Asset Optimization Solutions Market: Introduction
Transparency Market Research delivers key insights on the global asset optimization solutions market. In terms of revenue, the global asset optimization solutions market was valued at US$ 3 Bn in 2019. It is expected to surpass ~US$ 11.7 Bn by 2030, expanding at a CAGR of ~13% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global asset optimization solutions market.
The global asset optimization solutions market is broadly affected by several factors, including increasing awareness related to optimum utilization of assets and cost reduction. Thus, expanding applications of asset optimization solutions in different sectors are propelling the global market for asset optimization solutions.
Asset Optimization Solutions Market: Dynamics
The increasing unplanned downtime in asset utilization is a major factor driving the market. Solution providers offer asset management platforms to reduce unplanned downtime of assets by providing updates related to assets, along with increased availability and real-time monitoring solutions. Asset optimization solutions help to optimize processes and operation of assets to maximize productivity and minimize production costs by running them to peak performance and minimizing downtime as much as possible. Industries want to increase revenue and profitability, which requires efficient management of assets. Thus, by using asset optimization solutions, organizations can improve performance and utilization of assets, extend asset life, reduce asset-related operating costs, reduce capital costs, and improve return on assets (ROA). The oil & gas industry is increasing investment in asset optimization solutions to maintain their productivity and reduce downtime of assets. The oil & gas industry is focusing on asset optimization solutions to enhance performance and efficiency of the production instead of investing in new assets during plant operations. Thus, this factor increases the demand for asset optimization solutions in the oil & gas industry. Energy & utilities and oil & gas industries are increasing the adoption of analytics platforms and Big Data to improve the performance of assets and reduce operation and unit production costs. These industries are continuously focusing on improving their profitability with the adoption of new asset management tools. Increasing investment in advanced technology solutions in asset management is expected to drive the demand for asset optimization solutions during the forecast period.
Asset intensive industries are facing difficulties in improving operational performance of their assets, while managing regulatory compliance. Hence, Industry 4.0 provides users the ability to strategically plan, forecast, and optimize their maintenance. Therefore, Industry 4.0 is projected to offer huge opportunities for the growth of asset optimization solutions around the globe. Industry 4.0 focuses on the aspects of digital transformation. Asset optimization solutions are implemented to increase asset reliability, improve asset performance, reduce risk, and maximize return on asset investments. Thus, increase in digitalization and improved asset performance offer enormous growth opportunities to the asset optimization solutions market. In order to increase asset reliability and reduce the risk and downtime of assets, organizations should look for new strategies and implement new solutions that have the potential to target their customers and improve their Return on Investment (ROI).
Asset Optimization Solutions Market: Prominent Regions
The asset optimization solutions market in North America is expected to expand during the forecast period, owing to the presence of key market players, technological advancements, and rise in consumer spending in asset management solutions in the region. The asset optimization solutions market in Europe is projected to expand during the forecast period, due to a significant rise in commercial investment in asset optimization solutions and increasing number of asset optimization solution providers in major countries such as the U.K. and Germany. The market in Asia Pacific is estimated to expand at a rapid pace during the forecast period, owing to the presence of a large number of players in the asset optimization solutions sector and increase in adoption of asset optimization solutions among commercial spaces.
Asset Optimization Solutions Market: Key Players
Key players operating in the global asset optimization solutions market include ABB Ltd, Aspen Technology, Inc., Decisyon, Inc., DXC Technology, EDF Renewables, Inc., Flowserve Corporation, GE Digital LLC, Genesis Technology Solutions, Inc. (ABS Group), Genpact, IBM Corporation, Lakeside Software, PITERION, Power Costs, Inc., Schlumberger Limited, and Uniper SE.
Global Asset Optimization Solutions Market: Segmentation
Asset Optimization Solutions Market, by Component
Asset Optimization Solutions Market, by Enterprise Size
Asset Optimization Solutions Market, by Industry
Asset Optimization Solutions Market, by Region
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