Plant Asset Management Market by Offering (Software, Services), Deployment Mode (Cloud-based, On-premises), Asset Type (Production Asset, Automation Assets), End User (Energy and Power, Oil and Gas, Petrochemical, Mining and Metal, Aerospace and Defense,

Plant Asset Management Market by Offering (Software, Services), Deployment Mode (Cloud-based, On-premises), Asset Type (Production Asset, Automation Assets), End User (Energy and Power, Oil and Gas, Petrochemical, Mining and Metal, Aerospace and Defense, Automotive, and Others), and Region 2023-2028

Market Overview:

The global plant asset management market size reached US$ 7.68 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.54 Billion by 2028, exhibiting a growth rate (CAGR) of 10.70% during 2023-2028. Significant growth in the oil and gas industry, extensive research and development (R&D) activities, and rising demand to improve operational efficiency and reduce downtime represent some of the key factors driving the market.

Plant asset management (PAM) is a strategic process of planning, organizing, tracking, maintaining, and optimizing physical assets within an industrial plant. It primarily consists of services, software, and hardware deployed by a manufacturing company to monitor assets over their lifecycle. It is widely used to understand the life cycle of plant assets, optimize the maintenance planning strategy, and ensure the plant is running efficiently through lean manufacturing practices. PAM assists in increasing reliability, reducing maintenance costs, improving safety, facilitating data-driven decision-making, and enhancing regulatory compliance. It also helps to optimize asset utilization, improve product quality, reduce energy consumption, and increase overall plant productivity. As a result, PAM finds extensive applications across the energy and power, oil and gas, petrochemical, mining and metal, aerospace and defense, and automotive industries.

Plant Asset Management Market Trends:

Significant growth in the oil and gas industry across the globe is one of the key factors creating a positive outlook for the market. PAM is widely used to monitor the condition of critical equipment such as pumps, compressors, and turbines and identify potential failures. In line with this, the widespread adoption of PAM to provide real-time tracking of assets such as drilling rigs, tankers, and pipelines, ensuring they operate at maximum efficiency and reduce the risk of theft or loss, is favoring the market growth. Moreover, the increasing demand for PAM software solution as it helps in minimizing the risk of potential acid leaks by tracking corrosion of hydrofluoric acid alkylation units, which allows refinery operators to prevent accidental shutdowns and better estimate the lifespan of equipment, thus securing the safety of their workers, is acting as another growth inducing factor. Apart from this, the integration of artificial intelligence (AI) and machine learning (ML) algorithms that help to analyze vast amounts of data to identify patterns and predict equipment failures and detect suspicious activities is providing an impetus to the market growth. Additionally, the widespread utilization of PAM solutions to help industrial plants ensure compliance with safety and regulatory standards, and reduce the risk of accidents and environmental incidents, is propelling the market growth. Furthermore, the increasing utilization of cloud-based solutions that allows data to be stored and analyzed in real-time and offer cost-effective solutions is positively influencing the market growth. Other factors, including the increasing adoption of automation technologies, extensive research and development (R&D) activities, the rising demand to improve operational efficiency and reduce downtime, and rapid technological advancements are supporting the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global plant asset management market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on offering, deployment mode, asset type and end user.

Offering Insights:

Software
Services

The report has provided a detailed breakup and analysis of the plant asset management market based on the offering. This includes software and services.  According to the report, services represented the largest segment.

Deployment Mode Insights

Cloud-based
On-premises

A detailed breakup and analysis of the plant asset management market based on the deployment mode has also been provided in the report. This includes cloud-based and on-premises. According to the report, cloud-based accounted for the largest market share.

Asset Type Insights:

Production Asset

Motors, Rotating, Reciprocating Equipment
Process and Mechanical Equipment
Remote Equipment, Wiring and Other Electrical Equipment

Automation Assets

Field Devices
Control Values Position and Associated Equipment

The report has provided a detailed breakup and analysis of the plant asset management market based on the asset type. This includes production asset (motors, rotating, reciprocating equipment, process and mechanical equipment and remote equipment, wiring and other electrical equipment) and automation assets (field devices, control values position, and associated equipment).  According to the report, production assets represented the largest segment.

End User Insights

Energy and Power
Oil and Gas
Petrochemical
Mining and Metal
Aerospace and Defense
Automotive
Others

A detailed breakup and analysis of the plant asset management market based on the end user has also been provided in the report. This includes energy and power, oil and gas, petrochemical, mining and metal, aerospace and defense, automotive and others. According to the report, power accounted for the largest market share.

Regional Insights:

North America 

United States
Canada

Europe 

Germany 
France 
United Kingdom 
Italy 
Spain
Russia
Others

Asia Pacific 

China
Japan
India
South Korea
Australia
Indonesia
Others

Latin America 

Brazil
Mexico
Others

Middle East and Africa

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for plant asset management. Some of the factors driving the North America plant asset management market included extensive research and development (R&D) activities, significant growth in the oil and gas industry, and rapid technological advancements.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global plant asset management market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include ABB Ltd, Bentley Systems Incorporated, Emerson Electric Co., Endress+Hauser AG, General Electric Company, Honeywell International Inc., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Yokogawa Electric Corporation, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Questions Answered in This Report:

How has the global plant asset management market performed so far, and how will it perform in the coming years?
What are the drivers, restraints, and opportunities in the global plant asset management market?
What is the impact of each driver, restraint, and opportunity on the global plant asset management market?
What are the key regional markets?
Which countries represent the most attractive plant asset management market?
What is the breakup of the market based on the offering?
Which is the most attractive offering in the plant asset management market?
What is the breakup of the market based on the deployment mode?
Which is the most attractive deployment mode in the plant asset management market?
What is the breakup of the market based on the asset type?
Which is the most attractive asset type in the plant asset management market?
What is the breakup of the market based on the end user?
Which is the most attractive end user in the plant asset management market?
What is the competitive structure of the global plant asset management market?
Who are the key players/companies in the global plant asset management market?