Predictive Maintenance Market – Overview —
The increasing emphasis on operating efficiency of machines and engines is expected to increase the reliance on predictive maintenance. Market reports related to the information and communication industry have been presented by Market Research Future which prepares reports on other industry verticals that plan to research the current market scenarios better. The Global Predictive Maintenance Market is expected to expand at 25.5% CAGR to reach 23,051.4 million in 2025 during the forecast period.
The need to maintain optimal efficiency in the operating condition of machines is expected to create new opportunities for the progress of the market in the forecast period. The popularity of efficiency and productivity tools that can reduce loss from damages or shorten downtimes is anticipated to inspire the development of the Predictive Maintenance (PdM) Market favorably. The rise in the adoption of big data and concepts like the Internet of Things (IoT) is expected to encourage the development of the predictive maintenance market.
Key Players
The key players of the global preventive maintenance market are Axiomtek Co. Ltd (Taiwan), Oracle Corporation (US), Microsoft Corporation (US), XMPro (US), IBM Corporation (US), RapidMiner (US), Hitachi, Ltd (Japan), SAP SE (Germany), Comtrade (Ireland), C3 IoT (US), and Software AG (Germany).
Apart from these, some other companies that offer such solutions include General Electric (General Digital), Senseye, Schneider Electric, ABB, Bentley Systems, and Uptake Technologies
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Market Segmentation
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.
Regional Outlook
The geographical distribution of the global predictive maintenance market is among the regions of Asia pacific, Europe, North America, and the Rest of the World.
The regional analysis done for the global predictive maintenance market predicts North America to be the dominating regional market, as a result of the presence of a large number of solution and service manufacturers. Striking expansion of various verticals across industries like aerospace & defense, government, manufacturing, energy & utilities, transportation & logistics and healthcare boost the position of the regional market.
Moreover, the data analysts also observe that the countries in Asia Pacific such as India, Japan, China, South Korea, will be making massive investments in a bid to increase the efficiency of production assets. On this basis, the Asia Pacific region is set to depict a positive growth pattern in the global predictive maintenance market over the next few years. The region also notes an increasing demand for big data and Internet of Things (IoT), a factor that could prove to be highly profitable for the growth of the predictive maintenance market in the region in the upcoming years.
Owing to the perceived benefits of mastering predictive maintenance for the market of the future, it has become a supremely important industry in the region of Europe. The countless benefits provided by predictive maintenance has done wonders for the regional market, elevating its mass appeal and helping the expansion of the market size in general.
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Recent Developments
March 2019 – Swift Sensors, with the expertise in development of Industrial IoT wireless sensors systems, are in the process of developing predictive maintenance tools for its Manufacturing Analytics Dashboard. The tools will help in adding trend analytics to the manufacturing metrics of utilization, compliance, minimum, maximum, and average measured values that are monitored by the wireless sensor system.
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