Global Plant Asset Management (PAM) System Market 2017-2021

Overview of the global plant asset management (PAM) system market

Technavio's market research report identifies that the increasing adoption of smart sensors will be one of the primary growth drivers for the global plant asset management (PAM) system market till 2021. Technavio's market research analysts predict that this market will grow at a CAGR of more than 5% by 2021. The deployment of analytical sensors guarantees a minimum downtime in a plant because the maintenance of smart sensors is made relatively easy. These smart sensors provide information on their status, collect data quickly, and transfer them to a plant asset management system. This in turn, minimizes the time taken for sensor replacement and reduces the cost of repair to increase the reliability of systems. This further improves the overall efficiency of the system by enhancing the response time towards any change. The demand for these smart sensors is also increasing due to the fall in their prices. This increasing sale of smart sensors will positively influence the adoption of PAM system.

One of the key trends that will gain traction in the plant asset management (PAM) system market throughout the estimated period is the increasing application of digital twin by companies. The incorporation of digital twin in a PAM system helps companies observe the behavior of physical assets. PAM system uses the data collected from digital twin to assess risks that can cause downtime in a plant, which in turn, boosts the efficiency of a PAM system.

Competitive landscape and key vendors