Plant asset management systems market set to soar

Dedham, MA—Worldwide market for plant asset management (PAM) systems is expected to experience unprecedented growth over the next five years, a recent ARC Advisory Group study forecasts. Manufacturer needs, driven by economic and competitive factors, are behind the move. “Plant Asset Management Systems Worldwide Outlook Study” reports the current $1.1 billion+ market will exceed $1.8 billion by 2009, reflecting a compound annual growth rate (CAGR) approaching 10%.

08/23/2005


Dedham, MA —Worldwide market for plant asset management (PAM) systems is expected to experience unprecedented growth over the next five years, a recent ARC Advisory Group study forecasts. Manufacturer needs, driven by economic and competitive factors, are behind the move. “Plant Asset Management Systems Worldwide Outlook Study” reports the current $1.1 billion+ market will exceed $1.8 billion by 2009, reflecting a compound annual growth rate (CAGR) approaching 10%.

System segmentations in this study incorporate shifts in market demand for new solutions capable of managing a much broader set of plant assets. The study also includes analysis of PAM systems for automation assets and production assets. Regardless of type of asset being monitored, PAM systems use intelligence to predict asset health, optimize maintenance and plant operations, increase production availability, and enable a predictive maintenance and operations strategy, the study says.

“PAM systems are rapidly becoming the initiative of choice of manufacturers in today’s competitive environment,” explains Wil Chin, ARC research director and principal author of the report, continuing, “Improving management of capital assets is one of the best ways to increase productivity with little to virtually no production upsets, while meeting the goals and objectives of today’s enterprise.”

Factors contributing to a fertile climate for manufacturer investment, the study found, include an aging technical workforce, personnel reductions, a large installed base of old equipment, and declining capital investment. According to the report, PAM systems are becoming one of the leading business strategies to manage changing business conditions and are increasingly garnering a larger share of business investments. Because assets can, and do, fail, regardless of age, says the report, PAM systems are being deployed in new and old plants worldwide.

The report also shows that increasing popularity of PAM solutions for automation assets is spurring demand for PAM solutions for production assets. Manufactures are increasing adoption of protection and predictive solution upgrade using better analysis software techniques developed in the predictive PAM automation space, adding that leading suppliers are expanding PAM product portfolios to address as many plant assets as possible.

Click here for more details on the study.

Control Engineering Daily News Desk,
Jeanine Katzel, senior editor
jkatzel@reedbusiness.com





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