Plant asset management market size to increase by USD 2.02 billion during 2022-2027
The increase in the adoption of smart sensors drives the PAM market growth.
Technavio has announced its latest market research report titled Global Plant Asset Management (PAM) Market 2023-2027
The plant asset management (PAM) market size is expected to grow by USD 2.02 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 7.09% during the forecast period. The market is segmented by Deployment (Cloud and On-premises), End-user (Power industry, Pulp and paper industry, Oil and gas industry, Refining industry, and Petrochemical and others), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).
The smart sensors include wireless monitoring systems and the development of smart sensors and the implementation of the industrial Internet of Things (IIoT) have fuelled the adoption as well. Smart sensors offer system data and information on their status and provide better system reliability. They help minimize the repair cost and reduce the sensor replacement time. Hence, such factors drive the growth of the PAM market during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market.
Source: Technavio: Plant Asset Management Market 2022-2027
Key highlights
The report recognizes the following as some of the key players in the plant asset management (PAM) market: AB SKF, ABB Ltd., Aspen Technology Inc., AVEVA Group Plc, Emerson Electric Co., Endress Hauser Group Services AG, Hitachi Ltd., Honeywell International Inc., IFS World Operations AB, International Business Machines Corp., Novo Solutions Inc., Oracle Corp., Petrofac Ltd., Ramco Systems Ltd., Rockwell Automation Inc., S and T Deutschland GmbH, SAP SE, Schneider Electric SE, Siemens AG, and Yokogawa Electric Corp.
Plant Asset Management (PAM) Market is fragmented in nature. Market to observe 6.64% YOY growth in 2023.
Trend
The use of prescriptive analytics for analysis is an emerging PAM market trend. Prescriptive analytics help leverage historical data trends to forecast changes to showcase what impact each task on the system can have on the process. Furthermore, there is an increasing adoption of prescriptive analytics across several organizations. Hence, such trends fuel the growth of the PAM market during the forecast period.
Source: Technavio: Plant Asset Management Market 2022-2027
Challenges
The increase in cyber attacks challenges the growth of the PAM market. There is an increase in the integration of online connected devices in plants, which leads to several industries becoming more prone to cyber-attacks. There is a rising number of ransomware attacks across industries. The ransom attacks are on IIoT-connected devices resulting in a halt in in the production and operation of electrical grids, and other IIoT-connected networks. Hence, such challenges hinder the growth of the PAM market during the forecast period.
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