Global Plant Asset Management Market is expected to reach $16.07 billion by 2027 growing at a CAGR 12.5% during 2018 to 2027.

Some of the key players in the Plant Asset Management market are the AB SKF, ABB Ltd, Emerson Electric Co, Endress+Hauser Management AG, General Electric Co, Honeywell International, Inc, Rockwell Automation, Inc, Schneider Electric Se, Siemens AG, and Yokogawa Electric Corporation.

Increasing adoption of lean manufacturing practices, growing demand for cloud-based PAM solutions, and increasing demand for real-time data analysis are likely to boost the growth of the Plant Asset Management market. However, high investment cost and need for periodic up gradation of PAM solutions and complexities involved in the installation of PAM solution are likely to hamper the profit boundaries.

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Plant asset management is a practice used to optimize operations and gain maximum benefits from all the involved assets in a facility. It is a process of enhancing field devices and monitoring their functioning. This is used to improve the machine operating performance, thus reducing maintenance cost and documentation. Plant asset management is a cost-cutting strategy used in different industrial plants; it predicts potential asset failures and precautionary measures needed to minimize the downtime according to the size of an industrial plant. Plant asset management assesses the condition of assets and uses different technologies such as ultrasonic vibration, and modelling software to protect and forecast the health of an asset.

Based on asset type, the automation assets segment is likely to have a huge demand due to the increasing adoption of automation in industries such as oil and gas, chemical, food and beverages, automotive, and aerospace and defense.

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By geography, Asia Pacific is going to have a lucrative growth during the forecast period owing to the several advancements and technological innovations in different manufacturing industries. Adoption of plant asset management solution is high in APAC due to the growing manufacturing sector in the region.

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Asset Types Covered:
• Automation Assets
• Production Assets

Deployment Modes Covered:
• Cloud (Online) Deployment
• Offline Deployment

Offerings Covered:
• Hardware
• Software
• Services

End Users Covered:
• Discrete Industry
• Process Industry

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o France
o Italy
o UK
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country level segments
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of 9 years of all the mentioned segments, sub-segments, and the regional markets
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

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Release ID: 88941944