{"id":15499,"date":"2020-05-25T23:34:00","date_gmt":"2020-05-25T23:34:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2568242"},"modified":"2020-05-25T23:34:00","modified_gmt":"2020-05-25T23:34:00","slug":"what-is-the-potential-opportunity-for-plant-asset-management-market-by-2024","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/05\/25\/what-is-the-potential-opportunity-for-plant-asset-management-market-by-2024\/","title":{"rendered":"What is the potential opportunity for plant asset management market by 2024?"},"content":{"rendered":"

The plant asset management market<\/strong><\/a> is expected to grow from USD 5.5 billion in 2019 to USD 9.4 billion by 2024, at a CAGR of 11.3%. The market’s growth is propelled by surging adoption of lean manufacturing practices by several organizations, increasing focus on providing cloud-based PAM solutions to satisfy customer demands, escalating demand for asset management software that can identify potential failures to avoid futuristic loss, and growing need for real-time data analytics.<\/p>\n

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Plant Asset Management Market for cloud-based (online) deployment to grow at higher CAGR from 2019 to 2024<\/strong>
The market for cloud-based (online) PAM solutions is expected to grow at the highest CAGR during the forecast period. The adoption of cloud-based (online) PAM software solutions is the most suitable option for small and medium-sized enterprises due to its low cost. Quick installation and easy access to cloud save time and help end-user industries to make better decisions to improve efficiency, as well as focus on other important business parameters.<\/p>\n

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Automation assets to exhibit high growth in PAM market during forecast period<\/strong>
The plant asset management market for automation assets is expected to register the highest CAGR during the forecast period. Increasing adoption of automation systems to enhance the production capacity in the process industries. However, different types of automation systems such as programmable logic controllers (PLCs) and distributed control systems (DCSs) find applications in discrete industries, thereby fueling the demand for PAM solutions for effective handling of automation assets too.<\/p>\n

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Plant Asset Management Market in APAC to grow at highest CAGR during forecast period<\/strong>
The PAM market in APAC is expected to grow at the highest CAGR during the forecast period. The adoption of PAM solutions is high in APAC due to the growing manufacturing sector in the region. Most of the key manufacturers from different industries have shifted their manufacturing plants in APAC due to the low labor cost and availability of a skilled workforce. These manufacturing units are using asset management solutions for the improvement in the overall manufacturing processes, which is expected to drive the growth of the PAM market in the region.<\/p>\n

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Key Market Players<\/strong><\/p>\n

As of 2018, Emerson (US), Honeywell (US), Rockwell (US), ABB (Switzerland), Schneider (France), Yokogawa (Japan), General Electric (US), and Siemens (Germany) dominated  the PAM market.<\/p>\n

Tags: Plant Asset Management Market<\/a><\/p>\n

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The plant asset management market is expected to grow from USD 5.5 billion in 2019 to USD 9.4 billion by 2024, at a CAGR of 11.3%. The market’s growth is propelled by surging adoption of lean manufacturing practices by several organizations, increasing focus on providing cloud-based PAM solutions to satisfy customer demands, escalating demand for asset management … Continue reading What is the potential opportunity for plant asset management market by 2024?<\/span><\/a> Continue Reading →<\/span><\/a><\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,5,4,54],"tags":[],"class_list":["post-15499","post","type-post","status-publish","format-standard","hentry","category-english","category-extended-distribution","category-research-newswire","category-wire"],"yoast_head":"\nWhat is the potential opportunity for plant asset management market by 2024? - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ipsnews.net\/business\/2020\/05\/25\/what-is-the-potential-opportunity-for-plant-asset-management-market-by-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is the potential opportunity for plant asset management market by 2024? - Business\" \/>\n<meta property=\"og:description\" content=\"The plant asset management market is expected to grow from USD 5.5 billion in 2019 to USD 9.4 billion by 2024, at a CAGR of 11.3%. 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