As per the predictions by Market Research Future (MRFR), the global predictive maintenance market is growing strikingly, set to achieve the valuation of USD 6334 Million by 2022. Furthermore, the market size will be expanding at a phenomenal CAGR of 27% during the forecast period (2016-2022).
Market Drivers and Growth Restraints
The major benefits of predictive maintenance include its ability to reduce the required for maintenance as well as decreasing the cost of maintenance. Backed by the recent surge in demand for the transformation of maintenance and the need to reduce the asset downtime, the Covid-19 Impact on Predictive Maintenance Market is set to ride high on the back of these factors in the coming years.
Furthermore, the growing dependence on big data along with the emergence of concepts like the Internet of Things (IoT) and the increasing focus of organizations on the reduction of operational cost will further accentuate the lucrative market shape during the forecast period. However, the report also takes note of the lack of training for operators as a factor that could prove to be a major threat to the predictive maintenance market.
But, given the ability of predictive maintenance to specifically predict asset failure that allows enterprises to take the asset out of production before its failure takes place, the production does not get affected in any way. This particular ability of predictive maintenance will make sure that the market not only remain unaffected by the mentioned threat, but also soars higher than its present position in the near future.
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The prominent players in the Predictive Maintenance Market are – IBM (U.S.), SAP SE (Germany), Software AG (Germany), General Electric (U.S.), Robert Bosch (Germany), Rockwell Automation (U.S.), PTC (U.S.), Warwick Analytics (U.K.), RapidMiner (U.S.), Schneider Electric SE (France), eMaint Enterprises, LLC (U.S.) and SKF (Sweden) among others.
The market for predictive maintenance is segmented on the basis of service, technique, deployment and end user.
The report states that the market, on the basis of service, caters to support and maintenance, system integration and consulting. Out of these, the support and maintenance service segment will be leading the global predictive maintenance market, with the system integration service and consulting ducts anticipated to depict a considerable increase in the global market.
The various techniques outlined in the report are vibration monitoring, oil analysis, visual inspection, shock pulse, ultrasonic leak detectors, electrical insulation, performance testing, wear and dimensional measurements, signature analysis, time and frequency domain and nondestructive testing.
Deployment-wise, the market is considered for cloud and on-premise, wherein the cloud based predictive maintenance is slated to showcase a lucrative growth rate during the forecast period, based on its high adoption among numerous industries around the world.
The end-users of predictive maintenance are manufacturing, aerospace & defense, healthcare, automotive, transportation, government and others.
Predictive Maintenance Global Market- Regional Analysis
North-America is dominating the Global Predictive Maintenance Market with the largest market share is due to the presence of a large number of solution and service vendors in this region and is expected to grow over its previous growth records by 2022. Predictive Maintenance Market in Asia-Pacific market is expected to grow at a substantial CAGR during 2016 to 2022 due to rapid technological advancements and expansion of internet connectivity in this region. The European market for Predictive Maintenance Market is expected to grow at a considerable CAGR (2016-2022).
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TABLE OF CONTENTS
LIST OF FIGURES
FIGURE 1 RESEARCH NETWORK SOLUTION
FIGURE 2 PREDICTIVE MAINTENANCE MARKET: BY COMPONENT
FIGURE 3 PREDICTIVE MAINTENANCE MARKET: BY TECHNIQUE
FIGURE 4 PREDICTIVE MAINTENANCE MARKET: BY DEPLOYMENT
FIGURE 5 PREDICTIVE MAINTENANCE MARKET: BY END-USER
FIGURE 6 PREDICTIVE MAINTENANCE MARKET: BY REGION
FIGURE 7 NORTH AMERICA PREDICTIVE MAINTENANCE MARKET, BY COMPONENT
FIGURE 8 NORTH AMERICA PREDICTIVE MAINTENANCE MARKET, BY TECHNIQUE
FIGURE 9 NORTH AMERICA PREDICTIVE MAINTENANCE MARKET, BY DEPLOYMENT
FIGURE 10 NORTH AMERICA PREDICTIVE MAINTENANCE MARKET, BY END-USER
FIGURE 11 EUROPE PREDICTIVE MAINTENANCE MARKET, BY COMPONENT
FIGURE 12 EUROPE PREDICTIVE MAINTENANCE MARKET, BY TECHNIQUE
FIGURE 13 EUROPE PREDICTIVE MAINTENANCE MARKET, BY DEPLOYMENT
FIGURE 14 EUROPE PREDICTIVE MAINTENANCE MARKET, BY END-USER
FIGURE 15 ASIA-PACIFIC PREDICTIVE MAINTENANCE MARKET, BY COMPONENT
FIGURE 16 ASIA-PACIFIC PREDICTIVE MAINTENANCE MARKET, BY TECHNIQUE
FIGURE 17 ASIA-PACIFIC PREDICTIVE MAINTENANCE MARKET, BY DEPLOYMENT
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