Predictive Maintenance Market Global Industry- By Component (Services, Solutions), Deployment Mode (On-Premise, Cloud), Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), Technique (Electrical Insulation, Oil Analysis, Vibration Monitoring, Ultrasonic Leak Detectors, Shock Pulse, Performance Testing, Others), Stakeholder(MRO, OEM/ODM, Technology Integrators), Vertical (Manufacturing, Energy and Utilities, Transportation, Government and Defense, and Logistics, Healthcare and Life Sciences, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
Predictive maintenance market is expected to grow by registering a healthy CAGR of 28.43% reaching USD 36.63 billion at 2029 in the forecast period of 2020-2029. Major market growth drivers include increasing the use of emerging technologies to gain valuable insights and increasing the need to reduce maintenance costs and downtime.
In addition, there are numerous benefits from the adoption of predictive maintenance, such as potentially extended service life of equipment or assets, increased plant safety, optimized handling of spare parts, and reduced breakdowns and outages, which may have adverse environmental impacts.
Predictive maintenance is a mechanism for monitoring equipment during service to detect any degradation, to allow for planned maintenance and to reduce operating costs. This is widely used in the sense of Industry 4.0. The primary objective of predictive maintenance is to deliver the most accurate advance maintenance planning to avoid unforeseen failures.
Predictive Maintenance Market Scope and Market Size
Predictive Maintenance Market has been segmented on the basis of component, deployment mode, organization size, technique, stakeholder and vertical.
- On the basis of component segment, the predictive maintenance market is sub segmented into services and solutions. The services segment is further sub segmented into system integration, support and maintenance and consulting. The solution sub segment is further classified into integrated and standalone.
- Based on deployment segment, the predictive maintenance market is segmented into on-premise and cloud. The cloud is expected to grow at a rapid pace because of its benefits such as cost-effectiveness, generated data, scalability, and effective management.
- The predictive maintenance market is also classified on the basis of organization size segment into small and medium-sized enterprises and large enterprises.
- Based upon technique segment, the predictive maintenance market is segmented into electrical insulation, oil analysis, vibration monitoring, ultrasonic leak detectors, shock pulse, performance testing and others.
- On the basis of stakeholder segment, the predictive maintenance market is sub segmented into MRO, OEM/ODM and technology integrators.
- The vertical segment in the predictive maintenance market is sub segmented into manufacturing, energy and utilities, transportation, government and defense, and logistics, healthcare and life sciences and others. The energy and utilities segment to grow at the highest CAGR during due to rising demand of power usage analytics applications.
Country Level Analysis of Predictive Maintenance Market
- On the basis of region, the predictive maintenance market is segmented into North America and South America, Asia Pacific, Europe and Middle East and Africa.
- Countries covered under North and South America region are Canada, Mexico, Brazil, Rest of Americas, along with Germany, France, United Kingdom, Italy, Spain, Rest of Europe covered under Europe region and Japan, China, India, Australia, Rest of Asia-Pacific covered under Asia-Pacific region.
- North America dominates the market acquiring large market share of U.S. in the predictive maintenance market while the Asia-Pacific region is expected to grow at the highest growth rate in the forecast period 2020 to 2029 with rising investments in emerging technologies of artificial intelligence, machine learning and Internet of things along with government initiative in North America. Massive investments made by public and private sectors in Asia-Pacific region for enhancing the maintenance solutions which results in usage of maintenance and plant safety process.
- The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands impact of sales channels are considered while provided forecast analysis of the country data.
- Increasing the need to raise maintenance costs and downtime will boost this market growth.
- Enhanced use of emerging technologies to gain valuable perspectives is also going to boost the market growth.
- Lack of skilled labor force is another factor which is hampering the market growth
Key Developments in the Market:
- In December 2019, UpKeep Launches Predictive Monitoring Sensors. UpKeep Sensors is the biggest IoT and predictive monitoring tool. It is built for durability engineers who need a reliable network to control asset safety, manage downtime, and monitor facility health in real time.
- In October 2019, The HAECO Group is building a platform called Insight to provide proactive maintenance to consumers. HAECO utilizes Revima's Flight Watching Predictive Maintenance System and its related Wilco technology to build Insight. The new tool will first be used for aircraft maintenance tests, and the second phase will include predictive inspection of components and sections.
Competitive Analysis and Predictive Maintenance Market Share Analysis:
Predictive maintenance market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of predictive maintenance market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Predictive maintenance market competitive landscape provides details by competitors. Details included are company overview which includes Company focus, business segment, product categories, revenue generated and global presence. Predictive maintenance market report also provides information on recent financials and R&D expenditures over the years from 2020 to 2029.
Key Market Competitors:
Few of the major competitors currently working in predictive Maintenance Market are IBM Corporation, Microsoft, SAP SE, GENERAL ELECTRIC, Schneider Electric, Hitachi, Ltd., PTC, Software AG, SAS Institute Inc., C3.ai, Inc., TIBCO Software Inc., Uptake Technologies Inc., Softweb Solutions Inc., Asystom, Ecolibrium Energy, Fiix Inc., Operational Excellence (OPEX) Group Ltd, DINGO Software Pty. Ltd., Sigma Industrial Precision SL and many others.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved