Asset Performance Management (APM) refers to the process of monitoring and optimizing the performance of assets to improve reliability, availability, and efficiency while reducing maintenance costs. The APM market is a growing industry that offers solutions to asset-intensive industries such as oil and gas, chemical, power generation, and manufacturing.
Some of the key players in the APM market include ABB Ltd., IBM Corporation, SAP SE, Schneider Electric SE, GE Digital, Honeywell International Inc., Rockwell Automation, Inc., Siemens AG, Bentley Systems, Inc., and Aspen Technology, Inc.
The APM market offers various solutions such as condition monitoring, predictive maintenance, asset reliability, asset integrity management, and others. These solutions help in identifying potential equipment failures, reducing unplanned downtime, and improving overall asset performance.
North America dominated the APM market in 2020, followed by Europe and Asia Pacific. The high adoption of advanced technologies and the presence of key market players in the region are the major factors contributing to the growth of the APM market in North America.
In conclusion, the Asset Performance Management market is expected to witness significant growth in the coming years due to the increasing demand for predictive maintenance and the adoption of cloud-based solutions by asset-intensive industries. The market is highly competitive and is characterized by the presence of several key players offering a range of solutions to cater to the diverse needs of customers.
What are the Major Factors Propelling the Global Asset Performance Management?
Increasing inclination toward digitalization by various sectors such as mining, oil, power & utilities, and others tend to escalate the expansion of the global asset performance management market. For instance, General Electric. Digital invested around USD 1 Trillion, for the growth of Predix APM solutions, based on the Predix Platform.
Introduction of advanced asset management solutions during the pandemic by renowned players to assist enterprises to boost their performance management and optimize maintenance costs which is projected to fuel the growth of the APM market. For instance, in October 2020, Siemens Energy and Bentley Systems announced their collaboration to roll out a performance management solution for oil and gas operators. This solution provides asset performance software capabilities of Bentley Systems Inc. with Siemens Energy’s oil & gas device proficiency. It will also assist enterprises across the oil & gas sector to augment the device’s reliability and lessen the maintenance costs.
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