The latest market research report by Technavio on the global industrial remote asset management marketpredicts a CAGR of around 8% during the period 2018-2022.
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Technavio has announced a new market research report on the global industrial remote asset management market from 2018-2022. (Graphic: Business Wire)
The report segments the global industrial remote asset management market by end-user (power industry, the oil and gas industry, the marine industry, and water and wastewater industry), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global industrial remote asset management market, according to Technavio industrial automation researchers:
- Continued growth in operational dependability for remote operations: a major market driver
- Paradigm shift from predictive maintenance to preventive maintenance: emerging market trend
- The Americas dominated the global industrial remote asset management market with close to 35% share in 2017
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Continued growth in operational dependability for remote operations: a major market driver
Continued growth in operational dependability for remote operations is one of the major factors driving the global industrial remote asset management market Industries, particularly asset-intensive industries are faced with the challenge of maintaining optimal energy efficiency and at the same time ensuring that their critical assets are properly maintained. High energy costs mean that even a small disruption can lead to failures of critical assets, leading to high losses in revenue. Therefore, industries must manage these assets periodically to avoid any shutdown or downtime. Monitoring and managing these assets becomes even more challenging in remote locations where it is difficult for operators to work due to hostile working conditions. Some of the challenges in remote locations are employees exposed to high-risk conditions or atmospheres, unfavorable environmental forces and climatic conditions, and connectivity.
In these scenarios, remote asset monitoring solutions provide appropriate maintenance and effective management of assets. Remote asset monitoring solutions offer visibility of machinery or equipment located in remote plants or distant industrial facilities.
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Paradigm shift from predictive maintenance to preventive maintenance: emerging market trend
Although, the main aim of preventive maintenance and predictive maintenance is the same, preventive maintenance is based on average life cycle of an asset. Through remote asset monitoring, predictive maintenance can be achieved as it can give real-time data of assets, which can give information on asset health, thus achieving predictive maintenance. However, unlike predictive maintenance, during preventive maintenance, assets are monitored while they are in operation, which reduces losses from downtime.
According to a senior analyst at Technavio for research on automation, "Periodic maintenance of assets in remote locations is expensive and time-consuming. By utilizing preventive maintenance, operators need to work on the maintenance of the asset only when maintenance is required. For instance, in case of lubrication of machinery or equipment located remotely, operators need to apply lubricants after collecting friction data for machinery and lubricate the equipment if required."
Global market opportunities
Of all the end-user segments, the power segment is expected to dominate the market accounting for around 30% of the market share throughout the forecast period. There is very little variation in the market shares of all the end-user segments over the period 2017-2022.
In terms of regional dominance, the Americas dominated the global industrial remote asset management market, followed by EMEA and APAC in 2017. The market share of all these regions is expected to witness very little variation over the forecast period.
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