TechNavio today launched its report Global Plant Asset Management (PAM) Market 2011-2014 based on an in-depth study. The report aims to aid decision makers™ understanding of the significant trends impacting this market.
Commenting on the report, an analyst from TechNavio™s Engineering Software team said, Wireless PAM provides increased connectivity among devices for effective monitoring and asset utilization. It improves overall productivity and reduces operating expenses. Wireless PAM also reduces expenses on maintenance and repair expenses on connecting wires, and increases overall total cost of ownership. However, some process manufacturing companies run with traditional or wired PAM due to lack of knowledge about the benefits of wireless PAM. The adoption of wireless PAM is expected to increase as it creates a competitive edge over the competitors.
According to the report, the Global PAM market is driven by process manufacturing companies as it improves the overall efficiency and effectiveness of the plant productivity. PAM improves productivity of the plant by providing continuous and real-time information, through its effective diagnostic approach. PAM improves effectiveness and efficiency of the calibration. PAM provides advanced calibration of instruments which in turn increases the productivity of the plant. It is estimated that PAM improves asset performance by 40 percent and workforce efficiency by 20 percent by reducing unscheduled breakdown time by 45 percent.
The report also discusses key challenges faced by market vendors including the short product lifecycle of PAM systems.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key players.
TechNavio, the market research platform of Infiniti Research Ltd, publishes periodic reports on niche and emerging technologies. For further information, please visit https://www.technavio.com/content/global-plant-asset-management-market-2011%E…
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TechNavio Announces the Publication of its Report – Global Plant Asset Management Market 2011“2014
