ABB Expands Its Services Capabilities With The Acquisition Of SEAM Group

ABB Expands Its Services Capabilities With The Acquisition Of SEAM Group

Last month, in a strategic move to bolster its asset management offering, ABB, the global process automation technology provider, announced that it had entered into an agreement to acquire SEAM Group, an asset management and advisory services firm. This acquisition is set to bring together ABB's expertise in electrification services with SEAM Group's innovative solutions for optimizing asset safety, reliability and maintenance.

Established in 2018, SEAM Group focuses on enhancing the safety and operational performance of over one million assets across diverse industries – such as hospitality, pharmaceuticals, food processing and consumer goods – by integrating asset maintenance and field inspection services with its ViewPoint condition monitoring application. With features such as personalized access levels, asset safety data provision and proactive repair initiatives, ViewPoint has become an integral tool for over 800 organizations seeking to improve their safety and operational performance.

The industrial asset maintenance and field service software markets are projected to nearly double by 2028, with a CAGR exceeding 10%, while the industrial asset management services market is set to exceed $15 billion by 2028, with a CAGR of 9.5%. ABB's acquisition of SEAM Group allows the firm to expand its service offerings to encompass a broader set of predictive, preventative and corrective maintenance advisory services, along with services relating to electrical safety, renewables and asset management.

In the Verdantix 2023 operational excellence global survey, 65% of 304 executives in operations, maintenance, engineering and process safety roles expressed plans to increase spending on initiatives enhancing asset uptime, reliability and integrity over the next 12 months. Additionally, 58% intend to boost investment in asset management consultants to support the development of their firms' vision and strategy for digitizing asset maintenance management.

ABB’s acquisition of SEAM Group is a strategic response to the growing market demand for safer, more optimized and resilient operations. As industries increasingly prioritize initiatives to improve asset uptime and reliability, ABB is well-positioned to deliver comprehensive solutions that align with the evolving needs of its clients.

For more information on solutions that support asset management and the energy transition, visit the Verdantix operational excellence research portal.