Market Scenario
As per the predictions by Market Research Future (MRFR), the The Global Predictive Maintenance (PDM) Market is expected to expand at 25.5% CAGR to reach 23,051.4 million in 2025 during the forecast period.
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, Predictive Maintenance (PDM) 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 (PDM) 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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Key Players
The prominent players in the Predictive Maintenance (PdM) Industry 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.
Market Segmentation
The worldwide predictive maintenance (PdM) market can be segmented depending on component, testing type, deployment, technique and vertical.
Component-based segments in the market are hardware, solution, and services. The services segment can be split into consulting, support and maintenance, and system integration. Among the component types, the hardware segment controlled the largest portion of the market in 2018, while the services segment has the potential to achieve the highest CAGR during the review period.
Considering the testing type, the PdM market comprises electrical insulation, vibration monitoring, temperature monitoring, infrared thermography, oil analysis, and ultrasonic leak detector. The vibration monitoring segment had been identified as the largest market in 2018, with the oil analysis segment reckoned to record the fastest growth rate.
With regard to deployment, the PdM market covers cloud and on-premise. In 2018, the on-premise segment held the biggest share in the market, and the cloud segment is estimated to achieve a higher growth rate in the coming years.
With respect to the technique, the market can be segregated into traditional and advanced techniques. The advanced techniques types are IoT/Big Data technique and machine learning-based technique. The traditional techniques segment makes for the bigger market, as estimated in 2018. The advanced techniques segment is not far behind, as it is touted to garner the higher CAGR in the following years.
Vertical-wise segments in the market are healthcare, manufacturing, automotive, energy & utility, transportation, aerospace & defense, and others. Manufacturing was the biggest market in 2018, and energy & utility was identified as the fastest-growing segment.
Predictive Maintenance Global Market- Regional Analysis
The Middle East & Africa (MEA), Asia Pacific (APAC), North America, Europe, and South America are considered to be the primary markets for predictive maintenance.
North America is the most profitable market for predictive maintenance, backed by technological advancements across industries as well as surge in IoT connectivity. Rapid adoption of latest technologies, mostly machine learning has given a significant boost to the predictive maintenance market in the region. Some of the esteemed vendors in the region like Oracle Corporation, IBM Corporation, XMPro, Microsoft Corporation, and RapidMiner are working towards achieving a larger chunk of the market, by adopting effective marketing hacks and strategies. This factor is bound to work in favor of the regional market in the years ahead.
Europe is the second-leading market for predictive maintenance, as analyzed in 2018. The top contributing markets in the region are the United Kingdom (UK), France, Germany, Spain, Italy, and others. Germany is anticipated to seize the largest share in the regional market, with the UK, France, and Italy following suit in the near future. The market growth in the region is induced by the surge in IoT connectivity and considerable investment in predictive maintenance. The thriving automotive sector in the region also benefits the market.
The APAC market is flourishing as a result of sizeable investments by public and private sectors in enhancement of maintenance solutions, leading to strong demand for predictive maintenance solutions. In addition, growing acceptance of innovative solutions to achieve optimized output for maintenance of assets is also expected to stimulate growth of the predictive maintenance market in the region.
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TABLE OF CONTENTS
List of Figures
Figure 1 Market Synopsis 17
Figure 2 Global Predictive Maintenance (Pdm) Market: Market Structure 19
Figure 3 Research Process Of Mrfr 20
Figure 4 Top Down & Bottom Up Approach 23
Figure 5 Global Market Size & Market Share By Region (2018 Vs 2024) 25
Figure 6 North America Market Size & Market Share By Country (2018 Vs 2024) 25
Figure 7 Asia-Pacific Market Size & Market Share By Country (2018 Vs 2024) 26
Figure 8 Europe Market Size & Market Share By Country (2018 Vs 2024) 26
Figure 9 Dro Analysis Of Global Predictive Maintenance (Pdm) Market 27
Figure 10 Drivers Impact Analysis: Predictive Maintenance Market 29
Figure 11 Value Chain: Global Predictive Maintenance (Pdm) Market 30
Continued…
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