Predictive Maintenance Market to Grow at 27.4% CAGR by 2030
Growing concerns towards the unpredictable uptime, unexpected failures, increased repair and overhaul time as well as maintenance cost of equipment are some of the factors driving the predictive maintenance market growth.
Global Predictive Maintenance Market size was valued at $5.66 billion in 2021, and is projected to reach $64.25 billion by 2030, growing at a CAGR of 27.4% from 2022-2030.
Predictive Maintenance is the software used to analyze and determine the condition of any equipment in order to enable its maintenance to be scheduled before any failure occurs. Increased need among industries such as utility, energy, automotive and manufacturing to minimize the overall operational and maintenance cost is one of the factors driving the predictive maintenance software market growth. However, factors such as high cost of installation and misinterpretation of data leading to false requests will hinder the market growth of predictive maintenance.
The global predictive maintenance market is segmented into component, deployment model, technique, stakeholder, industry vertical, and region. Based on component, it is bifurcated into solution and service. According to deployment, the market is classified into cloud and on-premise segments. Further, based on technique the market is divided into vibration monitoring, electrical testing, oil analysis, ultrasonic leak detectors, shock pulse, infrared, and others. Based on stakeholder, the predictive maintenance market is segmented into MRO, OEM/ODM, and technology integrators. Based on industry vertical, it is classified into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, government, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and rest of the world (RoW).
North America dominates the global predictive market, followed by Europe. This is due to the underlying factors like the presence of large number of service vendors, technological advancements and better awareness about predictive maintenance.
However, Asia Pacific will show a steady rise in the adoption of predictive maintenance due to the growing economies, technological advancement and the need to adopt latest technological innovations for achieving optimum output through proper maintenance of assets.
Browse key market insights from the report, “Predictive Maintenance Market by Component (Solution and Service), by Deployment (Cloud and On-premise), by Technique (Vibration Monitoring, Electrical Testing, Oil Analysis, Ultrasonic Leak Detectors, Shock Pulse, Infrared, and Others), by Stakeholder (MRO, OEM/ODM, and Technology Integrators), by Industry Vertical (Manufacturing, Energy & utilities, Aerospace & Defense, Transportation & Logistics, Government, Healthcare, and Others) - Global Opportunity Analysis and Industry Forecast, 2022 – 2030”
The major market players in the predictive maintenance market include Asystom, C3.ai, Inc., Engineering Consultants Group, Inc., Expert Microsystems, Inc., Fiix Inc., Operational Excellence (OPEX) Group Ltd, Sigma Industrial Precision, Spark Cognition, TIBCO Software Inc., Uptake Technologies Inc, General Electric, Hitachi, Ltd., International Business Machines Corporation (IBM), Microsoft Corporation, PTC Inc.
Key Insights from predictive maintenance market report:
The report presents information related to key drivers, restraints, and opportunities.
The current predictive maintenance market is quantitatively analyzed from 2020 to 2030 to highlight the financial competency of the industry.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the predictive maintenance industry.
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