Product category:
Asset Management and maintenance planning
News Release from: ARC Advisory Group | Subject: PAM
Edited by the Processingtalk Editorial
Team on 24 October 2007
Diminishing workforce for boom in asset
management
The worldwide market for Plant Asset Management (PAM) systems is expected to grow at a compounded annual growth rate (CAGR) of 10.8% over the next five years, forecasts ARC
The PAM market was US$1.4billion in 2007 and is forecasted to be over US$2.4billion in 2011, according to a new ARC Advisory Group study The process industry landscape is brewing a "perfect storm" that will sustain the accelerating adoption of PAM systems for many years to come
This article was originally published on Processingtalk on 31 Jul 2007 at 8.00am (UK)
Related stories
Pressure transmitter market 2011 to reach USD2.3B
Driven by a stronger emphasis on plant asset management (PAM) and safety applications, the worldwide market for pressure transmitters is expected to grow at a CAGR of 5.2% over the next five years
Plant asset management five year market analysis
A new ARC Research report shows the growth in Plant Asset Management will exceed the most optimistic expectations over the next five years
End users are faced with the challenge of maximising the availability of plant resources with fewer people, as experienced process engineers and technicians retire.
The maturing product lifecycle of PAM has been re-invigorated with the addition of support for more asset classes, enabling technologies such as wireless, and new service offerings.
"Today's PAM systems are highly evolved, and should be considered by every enterprise to balance the cost of maintenance and productivity.
Further reading
Pharmaceuticals needs new manufacturing systems
ARC Pharmaceutical industry plant-level expenditures worldwide outlook report: many drug manufacturers are ill prepared for the coming pressures, they need to shorten development times
Ultrasonic Flowmeter Worldwide Outlook
The world market for ultrasonic flowmeters is expected to grow at a Compound Annual Growth Rate of 7.9 percent over the next five years, arising from their adoption for custody transfer measurement
PAM system growth will exceed that of intelligent field devices, and will drive automation investments as users experience the value PAM solutions bring to their operations" according to Research Director Wil Chin, the principal author of the ARC "Plant Asset Management Systems Worldwide Outlook".
Despite the slew of consolidations in the last five years, there remains a large number of smaller suppliers serving the PAM market.
As the PAM market enters the next wave of growth, we expect to see more consolidation.
Leaders will likely make strategic acquisitions to bolster their solutions to fill any gaps as consumers begin to add an increasing number of assets they hope to manage with these systems.
It is clear that the market landscape will continue to evolve in coming years.
Increasing demand has spurred increasing supplier R+D, and the resulting innovation has propelled PAM a long way in the past decade.
Remarkable technological strides have been made in development of measurement sensors, analytical software, signal processing, information storage, wireless technology, open communications, and system integration - all at a lower cost.
The resulting improvements allow end users to optimise their plant asset availability, capacity, reliability, performance, and efficiency, leading to increased profitability.
The tremendous growth of greenfield process plants in Asia is spurring the growth of DCS systems and driving robust market demand for embedded applications such as PAM.
The conservative adoption attitude of users in developed countries in EMEA (Europe, Middle East, Africa) is also changing drastically, benefiting PAM suppliers with significant brand recognition there.
A more receptive attitude toward PAM and a large installed base of assets in developed countries in EMEA, combined with the need for new plants in developing countries in EMEA, will subsequently help drive growth there at a CAGR somewhat greater than in North America.
• ARC Advisory Group: contact details and other news
• Email this article to a colleague
• Register for the free Processingtalk email newsletter
• Processingtalk Home Page
Search the Pro-Talk network of sites
