[170 Pages Report] The global plant asset management market​ was valued at USD 3.91 Billion in 2015 and is expected to grow at a CAGR of 10.7% between 2016 and 2022.

​Factors such as increasing adoption of lean manufacturing practices and growing demand for cloud-based plant asset management (PAM) solutions, real-time data analysis, and failure detection software are expected to drive the growth of the PAM market. The objective of the report is to provide a detailed analysis of the PAM market based on offering, deployment mode, asset type, end-user industry, and geography.

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The services segment is expected to lead the global plant asset management market in terms of market share as well as CAGR during the forecast period. Increasing demand for industry-specific services for maintaining the shelf life of the asset as well as to increase the efficiency of the production process is the key factor expected to drive the growth of the services market.

The production asset segment is expected to dominate the global plant asset management market during the forecast period. It is important to maintain the health of assets, especially production assets which are continuously used. The low performance of these assets hampers the production process.

The process industry dominated the plant asset management market in 2016. The oil and gas industry is expected to hold the largest size of the PAM market during the forecast period owning to growing awareness and stringent regulations regarding the safety and security of the oil and gas plants.

APAC is expected to lead the global plant asset management market between 2016 and 2022. Technological innovations in different industries, growing economic and infrastructure developments in China, Japan, India, and other Southeast Asian countries, and increasing foreign direct investment are the major factors driving the PAM market growth in the APAC region.

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The key restraining factors for the plant asset management market are high investment cost, need for periodic upgradation of PAM software, and complexity involved in the installation of PAM solutions. The key market players such as Emerson Electric Co. (U.S.), Honeywell International, Inc. (U.S.), and Yokogawa Electric Corporation (Japan) are focusing on new product launches and developments, acquisitions, and collaborations to enhance their product offerings and expand their business.

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