The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The plant asset management (PAM) market has witnessed rapid growth, climbing from $8.09 billion in 2023 to $9.14 billion in 2024, with a CAGR of 13.1%. This surge is attributed to technological advancements, initiatives related to Industry 4.0, integration with enterprise-level systems, the transition towards cloud-based solutions, and the increasing need to address aging infrastructure challenges. Looking ahead, rapid growth is expected to continue, with projections indicating an increase to $14.11 billion in 2028 at a CAGR of 11.5%. Anticipated drivers of this growth include the widespread adoption of predictive analytics technologies, a focus on remote monitoring capabilities, integration with digital twins for asset management, advancements in sensor technologies, and a heightened emphasis on cybersecurity measures. Major trends in the forecast period encompass the integration of artificial intelligence, ongoing digitalization initiatives, technological advancements across the board, and a continued focus on asset integrity management.

The adoption of automation technologies is poised to fuel the expansion of the plant asset management market. Encompassing various methods and systems aimed at minimizing human involvement in tasks, automation technologies are complemented by plant asset management (PAM), offering a comprehensive approach to managing physical assets in industrial settings. The surge in global factories installing 517,385 new industrial robots in 2021, marking a 31% annual growth rate, signifies a 22% increase compared to the pre-pandemic record for robot installations, thus indicating the growing adoption of automation technologies. This surge propels the growth of the plant asset management market.

Get A Free Sample On The Plant Asset Management PAM Market Report:

https://www.thebusinessresearchcompany.com/sample.aspx?id=14455&type=smp

What Are The Key Trends That Influence Plant Asset Management PAM Market Share Analysis?

Major companies operating in the plant asset management market are developing innovative products by integrating AI such as Cantilever, to enhance operational efficiency, extend asset lifespan, and improve overall productivity in industrial automation processes. Cantilever is an AI-enabled asset management platform that automates industrial asset inspection processes. For instance, in October 2023, Gecko Robotics, a US-based software company, launched Cantilever. This comprehensive asset management solution includes robotic inspections, data integration, analysis tools, and user modules. Cantilever merges data from multiple robotic, fixed-sensor, and partner systems into a software platform, allowing users to monitor the health of physical assets effectively.

Which Market Players Are Driving Growth In The Plant Asset Management PAM Market?

Major companies operating in the market areGoogle LLC, Microsoft Corporation, Hitachi Ltd., Siemens AG, General Electric Co., International Business Machines Corporation, Oracle Corporation, Schneider Electric SA, Honeywell International Inc., SAP SE, BAE Systems plc, Emerson Electric Company, CGI Group Inc., AB SKF, Rockwell Automation Inc., Dassault Systemes, Yokogawa Electric Corporation, KUKA AG, Endress+Hauser Management AG, Bentley Systems, Maxwell Technologies Inc, Aspen Technology Inc., Ramco Systems Ltd.

How Is The Global Plant Asset Management PAM Market Segmented?

The plant asset management (PAM) market covered in this report is segmented –

1) By Offering: Software, Services
2) By Deployment: On-Premise, Cloud
3) By Asset Type: Production Assets, Automation Assets
4) By End-User: Energy And Power, Oil And Gas, Petrochemical, Mining And Metal, Aerospace And Defense, Automotive, Other End-Users

Read The Full Plant Asset Management PAM Market Report Here

https://www.thebusinessresearchcompany.com/report/plant-asset-management-pam-global-market-report

The Plant Asset Management PAM Global Market Report 2024 provides an overview of the plant asset management pammarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The plant asset management pam market forecast analyzes plant asset management pam market size, plant asset management pam market share, leading competitor and their market positions.

The Table Of Content For The Plant Asset Management PAM Market Include

1. Plant Asset Management PAM Market Executive Summary
2. Plant Asset Management PAM Market Segments
3. Plant Asset Management PAM Market Size And Template Market Growth Rate
4.  Key Plant Asset Management PAM Market Trends
5. Major Plant Asset Management PAM Market Drivers
……
25. Key Mergers And Acquisitions In The Plant Asset Management PAM Market
26. Top Plant Asset Management PAM Companies
27. Plant Asset Management PAM Market Opportunities And Strategies
28. Plant Asset Management PAM Market, Conclusions And Recommendations
29. Appendix

Learn More About The Business Research Company

The Business Research Company has published over 15000+ reports in 27 industries, spanning 60+ geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Contact us at:

The Business Research Company: https://www.thebusinessresearchcompany.com/

Americas +1 3156230293

Asia +44 2071930708

Europe +44 2071930708

Email us at info@tbrc.info

Follow us on:

LinkedIn: https://in.linkedin.com/company/the-business-research-company

YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Found this article helpful? Share it on: