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Plant Asset Management Market (PAM) Worth $9.4 Billion by 2024 – Exclusive Report by MarketsandMarkets™

Vlad Poptamas

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According to the new market research report Plant Asset Management Market (PAM) by Offering (Software and Services), Deployment Mode (Cloud-based and On Premises), Asset Type (Production Assets and Automation Assets), End-user Industry (Process and Discrete), and Geography – Global Forecast to 2024″, published by MarketsandMarkets™, the Plant Asset Management Market is projected to grow from USD 5.5 billion in 2019 to USD 9.4 billion by 2024, at a CAGR of 11.3%. Major factors fueling the market growth include surging adoption of lean manufacturing practices by several organizations, increasing focus on providing cloud-based PAM solutions to satisfy customer demands, escalating demand for asset management software that can identify potential failures to avoid futuristic loss, and growing need for real-time data analytics.

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“Services to lead plant asset management market by 2024”

The deployment of PAM software is a costly process and a one-time activity, whereas PAM services that include maintenance needs, software upgrades, and personnel training are demanded by end-user industries continuously. Hence, PAM services have a more significant contribution to generating more revenue than PAM software solutions. Further, market players are focusing on offering industry-specific services to meet the ever-changing demands of different industries.

“Production assets to hold largest share of PAM market during forecast period”

Rising adoption of PAM solutions for monitoring rotating and reciprocating equipment, among others, across various industries is expected to drive the growth of the PAM market during the forecast period. Moreover, incidents of unplanned shutdowns or slowdowns due to equipment failures lead to high financial loss in terms of damage to equipment, production losses, and unscheduled maintenance. However, real-time health and performance insights encourage informed actions and decisions to improve plant efficiency minimizing risks of equipment failure, thereby reducing the wastage of valuable finances. Hence, the demand for PAM solutions is high to manage these production assets.

Browse in-depth TOC on “Plant Asset Management Market

109 – Tables

52 – Figures

178 – Pages

Asia Pacific to be largest market for PAM during forecast period”

Asia Pacific presents a substantial market for PAM. The PAM market in APAC is growing rapidly due to several advancements and technological innovations in different manufacturing industries. The adoption of PAM solutions is high in APAC due to the growing manufacturing sector in the region. Most of the key manufacturers from different industries have shifted their manufacturing plants in APAC due to the low labor cost and availability of a skilled workforce. These manufacturing units are using asset management solutions for the improvement in the overall manufacturing processes, which is expected to drive the growth of the PAM market in the region.

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Major players in the PAM market are Emerson (US), Honeywell (US), Rockwell (US), ABB (Switzerland), Schneider (France), Yokogawa (Japan), General Electric (US), Siemens (Germany), and SKF Group (Sweden).

Please Explore Relevant Reports:

Smart Factory Market by Technology (DCS, PLC, MES, ERP, SCADA, PAM, HMI, PLM), Component (Sensors, Industrial Robots, Machine Vision Systems, Industrial 3D Printing), Industry, and Geography – Global Forecast to 2024

Process Automation & Instrumentation Market by Instrument (Field Instrument, Control Valve, Analytical Instrument), Solution (APC, DCS, HMI, MES, PLC, Safety Automation, SCADA), Industry, and Geography – Global Forecast to 2024

 

SOURCE MarketsandMarkets

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Global predictive analytics market is expected to grow with a CAGR of 22.1% over the forecast period from 2018-2024

GlobeNewswire

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New York, Feb. 22, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Predictive analytics market: Global Industry Analysis, Trends, Market Size, and Forecasts up to 2024” – https://www.reportlinker.com/p05751647/?utm_source=GNW
1% over the forecast period from 2018-2024. The study on the predictive analytics market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific, and RoW for the period of 2016 to 2024.
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Global 3PL Market – Growth, Trends, and Forecast (2019 – 2024)

GlobeNewswire

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New York, Feb. 22, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global 3PL Market – Growth, Trends, and Forecast (2019 – 2024)” – https://www.reportlinker.com/p05865815/?utm_source=GNW
Whereas, the loss of control over the shipping functions is a major restraint to the market. The APAC region is one of the fastest-growing regions, globally, while North America is the leading region, owing to the presence of major players and a developed market.
Clare: clare@reportlinker.com
US: (339)-368-6001
Intl: +1 339-368-6001

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In light of growing partnerships and developing navigation infrastructure, the automotive navigation systems in Europe had captured a major share of more than 30% of the global market in 2018

GlobeNewswire

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New York, Feb. 21, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Automotive Navigation System Market – Growth, Trends, and Forecast (2020 – 2025)” – https://www.reportlinker.com/p05865826/?utm_source=GNWClare: clare@reportlinker.com
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Intl: +1 339-368-6001

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