Asset Performance Management Market Is Forecast To Reach $24.4 Billion By 2025 | Market Research Report
The global asset performance management market size is estimated to reach USD 24,401.62 million by 2025, exhibiting a CAGR of 9.15% from 2019 to 2025, according to the new report by Grand View Research, Inc. The growing adoption of dedicated systems for managing the performance of assets to achieve operational excellence is expected to fuel the market growth. Managing the performance of assets can help companies in optimizing the usage and maintenance of their operational assets, such as plants, equipment, and infrastructure. Some of the assets that are actively monitored by companies using dedicated systems include heavy machinery, heavy equipment, turbine engines, and power transformers.
A system deployed for managing the performance of assets typically includes various solutions, such as asset strategy and risk management, predictive asset management, reliability-centered maintenance, and condition-based maintenance, among others. Incumbents of various end-use industries, including energy & utilities, mining & metal, oil & gas, and manufacturing, utilize these solutions depending on their needs and preferences. The manufacturing segment held a significant market share in 2018 and is expected to account for a sizeable share over the forecast period because there are several small and large manufacturing plants across the globe and all of them are expected to adopt solutions to manage the performance of their assets.
The energy & utilities segment held the largest asset performance management (APM) market share in 2018 owing to a large number of energy & utility companies that are actively investing in systems to manage the performance of their assets. For instance, Tata Power of India is leveraging AVEVA Group plc’s PRiSM Predictive Asset Analytics for avoiding failures of assets and reducing equipment downtime. The system has benefitted Tata Power in the form of higher reliability and enhanced performance of critical assets. Additionally, predictive analysis enabled by the system has also helped the company in controlling maintenance costs.
Companies having a high degree of reliance on the capability of their assets have to often confront unplanned downtimes stemming from failures of assets, ineffective data gathering approaches while monitoring assets, hardships in realizing operational capabilities of assets, inability to determine unforeseeable risks, and ineffective maintenance scheduling, which can potentially impact their profits goals. Managing the performance of assets can help such companies is reducing the instances of unplanned downtimes. Cloud-based systems for managing the performance of assets are particularly allowing companies to manage their assets cost-effectively. The launch of IIoT-compatible systems and the increasing adoption of cloud solutions are expected to be among the crucial factors driving the market growth.
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Further key findings from the report suggest:
- The rapid industrial shift towards digitalization of monitoring and maintenance activities is prompting companies to invest aggressively in digital solutions to manage the performance of assets
- Use of advanced processes and tools, such as regression analysis, neural network analysis, and Monte Carlo simulation, in managing the performance of assets is driving the growth of the predictive asset management segment
- The on-premises segment is projected to dominate the asset performance management market over the forecast period owing to the growing preference for on-premises customized systems
- The hosted segment is expected to register a CAGR of more than 11% from 2019 to 2025. The public cloud segment held a market share of more than 60% in 2018 and is expected to maintain its dominance over the forecast period
- The predictive asset management segment is expected to register a CAGR exceeding 11% from 2019 to 2025 as the approach shifts from predictive to preventive.
Grand View Research has segmented the global asset performance management market based on deployment mode, category, vertical, and region as follows:
Asset Performance Management Deployment Mode Outlook (Revenue, USD Million, 2014–2025)
- On-Premises
- Hosted
- Public Cloud
- Private Cloud
Asset Performance Management Category Outlook (Revenue, USD Million, 2014–2025)
- Predictive Asset Management
- Asset Reliability Management
- Asset Strategy Management
- Others
Asset Performance Management Vertical Outlook (Revenue, USD Million, 2014–2025)
- Energy & Utilities
- Oil & Gas
- Manufacturing
- Mining & Metal
- Government & Public Sector
- Transportation
- Chemicals & Pharmaceutical
- Others
