Industry Background:
Plant asset management system provides automaton in the industrial operations around the world like in chemical, oil & gas, mining & metal, water & wastewater industries where regular inspection and induction of the plants are needed to provide utmost efficiency, and safety while in the process. The system is a low-cost wireless monitoring technology and helps in preventive maintenance activities. It tracks, monitors, analyzes, and corrects the plant asset health which in return helps in predicting the data and translating it to actionable insights. The plant assets like land, building, equipment, maintenance equipment are managed by the system.This growth is primarily driven by Need for the Proper Plant Asset Management for Mitigating any Kind of Production Risks in Various Industries and Demand for the Automation in Management, Monitoring, and Maintenance of Assets in Industries to Avoid Potential Safety Related Issues and Provide Timely Maintenance.
Globally, a noticeable market trend is evident Integration of Plant Asset Management System with IoT and Asset Tracking Technologies like Global Positioning System (GPS) and Quick Response (QR) Codes. Major Players, such as ABB (Switzerland), Emerson Electric Co. (United States), Siemens AG (Germany), Honeywell (United States), Rockwell Automation, Inc (United States), Schneider Electric (France), Yokogawa Electric Corporation (Japan), General Electric Company (United States) and Accenture (Ireland) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 5th October 2021, Accenture has acquired Advoco, one of the largest systems integrators for Infor EAM, a leading software-as-a-service suite for enterprise asset management (EAM). The acquisition expands Accenture’s capabilities to help clients in the consumer goods & services, industrial, life sciences, transit, and other industries make their operations and supply chains safer, more sustainable, productive, and cost-efficient. Terms of the acquisition were not disclosed.
On 2nd December 2020, Yokogawa Electric Corporation and US-based Power Factors, LLC, announce a global reseller agreement under which Yokogawa will market Power Factors’ industry-leading Drive software platform of asset performance management (APM) solutions for renewable power facilities.
Market Drivers
- Need for the Proper Plant Asset Management for Mitigating any Kind of Production Risks in Various Industries
- Demand for the Automation in Management, Monitoring, and Maintenance of Assets in Industries to Avoid Potential Safety Related Issues and Provide Timely Maintenance
Market Trend
- Integration of Plant Asset Management System with IoT and Asset Tracking Technologies like Global Positioning System (GPS) and Quick Response (QR) Codes
Restraints
- High-Cost Investment Associated with the Plant Asset Management System
Opportunities
Technological Advancement in the Vibration Sensor and a Diagnosis Software for Plant Asset Management System
Challenges
Technical Issues Involved with Plant Asset Management System
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Plant Asset Management System Study Sheds Light on
The Plant Asset Management System Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Plant Asset Management System industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Plant Asset Management System industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.