The predictive maintenance (PdM) market is garnering substantial traction. The market growth attributes to the rising adoption of PdM solutions in the rapidly growing manufacturing, energy & utilities, healthcare, automotive, aerospace & defense, transportation sectors.
Besides, the growing implementations of the Internet of Things (IoT) across end-user verticals worldwide drive the market growth, allowing different assets & systems to connect, synchronize, share, analyze, and act on the data. With substantial R&D investments in the development of PdM solutions, the market is projected to garner vast gains during the next few years.
In this regard, Market Research Future (MRFR) states that the global predictive maintenance (PdM) market valuation is expected to reach USD 859.42 Billion by 2030, growing at 20.11% CAGR throughout the review period (2022-2030).
The smart revolution is impacting industries exponentially, allowing data-driven research. Industries leverage the analytical capabilities of PdM to thrive in continually rising volumes, types, and complexities of data. Utilities are increasingly implementing PdM solutions to target market strategic framework, impacting the market growth positively.
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Predictive maintenance has become increasingly popular in recent years, with more businesses turning to predictive analytics and machine learning to identify potential problems before they cause costly downtime. Recent developments in predictive maintenance have included the use of artificial intelligence (AI) and machine learning to make more accurate predictions, as well as the use of Internet of Things (IoT) devices to capture data from operational equipment and analyze it in real time. Additionally, digital twins are being used to simulate the behavior of a system, allowing for more accurate predictions of potential failure and maintenance requirements. Finally, advances in inspection technologies have enabled more thorough and accurate inspections, allowing predictive maintenance systems to make more reliable predictions.
Predictive Maintenance is important because it helps to prevent machine failures and unplanned downtimes, reduces the actual time required for maintenance, and helps to maximize the number of productive operating hours for a plant. By looking ahead, and knowing what maintenance needs to be carried out when, predictive maintenance can help to reduce costs, extend equipment life, and improve production quality. Additionally, predictive maintenance helps to ensure the safety of workers by avoiding the machine failures that can lead to unsafe working conditions or even emergency situations.
Global Predictive Maintenance Market - Segments
The report is segmented into components, testing types, deployments, techniques, verticals, and regions. The component segment is sub-segmented into hardware, solutions, and services (consulting, support & maintenance, system integration, others).
The testing type segment is sub-segmented into vibration monitoring, electrical insulation, infrared thermography, temperature monitoring, ultrasonic leak detector, oil analysis, and others. The deployment segment is sub-segmented into on-cloud and on-premise.
The technique segment is sub-segmented into traditional and advanced techniques. The vertical segment is sub-segmented into manufacturing, healthcare, energy & utility, automotive, aerospace & defense, transportation, and others. By regions, the market is sub-segmented into North America, Europe, APAC, and the rest of the world.
Predictive Maintenance Market - Regional Analysis
North America holds a significant share in the global predictive maintenance market. The presence of leading solution providers investing heavily in R&D to enhance the capabilities and operational efficiency of their solutions drives the market growth.
Besides, the growing adoption of advanced technologies in manufacturing industries across the region to halve unplanned downtime and maintenance costs boost the market size. Moreover, the increasing demand from energy & utilities, alongside government initiatives & utility-scale policy, increases the region's market shares.
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Global PdM Market - Competitive Landscape
Highly competitive, the PdM market appears to be fragmented due to the presence of several well-established industry players. These players initiate strategic approaches such as mergers & acquisitions, collaboration, expansion, and technology launch to gain a larger competitive advantage.
Major Players:
Players leading the global PdM market are Oracle Corporation (US), Axiomtek Co. Ltd (Taiwan), Microsoft Corporation (US), IBM Corporation (US), XMPro (US), RapidMiner (US), SAP SE (Germany), Hitachi, Ltd (Japan), Comtrade (Ireland), Software AG (Germany), and C3 IoT (US), among others.
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Industry/Innovation/Related News:
Feb. 16, 2021 --- Senseye, a leading machine health management company, announced the collaboration with PTC to accelerate the adoption of its predictive maintenance technology, making it available for PTC's ThingWorx Industrial IoT (IIoT) Solutions Platform. Senseye PdM can allow users to monitor assets automatically and even anticipate future machine failures by applying Senseye's proprietary algorithms and AI technology.
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