ARC defines Plant Asset Management (PAM) systems as a combination of hardware, software, and services intended to assess the health of plant assets by monitoring asset condition to identify potential problems before they escalate. The severity of problem, potential causes, and possible operator actions can be provided to determine necessary actions. Plant asset management provides predictive asset health information by using data embedded in smart field devices, control systems, and various sensors with an intelligent analytical engine to predict potential asset problems. Information derived from PAM systems can be used to optimize maintenance and operations, increase production availability, and enable a predictive maintenance strategy.
"A wide variety of PAM solutions have been around for a while. Over the years, suppliers and forward-looking end users have helped the rest of the industry participants see the benefits of adopting condition monitoring and other asset management solutions. Although the plant asset management market is in the late majority phase, the application of analytics and Industrial IoT technologies continues to energize this market. Several new analytics startups are now emerging as competitors to traditional PAM players, who are also continuously adding advanced analytics and Industrial IoT capabilities to their portfolios," according to Inderpreet Shoker, Director of Research and key author of ARC's Plant Asset Management Market Research Report.
Plant Asset Management Market Trends
In addition to providing detailed competitive market share data, the report also addresses key market trends as follows:
- Advanced Analytics and Machine Learning
- Connected Assets
- Industrial IoT
- Remote Monitoring
- Supply Chain Disruptions
Leading Suppliers to the Plant Asset Management Market Identified
In addition to providing specific market data and industry trends, this ARC market research also identifies and positions the leading suppliers to this market and provides and summarizes their relevant offerings. An alphabetical list of key suppliers covered in this analysis includes: ABB, Baker Hughes, Emerson Automation Solutions, Rockwell Automation, SKF.
About the Plant Asset Management Research
The Plant Asset Management report explores the current and future market performance and related technology and business trends and identifies leading technology suppliers. This new research is based on ARC’s industry-leading market research database, extensive primary and secondary research, and proprietary economic modelling techniques. The research includes competitive analysis, plus five-year market forecasts. The report segmentation includes Revenue Category, Sales Channel, World Region, Industry, Scope of Research, Asset Type, Production Assets by Industry, Automation Assets by Industry, Production Assets by Revenue Category, Automation Assets by Revenue Category, Production Assets by Technology, Automation Asset Network Technology, Production Asset Communication Network, Automation Asset Communication Network, Production Assets by Application Type, Automation Assets by Application Type, Production Assets by Deployment Option, Automation Assets by Deployment Option, and Integration with Business Systems.
This new research is available in a variety of formats to meet the specific research and budgetary requirements of a wide variety of organizations. These include:
- Market Intelligence Workbook (Excel Power Pivot): A standard Workbook includes the base year market data and a five-year market forecast. This workbook enables licensed users to freely manipulate the data to make it easier to analyze the latest data for business intelligence and generate custom reports.
- Concise Market Analysis Report (PDF): This wide-screen presentation format makes it much easier to find detailed information on a market. This new format provides executives, business unit managers, and other authorized users with immediate access to in-depth market analysis, including analysis associated with every market data chart and figure. Included is an executive-level summary of the current market dynamics, five-year market forecast, and competitive analysis, plus an overview of strategic issues. The PDF is available with a comprehensive set of charts with associated analysis.
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