Asset management growth driven by promise of reduced costs and improved performance

Source: ARC

May 09, 2012

The compelling case that plant asset management (PAM) systems provides for reducing operational costs while simultaneously improving performance is the primary factor driving growth of PAM. The worldwide market for plant asset management systems will experience growth this year and throughout the forecast period according to a new ARC Advisory Group (www.arcweb.com) study.

The compelling case that plant asset management (PAM) systems provides for reducing operational costs while simultaneously improving performance is the primary factor driving growth of PAM.

PAM growth is being fueled in part by the increased amount and complexity of automation equipment in manufacturing plants that requires a higher order approach to maintenance provided by PAM systems. “As aging workers leave the workforce, maintenance specialists are vanishing and are being replaced with generalists. These generalists will need user-friendly tools and more simplified work procedures to maintain plant equipment,” according to Sr. Analyst Paula Hollywood, the principal author of ARC’s “Plant Asset Management Systems Worldwide Outlook”.

The process industries and utilities as a whole recognize the need to minimize downtime and maximize asset availability. Certainly, asset intensive industries provide the greatest opportunities for PAM suppliers. In these industries, responsibility for asset availability is no longer the domain of maintenance alone as operators take a more active role in data collection and machine inspection.

Learn more about the report

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