PAM: Key market research findings
- Increased demand for customized PAM applications
- Use of PAM is helping process-oriented companies
Technavio has released a new market research report on the global PAM system market, which is expected to grow at a CAGR of 10% by 2020. Augmented use of automation solutions in industries is boosting the demand for PAM systems. With PAM software, companies can address the predictive maintenance requirements and enhance the operational efficiency of the production process. The US is the dominating region in the PAM systems market, occupying around 42% of the total market share. The power, and paper and pulp industries in the US are installing PAM system as an initiative to upgrade system, process, technology, and equipment
Market share of global PAM system market by end-users
Source: Technavio, 2016
“This market is witnessing increased demand for customized PAM applications, based on the specific needs of the end-user industry. Such applications are designed to enhance maintenance, repair, and operations of the machines. For instance, the vendors are coming up with customized solutions for wind turbines situated in remote locations. ABB’s System 800xA offers applications specifically designed for condition monitoring of instrumentation and valves, vibration monitoring, electrical systems, heat exchanger performance, PID loop performance, generic assets, and IT equipment,” says Bharath Kanniappan, Lead Analyst, Industrial Automation, Technavio Research.
The use of PAM is helping process-oriented companies to go green and reduce cost by cutting down wastage and defects. PAM is enhancing plant efficiency by ensuring operations on a real-time basis and providing updated information continuously to operators on the shop floor. The overall efficiency of a manufacturing system can be enhanced by integrating PAM with the warehouse management system, which facilitates lean manufacturing in process-oriented companies.
The leading vendors in the global PAM system market are ABB, Emersion Electric, Honeywell, Rockwell Automation and Siemens. Intense competition prevails in this market owing to increased adoption of PAM systems in both process and discrete industries. The vendors are coming up with new solutions to address the requirements of the end-user sectors.
A more detailed analysis is available in the Technavio report, Global PAM System Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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