Pune, India -- (SBWIRE) -- 02/01/2018 -- Market Highlights:
The PAM market appears to be highly fragmented and competitive. Major players having a strong presence in the international and regional market such as Siemens AG, IBM Corporation and Hitachi Ltd. (Japan), adorn the global market. Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for leading players operating in the global Plant Asset Management Market. Market will witness a fierce competition soon as marketers introducing new solutions to address the requirements of the end-user sectors.
Asset Management and Maintenance are intertwined and overlapping processes, and the differences and similarities between the two depend on the user's perspective. Both have an effect on an organization's cost structure and profit. Maintenance is an activity associated with availability of production assets. Several key performance indicators (KPIs) for availability are in use today, including Overall Equipment Effectiveness (OEE) and Total Effective Equipment Productivity (TEEP). Maintenance is often seen from a cost perspective, consistent with an annual accounting view of the enterprise, rather than as a source of profit. Economic profit, a measure of benefit, is the operating profit minus the cost of capital. The cost of capital includes interest for loans for investment in capital goods and the difference in actual value of the goods over the forecast period.
On-line PAM information is considered very important. This should be seen in the context of the asset classes considered, the limited availability of asset monitoring methods for some of those classes, and the hurdles that respondents report in applying PAM, such as a lack of integration, standardization, and interoperability.
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Some of the major players in Global Plant asset management Market include ABB Ltd. (Switzerland), Emerson electric company (U.S.), Rockwell automation, Inc. (U.S.), Siemens AG (Germany), IBM Corporation (U.S.), Hitachi Ltd. (Japan), Endress +Hauser (Switzerland), Dassault Systemes (France), Honeywell International, Inc. (U.S.), and Plant Asset Management (Petrofac) (UK) among others.
Globally the market for Plant Asset Management Market is expected to grow at the rate of more than 10% from 2016 to 2022.
September 2017 – Honeywell acquired Nextnine in 2017, to improve cyber security for its PAM software. This will further enhance its extensive portfolio of innovative cyber security technologies.
September 2017 – ABB acquired B&R, an independent product- and software-based open-architecture solutions provider in 2017.
Plant Asset Management Global Market - Competitive Analysis
The market of plant asset management appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
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North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the plant asset management market in North America owing to the presence of a large number of established key players such as Emerson electric company, Rockwell automation, Inc., IBM Corporation and Honeywell International, Inc. among others. Also, due to a considerable shift towards the adoption of cloud based technologies and real time data analytics in the region, the market is likely to show immense growth in the coming future. Plant asset management market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 due to growing consumer concern to enhance aging plant asset performance in the region. Whereas, the Europe market for plant asset management is expected to grow at a considerable CAGR (2017-2023).
- Design engineering information management
- Supply chain vendors
- Research & consultants
- PAM software solution providers
- Retailer and distributor
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