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Predictive Maintenance Market

Predictive Maintenance Market Forecasts to 2028 – Global Analysis By Technology (Platform and Middleware, Connectivity), Deployment Mode (On-Premise, Cloud), End User (Oil & Gas, Media, Power, Industrial) and By Geography

4.7 (28 reviews)
Published: July 2021 ID: SMRC20727
4.7 (28 reviews)
Published: July 2021 ID: SMRC20727

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Predictive Maintenance Market is accounted for $4.00 billion in 2020 and is expected to reach $27.41 billion by 2028 growing at a CAGR of 27.2% during the forecast period. Increase in investment on predictive maintenance, increasing use of emerging technologies and growth in need for remote monitoring and asset management are driving the market growth. However, lack of skilled workforce and data privacy and security concerns are hampering the growth of the market.

Predictive maintenance is condition monitoring plan and observing an equipment performance to reduce the risk of a failure under normal operating conditions. This maintenance is to anticipate a failure and then try to avoid it by corrective maintenance. Predictive maintenance focuses on preventive measures can be taken while predicting and determining device/equipment failure. Predictive maintenance can minimize several concerns related to reliability and quality. Execution of these predictive maintenance solutions with the help of IoT technologies helps organizations in minimizing the downtime and operations and maintenance cost.

Based on the end user, the healthcare and life sciences segment is going to have lucrative growth during the forecast period owing to the fact that predictive maintenance of healthcare equipment such as X-ray, MR, tomography, and mammography is one of the most important considerations for hospitals looking to improve decision-making capabilities and improve operational efficiencies. By geography, North America is going to have high growth during the forecast period due to due to the presence of well-established end-user industries as well as high awareness among organizations to adopt technologies that help them in increasing efficiency and lower operational costs.

Some of the key players profiled in the Predictive Maintenance Market include Schneider Electric, Software AG, Microsoft, IBM, SAP SE, Hitachi, Google, Oracle, Amazon Web Services (AWS), General Electric, PTC, Axiomtek Co. Ltd, Banner Engineering Corp., Predictive Maintenance Solutions, LLC and Sigma IT.

Report Coverage

Details

Published Year:

2021

Estimated Market Size in 2020:

USD 4.00 billion

Estimated Period:

2020

Compound Annual Growth Rate (CAGR) from 2020 to 2028:

27.2%

Predicted 2028 Value:

USD 27.41 billion

Forecast Years:

2021-2028

Tables, Graphs& Figures

366

Chapters Covered:

Technology, Component, Deployment Mode, Technique, End User and Region

Core Drivers and Opportunities:

  • Increase in investment on predictive maintenance
  • Growth in need for remote monitoring
  • Real-time condition monitoring to assist in taking prompt actions

Restraining Factors & Market Threats:

  • Lack of skilled workforce
  • Data privacy and security concerns

Technologies Covered:

• Data Infrastructure and Servers
• Platform and Middleware
• Analytics and Artificial Intelligence (AI) Software
• Connectivity

Components Covered:
• Services
• Software/Solution
• Hardware

Deployment Modes Covered:
• On-Premise
• Cloud    

Organization Sizes:
• Large Enterprises
• Small and Medium-Sized Enterprises (SMEs) 

Techniques Covered:
• Fluid Analysis
• Electrical Testing
• Shock Pulse
• Vibration Monitoring
• Oil Analysis
• Motor Circuit and Signature Analysis
• Infrared Thermography
• Temperature Monitoring
• Ultrasonic Leak Detectors
• Power System Assessments
• Wear Particle Analysis
• Circuit Monitor Analysis
• Temperature Monitoring
• Performance Testing
• Traditional
• Machine Learning
• Advanced
• Internet of Things (IOT) /Big Data   

End Users Covered:
• Automotive
• Manufacturing
• Education and Government
• Oil & Gas
• Healthcare and Life Sciences
• Energy and Utilities
• Media
• Aerospace & Defense
• Information Technology (IT) & Telecommunication
• Transportation and Logistics
• Machinery Equipment
• Power
• Industrial
• Electronics
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Key Questions Answered In The Report

The Global Predictive Maintenance Market is majorly driven by increasing use of emerging technologies to gain valuable insights, growing need to reduce maintenance cost and downtime and increase in investment on predictive maintenance.

The energy and utilities segment is growing at a highest CAGR owing due to the growing demand for power-usage analytics applications.

Asia Pacific dominated with a significant market share due the growing usage of smart sensors and on-board electronics which can communicate through cloud-based analytics system in the region.

North America market is growing at a highest CAGR owing to the presence of well-established end-user industries as well as high awareness among organizations to adopt technologies that help them in increasing efficiency and lower operational costs.

Key players in Predictive Maintenance Market include Schneider Electric, Software AG, Microsoft, IBM, SAP SE, Hitachi, Google, Oracle, Amazon Web Services (AWS), General Electric, PTC, Axiomtek Co. Ltd, Banner Engineering Corp., Predictive Maintenance Solutions, LLC and Sigma IT.

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