The global asset performance management (APM) market was valued at USD 19.32 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 12.0% from 2023 to 2030. This anticipated growth is largely attributed to the rising demand for digital solutions across various industries, including oil and gas, manufacturing, and chemicals, as organizations seek to reduce operational costs. APM systems play a crucial role in this context by collecting diverse types of data from assets such as machinery and heavy equipment through the use of sensors. By integrating various data sources, APM systems create a robust data analytics platform that provides a comprehensive overview of all operational assets. This comprehensive information allows customers to enhance their asset management processes and prioritize maintenance activities effectively.
Moreover, the integration of APM systems with complementary solutions, including mobile applications and geographic information systems (GIS), is facilitating more efficient applications of APM technology, contributing to steady market growth. Additionally, APM systems leverage the capabilities of the industrial Internet of Things (IIoT) to ensure equipment reliability. Given that equipment reliability is a fundamental capability of APM systems, there is an increasing interest in these solutions within the industrial sector.
APM represents an integrated suite of solutions and services, encompassing various software tools used to monitor critical aspects such as asset health and reliability. These tools also assist in planning strategies for asset maintenance and potential divestment. For instance, General Electric's Predix solution includes several components, such as APM Health, APM Reliability, APM Strategy, and APM Integrity. The APM system provides valuable insights at the point of action, which helps to extend asset lifespan, minimize unplanned repairs, reduce downtime, lower maintenance costs, and decrease the risk of equipment failure.
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Market Dynamics
The advent of the fourth industrial revolution, often referred to as Industry 4.0, has accelerated the adoption of Internet of Things (IoT) technologies, including industrial sensors, across numerous sectors. The growing utilization of these sensors has enabled the swift deployment of APM solutions. Furthermore, the failure of industrial equipment poses significant Environmental, Health, and Safety (EH&S) risks. Implementing APM solutions helps organizations mitigate these risks by enhancing asset health and ensuring compliance with federal and environmental regulations.
Moreover, the integration of Geographic Information Systems (GIS) with unmanned aerial vehicles (UAVs), commonly known as drones, enhances customer experience by providing real-time asset performance monitoring. Drones can capture detailed 3D images of assets located at remote sites, and this information can be seamlessly transferred via integration with the company’s GIS-enabled APM software.
APM providers are making substantial strides in developing new solutions that incorporate the latest technologies. As part of their growth strategies, the focus on new product development has enabled several companies to attract a larger customer base globally.
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