October, 2024
The increasing demand for automation and digitalization in industrial sectors drives the market's growth. Industries such as oil & gas, chemicals, manufacturing, and energy are increasingly adopting digital solutions to monitor, control, and maintain their assets efficiently, which are the driving factors for the plant asset management market. The increasing focus on improving operational efficiency and plant assets' lifespan fuels the market's growth.
Enterprises recognize the importance of predictive maintenance and condition monitoring in reducing unexpected failures and ensuring smooth operations. By utilizing PAM systems, enterprises can make data-driven decisions that enhance asset performance, increase productivity, and optimize maintenance schedules. It is particularly relevant in industries where unplanned downtime can lead to costly consequences, making PAM systems a strategic investment.
There is also significant government investment in the sector, with several countries incentivizing energy production to meet growing demand. In India, Rajasthan increased the country's highest grid-connected renewable power capacity (17,040.62 MW) in 2022, followed closely by the state of Gujarat (16,587.90 MW), mainly due to wind and solar power.
The energy and power sectors are capital-intensive; therefore, companies constantly seek ways to reduce operational and maintenance costs. Plant asset management solutions enable companies to optimize the performance of critical assets, such as boilers, turbines, and cooling systems, by providing predictive maintenance, performance monitoring, and analytics capabilities.
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