Hexagon’s HxGN APM to optimize asset management strategies
Hexagon, a global leader in digital reality solutions, combining sensor, software and autonomous technologies, has released its HxGN APM, a comprehensive solution for asset-intensive organizations seeking to identify and mitigate asset risk, optimize maintenance spend and minimize downtime.
This robust application optimizes asset strategies, detects emerging failure risks in real time and drives proactive risk mitigation that directly enhance return on capital employed.
In April 2024, Hexagon expanded its portfolio by acquiring Itus Digital, an asset performance management (APM) solution provider based in Roanoke, Virginia. Now operating as part of Hexagon’s Asset Lifecycle Intelligence division, the acquisition brings to Hexagon more than 250 yr of asset performance management industry experience enabled through the innovative HxGN APM technologies. The solution’s distinct approach leverages a modern architecture, best practice work processes and advanced analytics enabled by an extensive, embedded strategy library.
HxGN APM offers an advanced analytical and optimization engine to solutions like HxGN EAM, HxGN SDx and j5. This operationalizes asset strategies that carefully strike a balance between performance, cost and risk, which aligns with Hexagon’s commitment to driving sustainable, data-driven transformations in asset-intensive industries.
Hexagon’s solution empowers customers by driving a pragmatic approach to identifying potential threats, mitigating risks and extending asset lifecycles. HxGN APM delivers these key benefits to clients:
- Optimizes asset value by aiding customers in balancing performance, cost and risk through the operationalization of asset strategies
- Enables proactive work processes to continually analyze asset failure risk and drives maintenance, inspections and monitoring activities based on actual condition and health
- Ensures rapid failure detection and prevention by using the embedded Asset Twin Library, offering pre-set asset strategies and analytics for predicting potential failures before they happen
HxGN APM stands unique from its competitors thanks to its modern and intuitive application processes, easy integration with existing systems and scalability to align with an organization’s functional needs. Whether monitoring 25 assets or 1 MM, Hexagon’s infrastructure scales to meet requirements.
“The addition of HxGN APM to Hexagon’s portfolio provides enhanced analytical insights across the asset lifecycle, enabling organizations to maximize the delivery capability of their industrial assets at an optimal cost and risk profile,” said Joe Nichols, Vice President, Portfolio Strategy for APM, Hexagon’s Asset Lifecycle Intelligence division.
“Hexagon’s entrance into the APM market aligns seamlessly with the surging demand for APM solutions and mirrors a broader trend among industrial asset maintenance software vendors, which are increasingly undertaking acquisitions to differentiate themselves in the market,” said Kiran Darmasseelane, Senior Analyst in the Operational Excellence practice at Verdantix, an independent research firm.
Verdantix expects substantial growth in the APM software market. The recent Verdantix market size and forecast report on APM software predicts that the market will grow from $2.5 B in 2022 to just under $5 B in 2028, at a CAGR of 11.9%, while the recent Verdantix global corporate survey reveals that 54% of the 304 executives interviewed plan to increase investment in APM software over the next year.
Asset performance management software ensures optimal asset strategies are implemented and dynamically managed based upon the actual condition and operating context of plant assets. The growing trend of digital transformation is driving increased adoption of APM solutions. Overall, APM solutions continue to play a crucial role in managing assets effectively and efficiently, thus optimizing total cost of ownership.
Related News
Related News
- Gasum selects Wärtsilä for another bio-LNG project in Sweden
- Vaisala seeks to remove greenwashing from carbon capture with new measurement solution
- Vanguard Renewables breaks ground on its first organics-to-renewable gas facility
- Amarinth secures $1-MM order of API 610 pumps for Coral North FLNG project in Mozambique
- Linde selected to supply carbon capture technology to ADNOC’S Hail and Ghasha project
Comments