Plant Asset Management (PAM) Market Size By Component (Solution [Asset Lifecycle Management, Predictive Maintenance, Work Order Management, Inventory Management], Service [Professional Service, Managed Service]), By Deployment (On-premise, Cloud), By Asse

Plant Asset Management (PAM) Market Size By Component (Solution [Asset Lifecycle Management, Predictive Maintenance, Work Order Management, Inventory Management], Service [Professional Service, Managed Service]), By Deployment (On-premise, Cloud), By Asset Type (Production Assets, Automation Assets), By End User (Energy & Power, Oil & Gas, Petrochemical, Mining & Metal, Aerospace & Defense, Automotive), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

The plant asset management (PAM) market is set to witness substantial growth through 2030 owing to growing focus on decreasing operational costs. In addition, rising adoption of cloud-based PAM solutions across the globe is also likely to propel market growth in the forthcoming years.

Integrating a plant asset management solution within a business organization can positively impact operations by enhancing accuracy, increasing production capacity, and predicting plant performance. During the COVID-19 crisis, in order to establish a robust, digitally enabled business, companies shifted towards extensive data processing to reduce downtime, which fueled product uptake.

Moreover, major players in the plant asset management (PAM) market have been focusing on product innovation to improve their business standing, thereby providing impetus to industry expansion. For instance, in July 2022, GE Digital, a software technology firm, introduced the new Accelerator product line, which has been designed to configure its APM (asset performance management) software.

The plant asset management (PAM) market has been bifurcated on the basis of deployment model, end-user, component, asset type, and region.

With respect to end-user, the market has been segmented into oil & gas, mining and metal, automotive, aerospace and defense, petrochemical, energy and power, and others. The petrochemical segment accounted for a market share of more than 10% in 2021 due to growing digitalization across the petrochemical industry.

In 2021, the mining and metal segment held approximately 5% market share driven by mounting prominence of IoT devices across the mining sector. Furthermore, due to proliferating significance of Industry 4.0 across the automotive sector, the plant asset management (PAM) market share from the automotive segment is expected to grow at around 15% CAGR in the upcoming time.

Based on component, the plant asset management (PAM) industry has been bifurcated into service and solution. The service component segment has been further divided into managed service and professional service. The managed service segment is poised to register a CAGR of over 15% through the assessment period supported by escalating uptake for management outsourcing of the PAM software.

On the other hand, the solution component segment has been further categorized into inventory management, predictive maintenance, work order management, and asset lifecycle management. The work order management segment is slated to progress at a CAGR of roughly 10% through the review timeline as a result of soaring demand for reducing the downtime of assets.

On the regional front, the plant asset management (PAM) market in Latin America is estimated to expand at around 15% CAGR over the analysis timeframe due to prevalent industrialization in the LATAM region. Meanwhile, owing to increasing digitalization in the MEA oil and gas industry, the Middle East & Africa market is anticipated to capture an industry share of about 10% by 2030.