New York City, NY, 30 January, 2020/ 24 Market Reports: It is estimated for the global plant asset management market to grow from USD 5.7 billion in 2019 and reach to that of USD 9.3 billion by the year 2024 witnessing the growth at a CAGR of 11.3% during the forecast period of 2019 to 2024. The 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 are the factors that are driving the growth of the market during the forecast period.
During the forecast period, it is expected for the market for cloud-based PAM solutions to register the growth at the highest CAGR in the market. Due to the low cost of these PAM based solutions, it has become the most suitable option for small and medium-sized enterprises to adopt it. 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, are the features of these PAM solutions.
It is projected for the plant asset management market for automation assets to register the growth at the highest CAGR during the forecast period. To enhance the production capacity in the process industries the increasing adoption of automation systems is taking place. The applications in discrete industries employ different types of automation systems such as programmable logic controllers (PLCs) and distributed control systems (DCSs) and thus propelling the demand for PAM solutions.
During the forecast period, the APAC region in the PAM market is estimated to grow at the highest CAGR in the market. The region is witnessing high growth in the manufacturing sector that is increasing the adoption of PAM solutions. The low cost of labour and availability of a skilled workforce is making the key manufacturers from different industries to shift their manufacturing plants in the APAC region. These manufacturing plants, for the improvement in the overall manufacturing processes, are using asset management solutions that are expected to boost the growth of the PAM solutions market.
Major Industry outlook Of Plant Asset Management (PAM) Market