PUNE, India, Jan. 12, 2021 (GLOBE NEWSWIRE) -- The Global Asset Performance Management (APM) Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The Global Asset Performance Management Market size was estimated to be US$ 14.4 billion in 2019 and is expected to reach US$ 37 billion by 2030 at a CAGR of 9%. Asset performance management (APM) is an essential tool in monitoring, maintaining and improving reliability and availability of physical assets for optimized operational performance. The asset performance management tools primarily focus on predictive maintenance, condition monitoring, reliability-centered maintenance and asset integrity management through information sharing and applications integration between maintenance and operations. It helps in optimizing the production process by predicting potential failures before their occurrence. With increasing investment in Smart Factory, Industrial Internet of Things (IIoT) and Industry 4.0, the plant operators are focusing on adoption of advanced analytics tools to predict and prevent the failures in order to optimize production lead time and improve safety of critical assets. This is anticipated to contribute towards the growth of global asset performance management market in coming years.
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Predictive asset management solutions to drive the growth in coming years
The global asset performance management (APM) market is segmented on the basis of component, deployment, organization size, end use industry, and geography. Based on component, the global asset performance management market is segmented into solution and services. The asset performance management solutions are further sub-segmented into asset strategy management, asset reliability management, predictive asset management, and others. The asset performance management services are further sub-segmented into professional services (implementation and integration, support and maintenance, and consulting) and managed services. The solutions segment contributed a dominating share to the global asset performance management market. Among the solutions, predictive asset management contributed the largest share to the global market in 2019. The predictive asset management tools mitigate the losses incurred due to frequent maintenance and downtime by predicting failures before they occur, thus are widely used across the process and discrete industries globally. The service segment is anticipated to witness steady growth during the forecast period owing to rising demand from small and medium enterprises.
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Strong demand for sustainable and performance optimization solutions to drive the growth of asset performance management across energy & utility industry
Based on end use industry, the global asset performance management market is segmented into oil & gas, energy & utility, chemicals, manufacturing, pharmaceuticals, food & beverages, metal & mining, healthcare, aerospace & defense, IT & telecommunication, and others. The energy & utility industry contributed a dominating share to the global market in 2019 and is anticipated to be a dominating segment throughout the forecast period owing to expanding renewable energy infrastructure and rising demand for asset performance management tools in improving the scalability and performance of wind and solar power plants. The manufacturing industry contributed a prominent share to the global market and is anticipated to grow prominently during the forecast period.
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Based on geography, the global asset performance management (APM) market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America contributed the largest share to the global asset performance management market in 2019 and is anticipated to be a dominating region throughout the forecast period owing to early adoption of asset performance management solutions, presence of leading players and increased investment in IIoT infrastructure across major countries. Asia Pacific is anticipated to be the fastest growing segment during the forecast period owing to expansion of food & beverages, energy & utility, manufacturing, and pharmaceutical industries across the leading countries. Increased investment in development of comprehensive industrial internet of things network is expected to contribute towards the growth of Asia Pacific asset performance management market during the forecast period.
Major players active in the global asset performance management (APM) market include ABB, Aspen Technology, Inc., AVEVA Group plc, BENTLEY SYSTEMS, INCORPORATED, DNV GL AS, General Electric, IBM Corporation, Infor, Oracle, OSIsoft, Rockwell Automation, Inc., SAP SE, SAS Institute Inc., Siemens, and Uptake Technologies Inc.
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