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.
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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.
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Global Plant Asset Management (PAM) Market Segmentation
By Component
- Solution
- Services
By Deployment Mode
- Cloud
- On-premise
By Asset Type
- Production Assets
- Automation Assets
By End-user
- Energy & Power
- Aerospace & Defense
- Automotive
- Mining & Metal
- Others
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.
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