What is Asset Management in Manufacturing?

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As a result, PAM finds extensive applications across the energy and power, oil and gas, petrochemical, mining and metal, aerospace and defense, and automotive industries. Significant growth in the oil and gas industry across the globe is one of the key factors creating a positive outlook for the market. PAM is widely used to monitor the condition of critical equipment such as pumps, compressors, and turbines and identify potential failures. In line with this, the widespread adoption of PAM to provide real-time tracking of assets such as drilling rigs, tankers, and pipelines, ensuring they operate at maximum efficiency and reduce the risk of theft or loss, is favoring the market growth.

Aerospace & defense segment in China PAM market to grow significantly

Because manufacturing sectors invest extensively in AI, there is a high demand for Asset Management Services. To maintain consistency in the business and expand services further, asset management providers are making acquisitions and investments in new companies and technologies. There were 122 oil and gas contracts in North America in October 2022, US contribution being the highest with 113 contracts, representing a 93% share of all the oil and gas contracts, followed by Mexico at 3% and Canada at only a 2% share.

  • The company is known for its total solution capabilities, life cycle services, and vertical domain expertise.
  • Asset management is part of a proactive culture of continuous improvement, so plants also need to stimulate a culture shift towards proactive decision-making and away from chasing fires.
  • Thereafter, market breakdown and data triangulation techniques have been used to estimate the market size of segments and subsegments.

The company’s Process Industries and Drives division offers PAM solutions such as process control solutions and plant engineering software. Companies are emphasizing on various merger & acquisition strategies to gain a competitive advantage in the market. Asset management relies on data from IIoT devices, sensors, and manual inspection. Before you can carry out MAM, you need an effective way to gather and store historical performance data for the relevant assets, so your asset management software (AMS) has the information it needs.

Asset management market projected to triple in next decade

Based on Product Types the Market is categorized into Below types that held the largest https://bookkeeping-reviews.com/ share In 2022. Technological innovation and advancement will further optimize the performance of the product, making it more widely used in downstream applications. Moreover, Consumer behavior analysis and market dynamics (drivers, restraints, opportunities) provides crucial information for knowing the Plant Asset Management market. US-based Honeywell introduced a sustainability solution for carbon emissions monitoring and optimization. The sensor-based solution will enable organizations to monitor and visualize emissions in near real-time. Industrial sectors will benefit from the new key as they work to cut their greenhouse gas (GHG) emissions and achieve their carbon reduction targets.

  • To maintain consistency in the business and expand services further, asset management providers are making acquisitions and investments in new companies and technologies.
  • Oil and gas are high-functioning assets traded internationally and used across multiple industries.
  • Doing so will require the end user to identify the problems PAM solutions will solve and quantify potential savings.
  • Any changes from United States might affect the development trend of Plant Asset Management.

The rising digitalization and the advent of Industry 4.0 are enabling various stakeholders to adopt lean manufacturing practices. Plants that are using lean processes have seen a 10%-12% growth in productivity. Advantages of these practices increase the adoption of digitalization in manufacturing processes, thereby boosting market demand. Like every initiative in the process plant, tools and devices can only take you so far.

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The https://bookkeeping-reviews.com/plant-asset-management-market/ in APAC is expected to grow at the highest CAGR. Initial target applications for Industrial IoT technologies involve asset health monitoring for preventing unplanned downtime. Future projects, upgrades, or expansions that do not include the ability to monitor asset health is a lost opportunity. At minimum, project design should include the infrastructure to monitor assets in the future, if not immediately to facilitate the addition of monitoring sensors later at a minimal cost. As the process manufacturing industry becomes more competitive, and customer demand and market conditions fluctuate more frequently, process manufacturing companies need every advantage they can acquire. Manufacturing asset management tends to include maintenance, with the asset manager delivering assignments to maintenance teams who then provide the maintenance service, but it also goes beyond it.

Digital Water Solutions Market–Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F – Yahoo Finance UK

Digital Water Solutions Market–Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F.

Posted: Tue, 13 Jun 2023 16:02:00 GMT [source]

When maintenance is incorporated into the overall enterprise strategy, PAM provides a competitive advantage. In the short-term, end users all over the world are going to be cautious about their spending, due to the pandemic and resulting slowdown in global economies. For example, when the pandemic-related restrictions hit, many end users were able to leverage their Industrial IoT investments to adapt to the new working environment.

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