TOP 10 COMPANIES IN INDUSTRIAL ASSET MANAGEMENT MARKET

The Industrial Asset Management Market is projected to reach $14.4 billion by 2029, at a CAGR of 12.2% from 2022 to 2029. The growth of the industrial asset management market is driven by the benefits of cloud-based industrial asset management solutions and the rising need for the real-time monitoring of industrial assets. However, concerns regarding data security & confidentiality restrain the growth of this market. The integration of artificial intelligence, machine learning, and 5G technologies and the growing adoption of industrial asset management solutions in the pharmaceutical sector are expected to create growth opportunities for the players operating in this market. However, the lack of infrastructure & IT capabilities is a challenge for market growth. Additionally, the increasing integration of predictive analytics is a major trend in the industrial asset management market.

Here are the top 10 companies operating in the Industrial Asset Management Market

ABB Ltd. (Switzerland)

Founded in 1988 and headquartered in Zürich, Switzerland, ABB is an automation company engaged in manufacturing, developing, and selling electrical products and solutions; industry-specific integrated automation, safety systems and electrification systems; and mechanical power transmission products. The company provides digital solutions that improve industrial asset performance, reliability, risk management, and overall business profitability.

ABB offers next-generation asset performance management solutions & services enhanced with AI/ML technologies. Furthermore, it offers a cloud-based solution that integrates energy and asset management in a single intuitive dashboard. ABB operates in the market through five business segments, namely, Electrification, Process Automation, Motion, Robotics & Discrete Automation, and Corporate and Other. The company ensures that customers can easily access its offerings directly from the company or through distributors, wholesalers, system integrators, or other partners.

Honeywell International Inc. (U.S.)

Incorporated in 1985 and headquartered in North Carolina, U.S., Honeywell provides real-time industrial asset management dashboards. The company provides a real-time analytics solution that continuously monitors asset and process performance across industries, detects impending health issues, and predicts failure. Honeywell’s solutions help reduce the cost of operations associated with maintenance and inefficient energy use and allow asset stakeholders to manage more assets concurrently.

Honeywell operates in the market through four business segments, namely, Aerospace, Honeywell Building Technologies, Performance Materials & Technologies, and Safety & Productivity Solutions. The company offers safety equipment, management productivity solutions and software that improve productivity, workplace safety, and asset performance to customers around the globe through its Safety & Productivity Solutions segment.

Rockwell Automation, Inc. (U.S.)

Incorporated in 1996 and headquartered in Wisconsin, U.S., Rockwell is engaged in the manufacturing of industrial automation products, safety systems, and information solutions. The company provides an effective asset management strategy that can help industries to improve asset availability. Rockwell’s industrial asset management services help address downtime issues and manage risks.

The company operates in the market through three business segments, namely, Intelligent Devices, Software & Control, and Lifecycle Services. Rockwell serves industries such as food & beverage, home & personal care, life sciences, automotive and tire, oil & gas, and mining & metal industries.

Emerson Electric Co. (U.S.)

Incorporated in 1890 and headquartered in Missouri, U.S., Emerson Electric provides various industrial asset management products and services to industrial, commercial, and consumer markets globally. The company’s asset performance management solution leverages FMEA analysis, reliability strategies, and work procedure development, and its CMMS integration helps concentrate on assets based on priority.

Emerson Electric operates in the market through two business segments, namely, Automation Solutions and Commercial & Residential Solutions. The Automation Solutions segment offers a broad array of products and integrated solutions, software, and services that enable process, hybrid, and discrete manufacturers to maximize production, protect personnel and the environment, reduce project costs, and optimize energy efficiency and operating costs.

General Electric Company (U.S.)

Founded in 1892 and headquartered in Massachusetts, U.S., General Electric is a high-tech industrial company that provides a range of expert services to facilitate asset performance management success and digital initiatives. The company’s asset performance management (APM) is a suite of software and services designed to help optimize asset performance and O&M efficiency across equipment, the plant, and the entire fleet.

The company operates in the market through four business segments, namely, Aviation, Healthcare, Renewable Energy, and Power. The company caters to industries such as chemicals, automotive, aviation, manufacturing, oil and gas, telecommunications, power generation, mining, metals, consumer products, and wastewater.

Meticulous Research in its latest publication on Industrial Asset Management Market has predicted the growth of 12.2% during the forecast year 2022-2029. 

SKF Group (Sweden)

Founded in 1907 and headquartered in Gothenburg, Sweden, SKF provides various industrial asset management services. The company provides assessment and benchmarking services to help identify areas where consumers can improve the reliability and availability of assets to reduce operating costs.​ SKF’s maintenance strategy review services follow a set of logical steps to identify the right maintenance strategy and maintenance tasks. The company also offers spare inventory management services to optimize asset management from a spare consumption point of view and a lubrication management program. SKF operates in the market through two business segments, namely, Industrial and Automotive.

Yokogawa Electric Corporation (Japan)

Founded in 1915 and headquartered in Tokyo, Japan, Yokogawa is a global provider of industrial asset management solutions & services. The company provides wireless solutions for industrial IoT that continuously monitor equipment conditions with multiple types of sensors for asset performance management. Yokogawa provides industrial asset monitoring, preventive maintenance, and predictive maintenance services that give an accurate understanding of the state of the plant and maintain and improve the performance of increasingly complex systems.

Yokogawa operates in the market through three business segments, namely, Industrial Automation and Control Business, Measuring Instruments Business, and Aviation and Other Businesses.

Siemens AG (Germany)

Founded in 1847 and headquartered in Munich, Germany, Siemens is a global provider of industrial asset management solutions and services. The company offers OEM-standard asset audits to review on-site mechanical, electrical, environmental, and safety-related conditions and provide key recommendations for optimized asset management. Siemens also offers asset maintenance to upgrade existing assets through system-wide feature upgrades and the installation of diagnostic system sensors.

Siemens operates in the market through three business segments, namely, Digital Industry, Smart Infrastructure, and Other Revenue.

Endress+Hauser Group (Switzerland)

Founded in 1953 and headquartered in Basel, Switzerland, Endress+Hauser is a global leader in measurement instrumentation, services, and solutions for industrial process engineering. The company optimizes asset performance management and maximizes asset reliability of industrial assets with smart devices, expert services, and cloud-based maintenance solutions. Endress+Hauser also provides real-time monitoring, predictive maintenance, and cloud-based solutions for industrial asset management.

Endress+Hauser operates in the market through three business segments, namely, Process Instrumentation and Automation, Laboratory Instrumentation and Automation, and Sensors.

Schneider Electric SE (France)

Founded in 1836 and headquartered in Rueil-Malmaison, France, Schneider Electric is engaged in the manufacturing of energy management systems and automation solutions. The company’s asset performance management services include digital technologies, analytics, remote expertise, and on-site maintenance. Schneider Electric offers a comprehensive product portfolio for industrial automation and control, low-voltage, building automation, residential & small business, medium-voltage & distribution grid, and critical power applications.

The company operates in the market through two business segments, namely, Energy Management and Industrial Automation. The Industrial Automation segment provides industrial automation and control activities across discrete, process, and hybrid industries.

Authoritative Research on the Industrial Asset Management Market – Global Opportunity Analysis and Industry Forecast (2023-2030)

Need more information? Meticulous Research®’s new report covers each of these companies in much more detail, providing analysis on the following:

• Recent financial performance
• Key products
• Significant company strategies
• Partnerships and acquisitions

The Comprehensive report provides global market size estimates, market share analysis, revenue numbers, and coverage of key issues and trends.