The global Asset Performance Management Market size is estimated to reach USD 24,401.62 million by 2025, exhibiting a CAGR of 9.15% from 2019 to 2025, according to the new report by Grand View Research, Inc. The growing adoption of dedicated systems for managing the performance of assets to achieve operational excellence is expected to fuel the market growth. Managing the performance of assets can help companies in optimizing the usage and maintenance of their operational assets, such as plants, equipment, and infrastructure. Some of the assets that are actively monitored by companies using dedicated systems include heavy machinery, heavy equipment, turbine engines, and power transformers.
A system deployed for managing the performance of assets
typically includes various solutions, such as asset strategy and risk
management, predictive asset management, reliability-centered maintenance, and
condition-based maintenance, among others. Incumbents of various end-use
industries, including energy & utilities, mining & metal, oil &
gas, and manufacturing, utilize these solutions depending on their needs and
preferences. The manufacturing segment held a significant market share in 2018
and is expected to account for a sizeable share over the forecast period
because there are several small and large manufacturing plants across the globe
and all of them are expected to adopt solutions to manage the performance of
their assets.
The energy & utilities segment held the largest asset
performance management (APM) market share in 2018 owing to a large number of
energy & utility companies that are actively investing in systems to manage
the performance of their assets. For instance, Tata Power of India is
leveraging AVEVA Group plc’s PRiSM Predictive Asset Analytics for avoiding
failures of assets and reducing equipment downtime. The system has benefitted
Tata Power in the form of higher reliability and enhanced performance of
critical assets. Additionally, predictive analysis enabled by the system has
also helped the company in controlling maintenance costs.
Companies having a high degree of reliance on the
capability of their assets have to often confront unplanned downtimes stemming
from failures of assets, ineffective data gathering approaches while monitoring
assets, hardships in realizing operational capabilities of assets, inability to
determine unforeseeable risks, and ineffective maintenance scheduling, which
can potentially impact their profits goals. Managing the performance of assets
can help such companies is reducing the instances of unplanned downtimes.
Cloud-based systems for managing the performance of assets are particularly
allowing companies to manage their assets cost-effectively. The launch of
IIoT-compatible systems and the increasing adoption of cloud solutions are
expected to be among the crucial factors driving the market growth.
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Asset Performance Management Market Report
Highlights
- The rapid industrial shift towards digitalization of monitoring and
maintenance activities is prompting companies to invest aggressively in
digital solutions to manage the performance of assets
- Use of advanced processes and tools, such as regression analysis,
neural network analysis, and Monte Carlo simulation, in managing the
performance of assets is driving the growth of the predictive asset
management segment
- The on-premises segment is projected to dominate the asset
performance management market over the forecast period owing to the
growing preference for on-premises customized systems
- The hosted segment is expected to register a CAGR of more than 11%
from 2019 to 2025. The public cloud segment held a market share of more
than 60% in 2018 and is expected to maintain its dominance over the
forecast period
- The predictive asset management segment is expected to register a
CAGR exceeding 11% from 2019 to 2025 as the approach shifts from
predictive to preventive
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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