lack of standardization: There is no standardization in terms of terminology, processes, or even data formats, which makes it difficult for different PAM software vendors to interoperate. This lack of standardization also makes it difficult for organizations to compare and contrast different PAM solutions. Lack of integration: Most PAM solutions are not well integrated with other enterprise software solutions, such as enterprise resource planning (ERP) or maintenance management systems. This lack of integration can make it difficult for organizations to get a holistic view of their asset management. High cost: PAM solutions can be expensive, both in terms of the initial purchase price and the ongoing costs of maintenance and support. Complexity: PAM solutions can be complex to implement and use, due to their need to integrate with multiple enterprise software solutions and their reliance on complex data analysis.
Global Plant Asset Management (PAM) Market Segmental Overview
The report analyses the global Plant Asset Management (PAM) Market based on Component, Deployment Mode, Asset Type, End-user, and Region.

Global Plant Asset Management (PAM) Market by Component

Based on the component, the Plant Asset Management (PAM) industry is bifurcated into solution, and services. Of these, the solution segment registered significant revenue share in 2021. This is due to the growing adoption of various technologies, such as IoT and automation, across plants. Smart technologies and rich troves of data related to equipment & infrastructure are now available to help enterprises take a more proactive approach to asset management. Asset lifecycle management solutions balance the very different maintenance requirements of diverse & distributed assets to deliver maximum safety & longevity in design, construction, commissioning, operations, maintenance, decommissioning, and replacement.

Global Plant Asset Management (PAM) Market by Deployment Mode

By deployment mode, the industry is divided into Cloud, and On-premise. Of these Cloud-based PAM solutions are expected to grow significantly in 2031. Owing to their low costs, cloud-based (online) PAM software solutions are the best choice for small- & medium-sized businesses in Europe. In Germany plant asset management market, the cloud deployment model is projected to witness growth rate of over 10% through 2030, because of the increasing use of cloud services to reduce the cost of ownership across various industries. Cloud-based deployments are helping enterprises to manage their business operations in the pandemic and allowing users to work remotely & execute day-to-day operations.

Global Plant Asset Management (PAM) Market by Asset Type

Based on asset type, the Plant Asset Management (PAM) industry is categorized into Production Assets, and Automation Assets. Among these, the production asset segment accounted for lucrative market share in 2021. production asset segment captured a market share of 60% in 2021, impelled by the growing demand for managing & mapping production assets and ensuring a smooth work process throughout plants. Production asset management software solutions increase the efficiency of production environments with the help of tools & features that manage & track media throughout the whole content creation process. The production asset helps to automate workflow, ensuring efficient storage & controlling of production assets.

Global Plant Asset Management (PAM) Market by End-user

Based on the end-user, the industry is categorized into Energy & Power, Aerospace & Defense, Automotive, Mining & Metal, and Others. Among these, the aerospace & defense segment is expected to depict significant CAGR from 2022 to 2030. This is attributed to investments in advanced technologies in the aerospace & defense sector. Manufacturing cost management is becoming a priority for aerospace manufacturers, forcing them to adopt asset management technologies for their plants. The aerospace sector is implementing PAM solutions to reduce operational costs with the help of advanced technologies such as predictive maintenance and AI.
Geographical Analysis of Global Plant Asset Management (PAM) Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Europe Plant Asset Management (PAM) market captured significant market share in 2021 and is poised to grow substantially during the forthcoming years. This is propelled by smart factory solutions in the region. The rapid adoption of IoT/IIoT in various sectors, such as manufacturing, automotive, and healthcare, can be credited to rising internet penetration, the availability of cheap IoT sensors, and the proliferation of smart connected devices. The presence of developed IT infrastructure and supportive government initiatives to support the advent of Industry 4.0 in the region are contributing to market growth.
Major Players in the Global Plant Asset Management (PAM) Market
The key players in the market Emerson, Honeywell , Rockwell, ABB, Schneider, Yokogawa, General Electric, Siemens, Bentley Systems, and CGI Group, Inc., among others.
COVID-19 Impact
The COVID-19 pandemic has moderately impacted the plant asset management (PEM) industry. Remote monitoring and asset management solutions have been gaining traction for a while and the adoption has jumped in 2020 to help address the COVID-19 related business challenges. End users struggling with skills gaps, are also looking to turn over the function of identifying equipment problems proactively to third-party providers. Moreover, the demand for value-added services is increasing as end users rely more on suppliers in the face of constrained personnel resources, especially now due to the COVID-19 pandemic. Demand has been particularly strong for outsourced maintenance and performance-related services
Recent Developments

In March 2022. Aptean launched Aptean EAM, an all new, cloud-based enterprise asset management (EAM) solution for manufacturing and other businesses that depend on complex equipment to support production. The new offering can scale from functioning as a standalone computerized maintenance management system (CMMS) to delivering advanced EAM functionality.
In June 2022, Yokogawa Electric Corporation announced the released of OpreX™ Asset Health Insights today. A new addition to the OpreX Asset Management and Integrity family, Asset Health Insights is a cloud-based plant asset monitoring service that collects, refines, and aggregates operational technology (OT) data from distributed assets.



Frequently Asked Questions
Q1. How big is the Plant Asset Management (PAM) Market?

Ans. The global Plant Asset Management (PAM) Market was valued at USD 4.5 billion in 2021 and it is anticipated to grow up to USD 16.1 billion by 2031, at a CAGR of 13.6% during the forecast period.

Q2. What is the Plant Asset Management (PAM) Market growth rate?

Ans. The growth rate of the Plant Asset Management (PAM) Market is 13.6%.

Q3. Which region holds a major market share for the market?

Ans. North America holds a major market share of the Plant Asset Management (PAM) Market in 2021.

Q4. Which segment accounted for the largest Plant Asset Management (PAM) Market share?

Ans. By end-user, the aerospace and defense segment accounted for the largest Plant Asset Management (PAM) Market share.

Q5. Who are the key players in the Plant Asset Management (PAM) Market?

Ans. The global Plant Asset Management (PAM) Market report includes players such as Emerson, Honeywell , Rockwell, ABB, Schneider, Yokogawa, General Electric, Siemens, Bentley Systems, and CGI Group, Inc., among others.

Q6. What are the factors driving the Plant Asset Management (PAM) Market growth?

Ans. The major factors driving the growth of the market are the rising adoption of PAM solutions is high in APAC.

Q7. What are the key growth strategies of Plant Asset Management (PAM) Market players?

Ans. The key growth strategies of Plant Asset Management (PAM) Market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the Plant Asset Management (PAM) Market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the Plant Asset Management (PAM) Market during the forecast period.

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