The plant asset management systems market is expected to grow nearly 11% by 2011 thanks to an expected shortage of process engineers and technicians, according to an ARC Advisory Group study. Over the next five years, the process industry will turn toward these automated systems to maximize plant resources with fewer people as skilled maintenance personnel retire.
Manufacturers can look forward to plant asset management (PAM) systems at a lower cost that include enabling features such as wireless technology, open communications and system integration. "PAM system growth will exceed that of intelligent field devices and will drive automation investments as users experience the value PAM solutions bring to their operations," says Wil Chin, ARC research director.
By The Numbers
According to the Census Bureau in 2004...
22.1% of all workers 55 and older in Arkansas were employed
1,358 of workers 55 and over who lost jobs in Iowa were employed in manufacturing, the largest loss by any sector
22.7% of workers 55 and older employed in Indiana's metropolitan areas worked in manufacturing