Pune, India., Sept. 13, 2023 (GLOBE NEWSWIRE) -- Integrating the asset performance management system with corresponding solutions such as geographic information system (GIS) and mobile solutions enables more efficient use cases of the asset performance management system, thereby contributing towards the stable asset performance management market growth. Furthermore, state-of-the-art asset performance management systems leverage the Industrial Internet of Things (IIoT) to provide equipment consistency. As equipment consistency is the fundamental capability of asset performance management systems, there is a rising attraction towards the systems from the industrial sector.
Asset Performance Management Market in terms of revenue was estimated to be worth $2.81 billion in 2022 and is poised to reach $8.11 billion by 2030, growing at a CAGR of 14.17% from 2022 to 2030 according to a new report published by The Insight Partners.
The increasing need to optimize asset performance management strategy with a holistic view of asset performance is thrusting the global asset performance management market during 2022 to 2030. A reliable asset performance management strategy is about acquiring and analyzing data to improve asset reliability and availability.
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Browse Comprehensive TOC on "Asset Performance Management Market Size and Forecasts (2020 – 2030) Global and Regional Share, Trends, and Growth Opportunity Analysis – by Offerings (Solution, Service); End-user Industry (Oil and Gas, Energy and Power, Manufacturing, Marine, Others) and Geography"
Global Asset Performance Management Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 2.81 Billion in 2022 |
| Market Size Value by | USD 8.11 Billion by 2030 |
| Growth rate | CAGR of 14.17% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Offering, End-user Industry, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Asia-Pacific market is growing due to SMEs' high adoption of asset performance management solutions. Also, growth in competition due to several established and new players in the region is contributing to the growth of the asset performance management market. Further, various players across the region are performing secondary marketing strategies such as merger and acquisition, partnership and others contributing to the growth of the asset performance management market. For instance, in September 2022, Hitachi Energy announced that Energinet, Denmark's national transmission system operator (TSO), selected Hitachi's Lumada Asset Performance Management (APM) solution. This latest collaboration between Hitachi Energy and Energinet has been established to help the country's transmission system operators better assess grid reinvestments needed to achieve the 2030 carbon neutrality goals. Such instances in the region propelled the growth of the asset performance management market.
Asset performance management solutions designed for the oil and gas industry provide a structured methodology for cost-effectively creating, maintaining, and decommissioning assets. With modern oil and gas facilities being set up on a larger scale, these solutions have become a key enabler in helping companies improve long-term profitability and achieve operational efficiency. For instance, Aramco, among the leading oil-producing companies, last year reported that the average hydrocarbon production of the company was 12.3 million barrels of oil equivalent per day, including 9.2 mmbpd of crude oil. According to the Saudi Government directives, the company is focusing on further increasing its crude oil MSC (Maximum Sustainable Capacity) to 13 mmbpd by 2027.
With the increasing industrialization rate across various parts of the world, the growing awareness, especially after the pandemic, is expected to drive the demand further for asset performance management. According to the United Nations Industrial Development Organization (UNIDO), in the second quarter of 2021, the manufacturing output in developing and emerging industrial economies (excluding China) increased by 31.1%.
Increased Trend of Asset Performance Management with IIoT and Predictive Analytics Provides Lucrative Opportunities for Global Asset Performance Management Market:
Predictive analytics is an interpretation of past behavior and, based on interpretation, predicts future consequences. When performed correctly, predictive analytics can accurately portray reliability and asset lifecycle and focus on the early root causes of deprivation rather than later-stage detection of damage. These insights from intense temporal patterns and multi-variate analysis provide accurate, critical lead times, allowing time for decisions that can remove damage and maintenance or, at the very least, mitigate consequences and provide preparation time to reduce time to repair. As a result, predictive or prescriptive capabilities enable asset lifecycle reliability and assist decisions on when and how to maximize production while avoiding asset and output risks. These real-time analytics asset optimization and guide maintenance scheduling, eliminating estimation on future production and asset issues for C-level executives. This site performance allows more poised risk analysis and performance projections for the board level. Thus, the increase in the trend of asset performance management with IIoT and predictive analytics provides lucrative opportunities for the asset performance management market.
The pharmaceutical and chemical industry alone adds an enormous value to the global economy each year, making it crucial to maintain it to keep production running at an optimal level and enhance the reliability of chemical equipment. The major confrontations faced by the chemical vertical include high maintenance and repair costs due to acidic substances and unplanned downtime of mission-critical equipment safety issues around hazardous chemical stock. The constant expense of maintenance and the rising costs of materials have pushed various chemical manufacturers into the process of finding new technologies to maintain, control, and advance production asset performance management solutions to improve safety, arrange works orders, automate inventory control, and compliance throughout the production plant, and build cost-saving protective maintenance.
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Global Asset Performance Management Market: Segmental Overview
The asset performance management market is segmented into solutions and services based on the offering. The solution segment held the largest asset performance management market share in 2022. In contrast, the services segment is predicted to register the highest CAGR in the asset performance management market during the forecast period. Based on the end-user industry, the asset performance management market is segmented into oil and gas, energy and power, manufacturing, marine, and others. The oil & gas and energy & power segment held the largest asset performance management market share in 2022. In contrast, the manufacturing & marine segment is anticipated to register the highest CAGR in the asset performance management market during the forecast period.
Asset Strategy Management is a structured process that allows organizations to gain control and effectively manage asset strategies, eliminate inconsistencies, and ensure assets are up and running at their full potential in the enterprise widely for closing the gap between current asset performance and optimal asset performance. Implementing an ASM program optimizes reliability strategies to deliver the best balance of risk, cost, and performance. It also ensures strategies are continually evolving. Based on real data, appropriate analysis and justification are provided, and effective review and approval processes are offered.
Global Asset Performance Management Market: Competitive Landscape
ABB Ltd., Aspen Technology Inca., AVEVA Group plc., Bentley Systems Incorporated, General Electric Company, Intel Corporation, International Business Machines Corporation, OSIsoft LLC, Schneider and Siemens AG. are a few of the key companies operating in the asset performance management market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
Global Asset Performance Management Market - Key Industry Dynamics:
Drivers:
- Increased Digital Workforce and Reliability culture
- Increasing need to generate maximum economical returns
Restraints:
- Increase In Security Concerns and Confidentiality
Opportunities:
- Increase in Trend of asset performance management with IIoT and predictive analytics
Future Trends:
- Growing Demand from Oil and Gas Industry
Recent Developments:
- In 2021: ABB launched the "ABB Ability Genix Asset Performance Management Suite," an enterprise-grade application to monitor assets, improve equipment utilization, prescribe maintenance actions, and support lifecycle analysis and capital planning. The solution suite brings next-generation AI-based predictive maintenance, asset reliability, and integrity insights and provides actionable insights into all aspects of asset performance.
- In 2020: Siemens Energy and Bentley Systems Inc. (Bentley) announced a joint solution known as Asset Performance Management for Oil & Gas, which incorporates crucial complementary offerings from both companies to help operators enhance asset performance, reduce maintenance costs, and eliminate downtime.
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