Plant Asset Management Market (PAM) Insights, Trends | Industry Report, 2024
Plant asset management (PAM) includes asset identification, monitoring, refurbishing, and replacement. The plant asset management plan includes the utilization of different measurement technologies to protect and predict the health of plant assets. It provides valuable information about the condition of assets over the entire life cycle. This information is used for optimizing plant operations and maintenance, increasing production capacity, and implementing predictive maintenance and operational strategies. Further, 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 major factors driving the market growth. The plant asset management (PAM) market size is estimated to grow from USD 5.5 billion in 2019 to USD 9.4 billion by 2024, at a CAGR of 11.3%. Emerson Electric Co. (U.S.), Rockwell (US), and ABB Ltd. (Switzerland) are the leading players in the PAM market.