Adoption of Industry 4.0 technologies, increased usage of wireless communication, enhanced product quality and maintenance speed of equipment drive the growth of global predictive maintenance market through 2026.
According to TechSci Research report, “Global Predictive Maintenance Market Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2016-2026”, The global predictive maintenance market was valued at USD4.270 billion in 2020 and is expected to grow at a CAGR of 31.85% during the forecast period owing to the increasing adoption of artificial intelligence and machine learning technology, increased usage of infrared thermal device, uplifting IoT and blockchain applications in manufacturing across the globe.
Technological advancements across the aerospace and defense sector are further propelling the market. However, concerns related to data security, high upfront costs are expected to hamper the market growth during the forecast period.
Browse over 196 market data Figures spread through 110 Pages and an in-depth TOC on " Global Predictive Maintenance Market".
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The global predictive maintenance market can be segmented based on Component, Testing Type, Deployment Type, Organization Size, End User, and Region. Based on component, the market can be segmented into service and solution. The solution segment held a major share in 2020 and is expected to continue to do so in the forecast period. Solutions of predictive maintenance provide higher asset availability, improved work force productivity, optimized energy consumption, lower operational costs, and an optimized industrial asset management solution for the user. Based on the testing type, the market is segmented into Vibration Analysis, Power System Assessment, Infrared Thermal Inspections, Insulating Fluid Analysis, Circuit Monitoring Analysis, Others. The power system assessment held most of the share, capturing 22.95% of the market share in the year 2020. Power system evaluation depicts the current power distribution system, identifying and correcting flaws, defects, deteriorations, risks, and limitations in existing system installations. Predictive maintenance services let maintenance groups recognize and rectify issues before they can close gear or production lines in a power system or an electrical system. Based on deployment type, the market is segmented into on-premise and cloud. The on-premise segment is accountable for more percentage of market share because of lower monthly cost, enhanced data security and accomplishment of operations without internet. Based on organization size, the market is segmented into SME and Large Enterprise. Based on end user, the market is segmented into Aerospace and Defence, Energy and Infrastructure, Logistics and Transportation, Manufacturing, Oil and Gas, Automotive, Retail and Ecommerce, Others. The manufacturing accounted for the highest market share in 2020, capturing 17.82% of the market. Usage of predictive maintenance in manufacturing helps manufacturers reduce the time and cost associated with maintenance, reduce equipment failures and repair time, and enhance production quality and workplace safety.
Key players in the Global Predictive Maintenance Market include:
- Schneider Electric SE
- Hitachi Technologies Co Ltd
- IBM Corporation
- Siemens AG
- Bosch Software Innovations GmbH
- Microsoft Corporation
- TIBCO Software Inc
- C3 Inc
- SAP SE
- Software AG
- PTC Inc
- General Electric Company
- Rockwell Automation Inc.
- Honeywell International Inc.
- Fujitsu Ltd
Schneider Electric is headquartered in France and operates on a global scale. The company's goal is to develop technologies that provide sustainable growth to benefit everyone. The company’s leadership is in providing energy management, automation and power management digital solutions for efficiency and sustainability and making continuous advancements in providing solutions in infrastructure, solar and energy storage, healthcare, homes, buildings, data centers, and industries.
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“Companies use predictive maintenance for a variety of reasons, including increased uptime, cost savings, reduced safety, health, environmental, and quality risks, lifetime extension of aging assets, increased customer satisfaction, and so on. Changes in the maintenance environment, with new trends emerging that, may facilitate competition because adopting these new technologies allows for increased productivity and profits. The oil and gas industry, one of the early adopters of predictive maintenance, has a primary focus on lowering maintenance costs while mitigating the risks of environmental disasters. This is due to sensors that are built into and attached to machinery. These sensors send data to specially designed predictive algorithms, which can alert them to potential failures. In the more conservative manufacturing industry, predictive maintenance would still be considered novel technology. This breeds skepticism about its implementation and value, as companies are wary of being the first wave of innovators, despite the potential uncertainties of this new technology. This implies that some convincing factors must exist to aid in the acceptance of predictive maintenance. With 5G technology on the horizon and all available statistics, it does not appear that anything can slow the growth of predictive maintenance”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Predictive Maintenance Market By Component (Service, Solution), By Testing Type (Vibration Analysis, Power System Assessment, Infrared Thermal Inspections, Insulating Fluid Analysis, Circuit Monitoring Analysis, Others), By Deployment (On-Premise and Cloud), By Organization Size (SME and Large Enterprise), By end user (Aerospace and Defence, Energy and Infrastructure, Logistics and Transportation, Manufacturing, Oil and Gas, Automotive, Retail and Ecommerce, Others) By Region, Competition, Forecast & Opportunities, 2016-2026” has evaluated the future growth potential of the Global Predictive Maintenance Market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Predictive Maintenance Market.
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