Plant Asset Management (PAM): Discover Key Drivers that will Boost Growth

ABB Ltd., Applied Materials Inc., Dassault Systemes SE, Emerson Electric Co., , General Electric Co., Hitachi Ltd., Honeywell International Inc. are some of the key market vendors

The Global Plant Asset Management (PAM) Market is projected to grow by $ 1.66 billion, accelerating at a CAGR of 6.64% till 2025. This research report delineates the growth drivers that will boost market growth along with a detailed analysis of the market segments, trends and challenges that are likely to impact market growth.

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Plant Asset Management (PAM) Market: Key Market Drivers

A detailed study of market drivers enables market players to leverage these factors to drive growth. Technavio’s research reports provide a comprehensive analysis of all the other factors that will drive market growth during the forecast period. In addition to market drivers, our research report also studies the latest trends and challenges that are likely to influence growth in the current market scenario.

One of the key drivers that will boost this market is incorporation of 3D modeling in real-time asset management. Increasing adoption of automation systems to enhance the production capacity in the process industries. Also 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. For more insights on the impact of this and all the other drivers, Request our Free Sample Report 

Plant Asset Management (PAM) Market: Growth Segments

This report provides a detailed analysis of the market by End-user (power industry, pulp and paper industry, oil and gas industry, refining industry, and others) and Geography (North America, Europe, APAC, MEA, and South America).

Growth by the power industry segment will be significant during the forecast period. This research report will provide insights into the current market share of each segment along with growth projections for the next five years. In addition, the report also offers a detailed impact analysis of various trends, drivers, and challenges on each market segment along with insights into the way forward. These insights will equip clients with information that will help them design a growth strategy for their business and area of operation.

Plant Asset Management (PAM) Market: ABB Ltd., Applied Materials Inc., Dassault Systemes SE, Emerson Electric Co., Endress Hauser Group Services AG, General Electric Co., Hitachi Ltd., Honeywell International Inc., Rockwell Automation Inc., and Siemens AG are some of the leading competitors

The market is fragmented due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. ABB Ltd., Applied Materials Inc., Dassault Systemes SE, Emerson Electric Co., Endress Hauser Group Services AG, General Electric Co., Hitachi Ltd., Honeywell International Inc., Rockwell Automation Inc., and Siemens AG are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Technavio also offers custom research reports with detailed insights assessing the market from a global as well as regional perspective. This customized report will help clients keep up with new product launches in direct & indirect or related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations.

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The report provides insights into the following FAQs:

1. What is the market CAGR?
   The market will accelerate at a CAGR of 6.64%.
    
2. What is the incremental growth of the market?
   The market is expected to grow by $ 1.66 bn through 2021-2025.
    
3. What is a key factor driving this market?
   Incorporation of 3D modeling in real-time asset management will drive market growth over the forecast period.
    
4. What are the key regions covered in this market research report?
   North America, Europe, APAC, MEA, and South America are the key regions featured in this research report.
    
5. Which is the leading geographic region for this market:
   49% growth will originate from North America
    
6. Who are the leading market vendors?
   The leading vendors in this market are ABB Ltd., Applied Materials Inc., Dassault Systemes SE, Emerson Electric Co., Endress Hauser Group Services AG, General Electric Co., Hitachi Ltd., Honeywell International Inc., Rockwell Automation Inc., and Siemens AG
    
7. What are the market segments covered in this report?
   The market is segmented by End-user (power industry, pulp and paper industry, oil and gas industry, refining industry, and others) and Geography (North America, Europe, APAC, MEA, and South America)