Research and Markets (http://www.researchandmarkets.com/research/p6f9nk/global_plant) has announced the addition of the "Global Plant Asset Management Market 2012-2016" report to their offering.

One of the key factors contributing to this market growth is the increasing need for cost reduction. The Global Plant Asset Management market has also been witnessing the development of application-specific solutions. However, the complexities involved in the installation process could pose a challenge to the growth of this market.

Some of the major vendors dominating this market space include Siemens AG, Honeywell International Inc., ABB Ltd, Rockwell Automation Inc., GE Energy, Invensys plc, Emerson Electric Co., Yokogawa Electric Corporation, Inc., and Endress+Hauser AG.

Commenting on the report, an analyst from TechNavio's Engineering team said: ''The market is witnessing an increase in the development of plant asset management (PAM) solutions for specific applications according to the demand from end-users. The market vendors have started providing application-specific PAM software in accordance with specific industry specifications. This is mainly because every industry has different asset utilization needs; thus, the development of application-specific PAM software results in enhanced productivity and increased customer satisfaction. For instance, many pharmaceutical companies have started to adopt PAM to improve their product standards. Furthermore, vendors have developed application-specific solutions for wind turbines. This is mainly because of the remote location of wind turbines. Therefore, the trend of developing application-specific solutions in the Global Plant Asset Management market will enhance the market growth during the forecast period.''

According to the report, the increasing need for cost reduction will be one of the major drivers for the growth of the Global Plant Asset Management market during the forecast period. The market is witnessing increased adoption of PAM software in order to reduce overhead costs. PAM software helps in maintaining a check on the operating expenses of organizations by controlling the downtime losses caused by the malfunctioning of plant assets. It also enables maximum utilization of plant resources and monitors the health of the plant assets by taking care of the assets' maintenance, repair, and overhaul process. PAM software also provides a faster return on investment to the end-users, thus improving the total cost of ownership for the manufacturing companies.

For more information visit http://www.researchandmarkets.com/research/p6f9nk/global_plant