The worldwide plant asset management market is forecasted to attain a valuation of US$ 6 billion by the end of 2022.The market is forecasted to reach a value pool of US$ 18 billion over the projection timeframe (2022-2032), registering a CAGR of 11.6% by 2032.
The growing desire of various stakeholders to improve numerous processes across industries and utility facilities in order to achieve greater productivity while reducing waste is driving the industry’s growth.
More and more stakeholders are adopting lean manufacturing techniques as a result of increased digitalization and the implementation of Industry 4.0. Production has increased by 10% to 12% in plants that use lean procedures. The advantages of these techniques encourage the use of digitalization in industrial processes, which leads to increased market demand.
During the historical period from 2017-2021, plant asset management market grew at a CAGR of 10%. The market is being driven by the implementation of lean manufacturing processes. Companies that apply lean manufacturing concepts should consider an asset management system to increase dependability while lowering maintenance and operational costs across various asset classes.
According to the research, the United States will be the most profitable market for Plant Asset Management during the forecast period. The plant asset management industry in the United States is expected to grow at a CAGR of 10.6%, owing to the region’s advanced factory solutions.
Increased internet penetration, the availability of low-cost IoT sensors, and the proliferation of smart-linked devices have all contributed to the rapid adoption of IoT/IIoT across various industries, including manufacturing, automotive, and healthcare. The availability of sophisticated IT infrastructure, as well as government initiatives to support the region’s transition to Industry 4.0, will drive market growth.
Key Players:
- ABB Ltd.
- AB SKF
- Bentley Systems
- CGI Group, Inc.
- Dassault Systèmes
- Emerson
- Endress+Hauser Management AG
- General Electrical
- Hitachi
- Honeywell
- IBM Corporation
- IFS AB
- Ing. Punzenberger COPA-DATA GmbH
- Maxwell Technologies Inc
- Oracle Corporation
- Ramco Systems Ltd.
