- The key vendors in the Global Plant Asset Management System Market are ABB, Emerson Electric Co., Honeywell International Inc., Rockwell Automation Inc. and Siemens AG.
London, 26 August 2014: TechNavio, an independent tech-focused global research firm, announced today the publication of its market research report on the Global Plant Asset Management System Market 2014-2018. One of the major trends in this market is the development of application-specific solutions. The market vendors have started providing application-specific PAM systems in accordance with industry-specific norms. The overall market is expected to grow at a CAGR of 10.01 percent during the forecast period of 2013-2018.
Plant asset management systems are used for the management of plant assets during the entire lifecycle of the plant in order to increase process control, thereby enhancing the efficiency and productivity of the organization. These systems help to generate the information regarding the health of an asset, which is utilized for decision-making purposes.
“The trend of developing application-specific solutions in the Global Plant Asset Management System market will enhance the market growth during the forecast period,” says Faisal Ghaus, Vice President of TechNavio Research.
“The development of application-specific PAM systems results in enhanced productivity and increased customer satisfaction.”
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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