Technology

Plant Asset Management (PAM) Market size is set to grow by USD 2.01 billion from 2023-2027, Incorporation of 3D modeling in real-time asset management to boost the market growth, Technavio

Published

2 months ago

July 18, 2024

NEW YORK, July 18, 2024 /PRNewswire/ — The global plant asset management (PAM) market size is estimated to grow by USD 2.01 billion from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of almost 7.09% during the forecast period. Incorporation of 3D modeling in real-time asset management is driving market growth, with a trend towards use of prescriptive analytics for analysis. However, competition from substitutes poses a challenge. Key market players include AB SKF, ABB Ltd., Aspen Technology Inc., AVEVA Group Plc, Emerson Electric Co., Endress Hauser Group Services AG, Hitachi Ltd., Honeywell International Inc., IFS World Operations AB, International Business Machines Corp., Novo Solutions Inc., Oracle Corp., Petrofac Ltd., Ramco Systems Ltd., Rockwell Automation Inc., S and T Deutschland GmbH, SAP SE, Schneider Electric SE, Siemens AG, and Yokogawa Electric Corp..

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Forecast period

2023-2027

Base Year

2022

Historic Data

2017 – 2021

Segment Covered

Deployment (Cloud and On-premises), End-user (Power industry, Pulp and paper industry, Oil and gas industry, Refining industry, and Petrochemical and others), and Geography (North America, Europe, APAC, Middle East and Africa, and South America)

Region Covered

North America, Europe, APAC, Middle East and Africa, and South America

Key companies profiled

AB SKF, ABB Ltd., Aspen Technology Inc., AVEVA Group Plc, Emerson Electric Co., Endress Hauser Group Services AG, Hitachi Ltd., Honeywell International Inc., IFS World Operations AB, International Business Machines Corp., Novo Solutions Inc., Oracle Corp., Petrofac Ltd., Ramco Systems Ltd., Rockwell Automation Inc., S and T Deutschland GmbH, SAP SE, Schneider Electric SE, Siemens AG, and Yokogawa Electric Corp.

Key Market Trends Fueling Growth

Prescriptive analytics is a valuable tool in Plant Asset Management (PAM) systems. It uses historical data trends to forecast changes and suggests optimal actions to maintain plant assets. This feature is particularly useful during maintenance, enabling organizations to schedule tasks based on distinct scenarios created through prescriptive analytics. Machine learning and artificial intelligence have significantly increased the adoption of prescriptive analytics in PAM. Leading vendors like Rockwell Automation, ABB, and IBM offer prescriptive analytics services for asset management, providing data on factors influencing plant operations. The growing implementation of prescriptive analytics in PAM is anticipated to enhance the efficiency and effectiveness of plant maintenance, contributing to the market’s growth during the forecast period.

Plant Asset Management (PAM) market is witnessing significant trends in various sectors, including aerospace & defense and automotive. Media and operations teams are increasingly adopting PAM solutions to manage their plants more efficiently. Preventive maintenance is a key focus area, with a proactive approach towards asset management becoming the norm. Real-time data analytics, location tracking, and monitoring are essential for productivity improvement. Replacement of assets is optimized through predictive maintenance, reducing resource wastage. Smart connected devices, robotics, and AI are transforming work processes. Small- & medium-sized businesses are benefiting from affordable IoT sensors and cloud deployment models. Sustainability solutions, carbon emissions monitoring, and commissioning are gaining importance. PAM software solutions automate workflow, and smart factory solutions integrate smart technologies. Supportive government initiatives and cloud services further boost the market growth. Acoustic technology is a new trend in asset management, offering early detection of equipment failures.

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Market Challenges

The Plant Asset Management (PAM) market faces significant competition from Manufacturing Execution Systems (MES) software. MES solutions, like Schneider Electric’s Wonderware MES Software, offer real-time data on work orders, production rates comparison, and operational activity monitoring. This data enables evaluation of key performance indicators such as overall equipment effectiveness. MES systems provide accurate, real-time data for manufacturing process execution and order tracking, potentially challenging the PAM market’s growth during the forecast period. MES software also facilitates tasks scheduling, labor planning, data acquisition, process control, and quality assurance.Plant Asset Management (PAM) Market: Overcoming Challenges in Various Industries The Plant Asset Management (PAM) market faces several challenges in diverse sectors like Aerospace, Automotive, Construction, Energy & Power, and Manufacturing. One significant challenge is the integration of advanced technologies such as acoustic technology, AI, Computer Vision, and Machine Learning (ML) solutions into existing systems. The aerospace & defense sector and manufacturing firms are actively implementing these technologies for asset monitoring and predictive maintenance. Another challenge is the adoption of automation in asset management. Automation assets, including IoT/IIoT sensors and location-based technology, require developed IT infrastructure and data security measures. Cloud deployment models, cloud facilities, and cloud services are essential for managing and analyzing data from these assets. Industries like Construction face unique challenges such as commissioning and decommissioning of equipment and infrastructure. Lean manufacturing practices and digitalization are crucial for optimizing maintenance requirements and reducing carbon emissions. Automating workflows, equipment inspections, and maintenance processes is essential for improving efficiency and reducing costs. Moreover, the use of cheap IoT sensors and machine learning solutions in industries like healthcare and manufacturing & utility plants is gaining popularity for monitoring and maintaining assets. Data security is a significant concern, and ensuring the protection of sensitive information is crucial. In conclusion, the PAM market must address these challenges to provide effective solutions for managing equipment & infrastructure in various industries, including automotive, aerospace, construction, energy & power, and manufacturing.

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Segment Overview

This plant asset management (pam) market report extensively covers market segmentation by

Deployment 1.1 Cloud1.2 On-premisesEnd-user 2.1 Power industry2.2 Pulp and paper industry2.3 Oil and gas industry2.4 Refining industry2.5 Petrochemical and othersGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Cloud- The demand for cloud-based Plant Asset Management (PAM) solutions is increasing in various industries due to their advantages. These solutions offer scalability and accessibility, making them ideal for businesses with growing asset needs. Cloud-based PAM systems provide real-time data and analytics, enabling better decision-making and proactive maintenance. This is essential in PAM, where timely insights can prevent costly downtime. Additionally, cloud solutions can integrate with other cloud-based services and emerging technologies, such as IoT devices, for more comprehensive asset management strategies. The adoption of cloud-based PAM solutions will positively impact the growth of the global market during the forecast period.

For more information on market segmentation with geographical analysis including forecast (2023-2027) and historic data (2017 – 2021) – Download a Sample Report

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Research Analysis

The Plant Asset Management (PAM) market is a growing sector that assists manufacturing firms in optimizing the performance, availability, and productivity of their physical assets. This includes equipment inspections, maintenance scheduling, and real-time location tracking using location-based technology for field technicians. PAM solutions like Revo Asset Management utilize digitalization, lean manufacturing practices, and cloud-based technologies to reduce resource wastage and improve asset lifecycle management. Construction equipment, generators, and automation assets in manufacturing & utility plants, aerospace, defense, energy & power industries, and industrial automation benefit significantly from these solutions. Advantages include real-time data analytics, automated workflows, and improved asset utilization. Technologies such as IoT, AI, and machine learning enhance PAM capabilities, enabling predictive maintenance and proactive decision-making.

Market Research Overview

The Plant Asset Management (PAM) market is witnessing significant growth due to the digitalization trend in various sectors, including aerospace & defense, automotive, construction, energy & power, manufacturing, and healthcare. Acoustic technology and computer vision are being integrated into PAM solutions for predictive maintenance and equipment inspections. AI, machine learning, and IoT/IIoT are transforming asset management by automating workflows, automation of assets, and real-time data analytics. Cloud deployment models and cloud services are increasingly being adopted for PAM solutions, providing access to data and services from anywhere. Location-based technology and real-time monitoring enable proactive maintenance and replacement of assets before they fail. The construction business is leveraging PAM solutions for commissioning and decommissioning of construction equipment. Industrial automation and lean manufacturing practices are also driving the demand for PAM solutions. Sustainability solutions, such as carbon emissions monitoring, are gaining importance in the PAM market. Robotics and smart technologies are being used to optimize work processes and improve productivity. Government initiatives and supportive policies are further fueling the growth of the PAM market. Small- & medium-sized businesses are also adopting PAM solutions due to the availability of cheap IoT sensors and smart connected devices. PAM solutions are essential for managing equipment & infrastructure in various sectors, ensuring efficient operations, reducing resource wastage, and minimizing environmental risks.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

DeploymentCloudOn-premisesEnd-userPower IndustryPulp And Paper IndustryOil And Gas IndustryRefining IndustryPetrochemical And OthersGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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Email: media@technavio.com
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SOURCE Technavio

Technology

Relativity Spotlights Legal Industry Leaders at the 2024 Innovation Awards

Published

51 mins ago

September 26, 2024

Relativity’s annual Innovation Awards recognize the change agents of its user community

CHICAGO, Sept. 26, 2024 /CNW/ — Relativity, a global legal technology company, today announced the winners of this year’s Innovation Awards at Relativity Fest. The Innovation Awards celebrate the trailblazing individuals and teams building custom solutions, empowering their peers and forging new paths to improve the legal industry and its communities.

“Another year of the Innovation Awards signals another opportunity to celebrate our community’s dedication to making a positive impact– whether that be through developing new solutions, providing excellent customer service, or elevating and advocating for their peers in the legal industry,” said Laurie Usewicz, Chief Partner Officer at Relativity. “This year’s winners exemplify the impassioned and innovative spirit that makes the future of our industry a bright one.”

The winners hail from, or work directly with law firms, financial institutions and consultant management companies large and small, private and public. Through a combined process of a judging committee and a community vote, Best Innovation winners are selected based on how they’ve leveraged the Relativity application programming interfaces in creative ways to solve Relativity’s customers’ most unique challenges.

In addition to the standard six individual and two Best Innovation awards, a new Best Innovation category was added for this year, Developer Partner. This award recognizes solutions created by Relativity’s independent software vendor (ISV) community that are offered directly to customers. Eligibility is restricted to solutions that are not owned by an Enterprise or Solution, Advisor, or Provider Partner.

The 2024 Innovation Awards winners are:

Artificial Intelligence: Ben Sexton, Vice President, JND eDiscoveryCustomer Experience: Jenna Rooney, Director, Client Services, Arete Incident ResponseEducation & Mentorship: Deedra Smith, Managing Director, FTI ConsultingInclusion: Vazantha Meyers, Vice President, Discovery Services, Haystack IDSecurity: Jenna Rooney, Director, Client Services, Arete Incident Response Stellar Women: Stephanie L. Goutos, Lead Practice Innovation Attorney, Gunderson DettmerBest Innovation: Developer Partner: Redaction Suggestions in Blackout by MilyliBest Innovation: Enterprise: Flywheel by Troutman Pepper eMergeBest Innovation: Partner: GenAI Toolbox by EY Switzerland

Each of the award winners above exemplify what it means to be a changemaker at the individual, organizational and industry levels. All award winners are determined by a combination of Relativity judging committees unique to each category and a community vote.

Relativity congratulates all submissions for the innovative work delivered this past year.

About Relativity
Relativity makes software to help users organize data, discover the truth and act on it. Its SaaS product, RelativityOne, manages large volumes of data and quickly identifies key issues during litigation and internal investigations. Relativity has more than 300,000 users in approximately 40 countries serving thousands of organizations globally primarily in legal, financial services and government sectors, including the U.S. Department of Justice and 198 of the Am Law 200. Please contact Relativity at sales@relativity.com or visit www.relativity.com for more information.

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SOURCE Relativity

Technology

UniFab Launches Anime AI Model: Empowering Anime Content Creation

Published

51 mins ago

September 26, 2024

HONG KONG, Sept. 27, 2024 /PRNewswire/ — UniFab, a global leader in intelligent video editing, officially launches its latest anime AI model, designed to enhance anime video quality and redefine the anime content creation process.

The UniFab anime AI model leverages advanced deep learning and computer vision to automatically recognize and optimize uploaded materials, producing smooth, high-quality animations. It enables users to easily enhance old, low-resolution anime videos, offering a revolutionary solution for content creators and fans.

Key Features:

Quality Enhancement: Supports upgrades video resolution to 1080P and 4K, significantly enhancing clarity and detail.

Colorization and Detail Restoration: Enhances line definition, texture clarity, and color accuracy, restoring artistic styles and character details with precision.

Effortless Operation: The user interface is intuitive, and the operation process is straightforward. Users can simply upload videos and follow a few steps.

Multi-Function Video Editing: Offers editing features such as trimming, merging, and audio processing, enabling users to easily create personalized video content.

The UniFab anime AI simplifies the traditionally complex enhancement process, enabling both beginners and experienced professionals to quickly create stunning works with this innovative tool. This AI model is now officially available, further strengthening UniFab’s leadership in content creation technology.

About UniFab

This AI video enhancer software features a comprehensive suite of AI-powered tools for video and audio editing, delivering versatile capabilities and outstanding results in quality enhancement.

Video Upscaler AI: Boosts video resolution to 4K, restoring details for a clearer viewing experience.

HDR Upconverter AI: Converts videos from SDR to HDR10/Dolby Vision, delivering richer and more realistic colors.

Denoise AI: Eliminates noise and grain caused by various factors, resulting in cleaner videos.

Deinterlace AI: Converts interlaced video signals to progressive, effectively reducing flicker and visual artifacts.

Smoother AI: Utilizes frame interpolation to increase video frame rates by AI, delivering smoother and more fluid motion.

Video background Remover AI: Supports replacing or removing unwanted background and objects in videos to highlight the subject.

Audio Upmix AI: Upscales audio tracks from videos to EAC3 5.1/DTS 7.1 surround sound for a cinematic listening experience.

The era of AI-powered video editing has arrived, and we invite all industry partners and users to join us in experiencing the ultimate audiovisual experience.

Contact Information:

Company Name: UniFab

Official Website: https://unifab.ai

JP: https://ja.unifab.ai/

FR: https://fr.unifab.ai/

DE: https://de.unifab.ai/

ZH: https://zh.unifab.ai/

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SOURCE UniFab Technology

Technology

Monolith Announces Additional Funding from Investor Consortium

Published

51 mins ago

September 26, 2024

Latest round of financing will support Monolith’s commercial growth, as it continues to advance toward expanding operations

LINCOLN, Neb., Sept. 26, 2024 /PRNewswire/ — Monolith Materials, Inc. (Monolith), a global leader in clean hydrogen and carbon black, today announced a closed funding round from existing investors, including Azimuth V Energy Evolution Fund and Azimuth Capital Management’s Development Company Platform, Cornell Capital, Decarbonization Partners, TPG Rise Climate, and Warburg Pincus. This is the latest round following Monolith’s capital raise in July 2022 and conditional approval for a loan from the Department of Energy Loan Programs Office to expand its production facilities in Nebraska.

“It is an exciting time for Monolith, and we are incredibly proud of the work we are doing to scale the business supported by world-class investors,” said Rob Hanson, co-founder and CEO of Monolith.

Monolith uses clean energy to power a commercial-scale proprietary plasma pyrolysis process that electrifies carbon black and hydrogen production. The carbon black produced from Monolith’s low-emission process is an essential input for tires, plastics, inks, paints and other uses. Today, the carbon black that Monolith produces at its existing facility (OC1) goes into tires across North America. The clean hydrogen to be produced at Monolith’s expansion facility (OC2) will be converted to ammonia and is expected to be supplied as fertilizer to farmers in America’s Corn Belt to help feed and fuel the world.

“This funding continues our decade-long partnership with Monolith as the company builds a high energy, low emissions future,” said Roy Ben-Dor, Managing Director and Head of Energy Transition & Sustainability, Warburg Pincus. “The company’s proprietary approach to producing sustainable hydrogen, carbon black, and ammonia is critical to decarbonizing the energy and materials sectors.”

“The Monolith team continues to move at pace in tackling emissions from some of the most widely used, yet most difficult to decarbonize materials. Since our initial investment in 2022, we’ve seen strong demand from top brands in Monolith’s end markets and we look forward to continuing that momentum with our latest investment,” said Jonathan Garfinkel, a Managing Partner of TPG Rise Climate.

“Rob and the team at Monolith continue to successfully navigate the road toward launching their expansion, which will significantly scale their operations and put more clean tires on the road,” said Dr. Meghan Sharp, Global Head of Decarbonization Partners. “We look forward to continuing to support the company.”

About Monolith
Monolith is a next-generation cleantech company that uses clean energy to power a commercial-scale proprietary plasma pyrolysis process that electrifies the production of carbon black and hydrogen, which provides environmental advantages over conventional production processes. Monolith is backed by Azimuth Capital Management, Cornell Capital, Decarbonization Partners, Elda River Capital Management, LLC, Imperative Ventures, Mitsubishi Heavy Industries America, NextEra Energy Resources, LLC, Perry Creek Capital LP, SK Inc., TPG Rise Climate and Warburg Pincus. For more information on Monolith, visit www.monolith-corp.com.

About Warburg Pincus
Warburg Pincus LLC is a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 225 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Since its founding in 1966, Warburg Pincus has invested more than $117 billion in over 1,000 companies globally across its private equity, real estate, and capital solutions strategies. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information please visit www.warburgpincus.com.

About Azimuth Capital Management
Founded in 2000, Azimuth is an energy transition private equity manager focused on late stage growth equity and development opportunities in North America and Europe. Azimuth is an international leader in energy operating and project development experience, which enables differentiated results across five funds in addition to in-house development company origination. Azimuth V targets low carbon fuels, battery materials, and baseload clean power and storage with a focus on efficient carbon mitigation. For more information, please visit www.navigatingenergy.com.

About Cornell Capital
Cornell Capital is a U.S.-based private investment firm with ~$6 billion of AUM and offices in New York and Hong Kong. Leveraging decades of global investment experience, the firm takes a disciplined approach to investing across the consumer, financial services, and industrials/business services sectors, often in companies that can benefit from the firm’s Asia presence and cross-border expertise. Founded in 2013 by Senior Partner Henry Cornell, the former Vice Chairman of Goldman Sachs’ Merchant Banking Division, the firm is led by a highly seasoned team with significant shared investment experience. For more information, visit www.cornellcapllc.com.

About TPG Rise Climate
TPG Rise Climate is the dedicated climate investing strategy of TPG’s $19 billion global impact investing platform. TPG Rise Climate pursues climate-related investments that benefit from the diverse skills of TPG’s investing professionals, the strategic relationships developed across TPG’s existing portfolio of climate-focused companies, and a global network of executives and advisors. The fund takes a broad-based sector approach to investment types, from growth equity to value-added infrastructure, and focuses on climate solutions in the following thematic areas: clean electrons, clean molecules and materials, and negative emissions. Jim Coulter, TPG Founding Partner and Executive Chairman, serves as a Managing Partner of TPG Rise Climate. Former U.S. Treasury Secretary Hank Paulson serves as TPG Rise Climate’s Executive Chairman. For more information, please visit www.therisefund.com/tpgriseclimate.

About Decarbonization Partners
Decarbonization Partners is a joint venture between Temasek and BlackRock focused on late-stage venture capital and early growth private equity investing in next-generation companies that provide solutions and technologies to help accelerate global efforts to achieve a net zero global economy by 2050. Decarbonization Partners combines Temasek and BlackRock’s complementary platforms and expertise in sourcing and underwriting private investments, portfolio and risk management, and sustainable technology and analytics. Decarbonization Partners invests in a wide range of companies that have proven technology and need capital to scale. The partnership attracted $1.40bn in capital from a diverse set of over 30 institutional investors across North America, Europe and Asia Pacific.