PUBLISHER: The Business Research Company | PRODUCT CODE: 1849000
PUBLISHER: The Business Research Company | PRODUCT CODE: 1849000
Plant asset management involves the comprehensive management and maintenance of physical assets within a plant or industrial facility. This encompasses overseeing the entire lifecycle of assets, from acquisition to disposal, and optimizing their performance, reliability, and maintenance processes. The ultimate goal of plant asset management is to ensure that assets operate efficiently, effectively, and safely to align with the organization's goals and objectives.
The primary offerings in plant asset management (PAM) are software and services. Plant asset management software is designed to assist companies in the management and maintenance of their physical assets, including equipment, machinery, and facilities. This software can be deployed in on-premise and cloud modes to manage production assets and automation assets across various industries such as energy and power, oil and gas, petrochemical, mining and metal, aerospace and defense, automotive, and other end-users.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
The sharp rise in U.S. tariffs and the ensuing trade tensions in spring 2025 are having a significant impact on the information technology sector, especially in hardware manufacturing, data infrastructure, and software deployment. Increased duties on imported semiconductors, circuit boards, and networking equipment have driven up production and operating costs for tech companies, cloud service providers, and data centers. Firms that depend on globally sourced components for laptops, servers, and consumer electronics are grappling with extended lead times and mounting pricing pressures. At the same time, tariffs on specialized software and retaliatory actions by key international markets have disrupted global IT supply chains and dampened foreign demand for U.S.-made technologies. In response, the sector is ramping up investments in domestic chip production, broadening its supplier network, and leveraging AI-powered automation to improve resilience and manage costs more effectively.
The plant asset management market research report is one of a series of new reports from The Business Research Company that provides plant asset management market statistics, including plant asset management industry global market size, regional shares, competitors with a plant asset management market share, detailed plant asset management market segments, market trends and opportunities, and any further data you may need to thrive in the plant asset management industry. This plant asset management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The plant asset management (pam) market size has grown rapidly in recent years. It will grow from $9.14 billion in 2024 to $10.28 billion in 2025 at a compound annual growth rate (CAGR) of 12.4%. The growth in the historic period can be attributed to advancements in technology, industry 4.0 initiatives, integration with enterprise systems, shift towards cloud-based solutions, aging infrastructure.
The plant asset management (pam) market size is expected to see rapid growth in the next few years. It will grow to $15.52 billion in 2029 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to adoption of predictive analytics, focus on remote monitoring, integration with digital twins, advancements in sensor technologies, focus on cybersecurity. Major trends in the forecast period include artificial intelligence integration, digitalization trend, advancement in technology, asset integrity management priority.
The forecast of 10.9% growth over the next five years reflects a slight reduction of 0.1% from the previous projection. This reduction is primarily due to the impact of tariffs between the US and other countries. Costlier foreign-sourced field devices, asset sensors, and handheld scanners due to tariffs could hamper adoption of PAM solutions across industries. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.
The plant asset management (PAM) market is expected to grow due to the increasing adoption of automation technologies. These technologies encompass a broad range of methods, systems, and processes that minimize the need for human involvement in various tasks. PAM supports the integration of automation technologies by offering a holistic approach to managing and maintaining physical assets within industrial environments. For example, in May 2023, the International Federation of Robotics, a Germany-based nonprofit, reported a 12% increase in industrial robot installations in manufacturing, reaching 41,624 units in 2022. The automotive industry, primarily consisting of companies from the US, Canada, and Mexico, led the adoption with 20,391 installed units, a 30% increase from 2021. As a result, the rise in automation technologies is driving the growth of the plant asset management market.
Leading companies in the plant asset management market are actively engaged in developing innovative products by integrating Artificial Intelligence (AI), exemplified by solutions such as Cantilever, to enhance operational efficiency, prolong asset lifespan, and improve overall productivity in industrial automation processes. Cantilever, an AI-enabled asset management platform, automates industrial asset inspection processes. For instance, in October 2023, Gecko Robotics, a U.S.-based software company, introduced Cantilever, a comprehensive asset management solution encompassing robotic inspections, data integration, analysis tools, and user modules. Cantilever effectively consolidates data from various robotic, fixed-sensor, and partner systems into a software platform, enabling users to monitor the health of physical assets efficiently.
In December 2023, Siemens AG, a Germany-based technology conglomerate, acquired BuntPlanet for an undisclosed amount. This strategic acquisition positions Siemens to enhance its AI portfolio by leveraging innovative technologies such as the BuntBrain Asset Manager solution developed by BuntPlanet. This solution proves instrumental in optimizing asset performance and facilitating risk assessment. BuntPlanet, a technology company based in Spain, specializes in providing plant asset management solutions.
Major companies operating in the plant asset management (PAM) market are Google LLC, Microsoft Corporation, Hitachi Ltd., Siemens AG, General Electric Co., International Business Machines Corporation, Oracle Corporation, Schneider Electric SA, Honeywell International Inc., SAP SE, BAE Systems plc, Emerson Electric Company, CGI Group Inc., AB SKF, Rockwell Automation Inc., Dassault Systemes, Yokogawa Electric Corporation, KUKA AG, Endress+Hauser Management AG, Bentley Systems, Maxwell Technologies Inc., Aspen Technology Inc., Ramco Systems Ltd.
North America was the largest region in the plant asset management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the plant asset management (pam) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the plant asset management (pam) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The plant asset management market consists of revenues earned by entities by providing services such as maintenance and repair services, asset optimization and efficiency services, and asset reliability services. The market value includes the value of related goods sold by the service provider or included within the service offering. The plant asset management market also includes sales of sensors, data collection devices, monitoring equipment, and control systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Plant Asset Management (PAM) Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on plant asset management (pam) market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for plant asset management (pam) ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The plant asset management (pam) market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.