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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 Report I 2023-05-29 I 144 Pages I IMARC Group
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?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Plant Asset Management Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Offering
6.1 Software
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Services
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Deployment Mode
7.1 Cloud-based
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 On-premises
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Asset Type
8.1 Production Asset
8.1.1 Market Trends
8.1.2 Key Segments
8.1.2.1 Motors, Rotating, Reciprocating Equipment
8.1.2.2 Process and Mechanical Equipment
8.1.2.3 Remote Equipment, Wiring and Other Electrical Equipment
8.1.3 Market Forecast
8.2 Automation Assets
8.2.1 Market Trends
8.2.2 Key Segments
8.2.2.1 Field Devices
8.2.2.2 Control Values Position and Associated Equipment
8.2.3 Market Forecast
9 Market Breakup by End User
9.1 Energy and Power
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Oil and Gas
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Petrochemical
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Mining and Metal
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Aerospace and Defense
9.5.1 Market Trends
9.5.2 Market Forecast
9.6 Automotive
9.6.1 Market Trends
9.6.2 Market Forecast
9.7 Other
9.7.1 Market Trends
9.7.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 United States
10.1.1.1 Market Trends
10.1.1.2 Market Forecast
10.1.2 Canada
10.1.2.1 Market Trends
10.1.2.2 Market Forecast
10.2 Asia-Pacific
10.2.1 China
10.2.1.1 Market Trends
10.2.1.2 Market Forecast
10.2.2 Japan
10.2.2.1 Market Trends
10.2.2.2 Market Forecast
10.2.3 India
10.2.3.1 Market Trends
10.2.3.2 Market Forecast
10.2.4 South Korea
10.2.4.1 Market Trends
10.2.4.2 Market Forecast
10.2.5 Australia
10.2.5.1 Market Trends
10.2.5.2 Market Forecast
10.2.6 Indonesia
10.2.6.1 Market Trends
10.2.6.2 Market Forecast
10.2.7 Others
10.2.7.1 Market Trends
10.2.7.2 Market Forecast
10.3 Europe
10.3.1 Germany
10.3.1.1 Market Trends
10.3.1.2 Market Forecast
10.3.2 France
10.3.2.1 Market Trends
10.3.2.2 Market Forecast
10.3.3 United Kingdom
10.3.3.1 Market Trends
10.3.3.2 Market Forecast
10.3.4 Italy
10.3.4.1 Market Trends
10.3.4.2 Market Forecast
10.3.5 Spain
10.3.5.1 Market Trends
10.3.5.2 Market Forecast
10.3.6 Russia
10.3.6.1 Market Trends
10.3.6.2 Market Forecast
10.3.7 Others
10.3.7.1 Market Trends
10.3.7.2 Market Forecast
10.4 Latin America
10.4.1 Brazil
10.4.1.1 Market Trends
10.4.1.2 Market Forecast
10.4.2 Mexico
10.4.2.1 Market Trends
10.4.2.2 Market Forecast
10.4.3 Others
10.4.3.1 Market Trends
10.4.3.2 Market Forecast
10.5 Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast
11 Drivers, Restraints, and Opportunities
11.1 Overview
11.2 Drivers
11.3 Restraints
11.4 Opportunities
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 ABB Ltd
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.1.3 Financials
15.3.1.4 SWOT Analysis
15.3.2 Bentley Systems Incorporated
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.2.3 Financials
15.3.3 Emerson Electric Co.
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.3.3 Financials
15.3.3.4 SWOT Analysis
15.3.4 Endress+Hauser AG
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.4.3 SWOT Analysis
15.3.5 General Electric Company
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.5.3 Financials
15.3.5.4 SWOT Analysis
15.3.6 Honeywell International Inc.
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.6.3 Financials
15.3.6.4 SWOT Analysis
15.3.7 Rockwell Automation Inc.
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.7.3 Financials
15.3.7.4 SWOT Analysis
15.3.8 Schneider Electric SE
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.8.3 Financials
15.3.8.4 SWOT Analysis
15.3.9 Siemens AG
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.9.3 Financials
15.3.9.4 SWOT Analysis
15.3.10 Yokogawa Electric Corporation
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio
15.3.10.3 Financials
15.3.10.4 SWOT AnalysisKindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Figure 1: Global: Plant Asset Management Market: Major Drivers and Challenges
Figure 2: Global: Plant Asset Management Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Plant Asset Management Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Plant Asset Management Market: Breakup by Offering (in %), 2022
Figure 5: Global: Plant Asset Management Market: Breakup by Deployment Mode (in %), 2022
Figure 6: Global: Plant Asset Management Market: Breakup by Asset Type (in %), 2022
Figure 7: Global: Plant Asset Management Market: Breakup by End User (in %), 2022
Figure 8: Global: Plant Asset Management Market: Breakup by Region (in %), 2022
Figure 9: Global: Plant Asset Management (Software) Market: Sales Value (in Million US$), 2017 & 2022
Figure 10: Global: Plant Asset Management (Software) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 11: Global: Plant Asset Management (Services) Market: Sales Value (in Million US$), 2017 & 2022
Figure 12: Global: Plant Asset Management (Services) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 13: Global: Plant Asset Management (Cloud-based) Market: Sales Value (in Million US$), 2017 & 2022
Figure 14: Global: Plant Asset Management (Cloud-based) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 15: Global: Plant Asset Management (On-premises) Market: Sales Value (in Million US$), 2017 & 2022
Figure 16: Global: Plant Asset Management (On-premises) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 17: Global: Plant Asset Management (Production Asset) Market: Sales Value (in Million US$), 2017 & 2022
Figure 18: Global: Plant Asset Management (Production Asset) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 19: Global: Plant Asset Management (Automation Assets) Market: Sales Value (in Million US$), 2017 & 2022
Figure 20: Global: Plant Asset Management (Automation Assets) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 21: Global: Plant Asset Management (Energy and Power) Market: Sales Value (in Million US$), 2017 & 2022
Figure 22: Global: Plant Asset Management (Energy and Power) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 23: Global: Plant Asset Management (Oil and Gas) Market: Sales Value (in Million US$), 2017 & 2022
Figure 24: Global: Plant Asset Management (Oil and Gas) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 25: Global: Plant Asset Management (Petrochemical) Market: Sales Value (in Million US$), 2017 & 2022
Figure 26: Global: Plant Asset Management (Petrochemical) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 27: Global: Plant Asset Management (Mining and Metal) Market: Sales Value (in Million US$), 2017 & 2022
Figure 28: Global: Plant Asset Management (Mining and Metal) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 29: Global: Plant Asset Management (Aerospace and Defense) Market: Sales Value (in Million US$), 2017 & 2022
Figure 30: Global: Plant Asset Management (Aerospace and Defense) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 31: Global: Plant Asset Management (Automotive) Market: Sales Value (in Million US$), 2017 & 2022
Figure 32: Global: Plant Asset Management (Automotive) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 33: Global: Plant Asset Management (Other End Users) Market: Sales Value (in Million US$), 2017 & 2022
Figure 34: Global: Plant Asset Management (Other End Users) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 35: North America: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 36: North America: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 37: United States: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 38: United States: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 39: Canada: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 40: Canada: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 41: Asia-Pacific: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 42: Asia-Pacific: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 43: China: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 44: China: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 45: Japan: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 46: Japan: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 47: India: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 48: India: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 49: South Korea: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 50: South Korea: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 51: Australia: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 52: Australia: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 53: Indonesia: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 54: Indonesia: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 55: Others: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 56: Others: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 57: Europe: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 58: Europe: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 59: Germany: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 60: Germany: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 61: France: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 62: France: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 63: United Kingdom: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 64: United Kingdom: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 65: Italy: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 66: Italy: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 67: Spain: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 68: Spain: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 69: Russia: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 70: Russia: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 71: Others: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 72: Others: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 73: Latin America: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 74: Latin America: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 75: Brazil: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 76: Brazil: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 77: Mexico: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 78: Mexico: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 79: Others: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 80: Others: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 81: Middle East and Africa: Plant Asset Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 82: Middle East and Africa: Plant Asset Management Market: Breakup by Country (in %), 2022
Figure 83: Middle East and Africa: Plant Asset Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 84: Global: Plant Asset Management Industry: Drivers, Restraints, and Opportunities
Figure 85: Global: Plant Asset Management Industry: Value Chain Analysis
Figure 86: Global: Plant Asset Management Industry: Porter's Five Forces Analysis
Table 1: Global: Plant Asset Management Market: Key Industry Highlights, 2022 & 2028
Table 2: Global: Plant Asset Management Market Forecast: Breakup by Offering (in Million US$), 2023-2028
Table 3: Global: Plant Asset Management Market Forecast: Breakup by Deployment Mode (in Million US$), 2023-2028
Table 4: Global: Plant Asset Management Market Forecast: Breakup by Asset Type (in Million US$), 2023-2028
Table 5: Global: Plant Asset Management Market Forecast: Breakup by End User (in Million US$), 2023-2028
Table 6: Global: Plant Asset Management Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 7: Global: Plant Asset Management Market: Competitive Structure
Table 8: Global: Plant Asset Management Market: Key Players
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