Predictive Maintenance Market Size To Reach USD 31,965.49 Million By 2027 at a CAGR of 28.8% - Valuates Reports

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Mar 30, 2021, 10:30 ET

BANGALORE, India, March 30, 2021 /PRNewswire/ -- The Predictive Maintenance Market is Segmented by Type - by Component (Solution and Service), Technique (Vibration Monitoring, Electrical Testing, Oil Analysis, Ultrasonic Leak Detectors, Shock Pulse, Infrared, and Others), Deployment Type (Cloud and On-Premise), Stakeholder (MRO, OEM/ODM, and Technology Integrators), Industry Vertical (Manufacturing, Energy & Utilities, Aerospace & Defense, Transportation & Logistics, Government, Healthcare, and Others). This report covers Global Opportunity Analysis and Industry Forecast from 2020 to 2027. This report is published on Valuates Reports in the Software Category.

The Global Predictive Maintenance Market size was valued at USD 4,331.56 million in 2019 and is projected to reach USD 31,965.49 million by 2027, growing at a CAGR of 28.8% from 2020 to 2027.

The major factors driving the growth of predictive maintenance market size are

The increase in need to boost asset uptime and minimize maintenance costs, rise in investments in predictive maintenance, owing to IoT adoption
Increase in need to extend the lifespan of aging industrial machinery.

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TRENDS INFLUENCING THE GROWTH OF PREDICTIVE MAINTENANCE MARKET SIZE

Integration of predictive maintenance with IIoT and use of machine learning is expected to drive the growth of predictive maintenance market size. The machine-learning algorithm will learn the typical data's behavior and identify deviation in real-time. Sensors are used in predictive maintenance to collect and analyze data from a variety of sources, including CMMS and critical equipment sensors. When predictive maintenance is combined with the IIoT, equipment failures can be detected in advance. Companies are eager to implement IIoT to gain deeper insights into their activities as a result of the advent of 'Industry 4.0' in the manufacturing landscape.

The COVID-19 pandemic has forced the world to adopt remote working conditions. During the pandemic, industries suffered from a lack of on-site workers, which reduced productivity. However, the Predictive maintenance solutions enabled real-time asset monitoring through the use of advanced sensors installed on components that can detect and predict equipment failure. These solutions enable remote monitoring of equipment's functional status, which is useful when only a limited number of employees are permitted to work on-site. Thus the need for remote monitoring and asset management post-pandemic is expected to increase the predictive maintenance market size.

Companies are adopting real-time condition monitoring (which revolves around the principle of predictive maintenance ) to assist in taking prompt actions. Real-time condition monitoring of critical equipment offers a proactive way of fixing malfunctioning equipment before they cause problems. Real-time condition monitoring can alert immediate potential problems even during internet outages with its intelligent, on-site nodes. Because of these substantial advantages, predictive maintenance market size is expected to grow.

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PREDICTIVE MAINTENANCE MARKET SHARE ANALYSIS

Based on type, in 2019, the on-premise segment dominated the overall predictive maintenance industry, and this dominance is expected to continue over the forecast period. This is due to its modular sensors and the ease with which it can be installed in pre-existing equipment. However, cloud-based predictive maintenance solution is expected to witness the highest growth during the forecast period.

Based on the industry vertical, in 2019, the manufacturing industry dominated the global predictive maintenance market. Predictive maintenance of manufacturing equipment, such as machinery, pumps, elevators, and industrial robots, faces a variety of difficulties, which is why it has become more common in the industry. However, the healthcare sector is expected to grow at the fastest pace during the forecast period.

Based on the component, the Predictive Maintenance Solution segment is expected to be one of the most lucrative segments during the forecast period. Predictive maintenance solutions allowed real-time asset monitoring by installing advanced sensors on components that can detect and predict equipment failure. These solutions allow for remote monitoring of equipment's operating status, which is useful when only a small number of workers are authorized to operate on-site.

Based on region, North America is expected to hold the largest predictive maintenance market share in 2019. However, Asia-Pacific is expected to exhibit the highest CAGR of 30.3% during 2020-2027.

By Technique, the Vibration Monitoring segment accounted for the highest market share in 2019.

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KEY MARKET SEGMENTS

By Component:

Solution
Service

By Technique:

Vibration Monitoring
Electrical Testing
Oil Analysis
Ultrasonic Leak Detectors
Shock Pulse
Infrared
Others

By Deployment Type:

Cloud
On-premise

By Stakeholder:

MRO
OEM/ODM
Technology Integrators

By Industry Vertical:

Manufacturing
Energy & utilities
Aerospace & Defense
Transportation & logistics
Government
Healthcare
Others

By Region:

North America
Europe
Asia-Pacific
LAMEA

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Key Market Players

IBM Corporations
Microsoft
SAP SE
General Electric
Schneider Electric
Hitachi
PTC
Software AG
SAS
Engineering Consultants Group, Inc.
Expert Microsystems, Inc.
SparkCognition
C3.Ai
Uptake Technologies Inc.
Fiix Inc.
Operational Excellence (Opex) Group Ltd
TIBCO Software Inc.
Asystom
Sigma Industrial Precision
Reliability Solutions Sp. zo.o.

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SIMILAR REPORTS :

- The global predictive analytics market size was valued at USD 7.32 Billion in 2019, and is projected to reach USD 35.45 Billion by 2027, growing at a CAGR of 21.9% from 2020 to 2027.

- Predictive Maintenance for Manufacturing Market Size, Share, Growth Analysis, Opportunities, Revenue and Sales, Trends and Developments, Industry trends, Key segmentation, regional analysis, porter five-point analysis, swot analysis, Forecast 2020-2026.

- Global Predictive Maintenance Solution Market by Product-Type: On-premises, Cloud, Application: Government and Defense, Manufacturing, Energy and Utilities, Transportation and Logistics, Healthcare and Life Sciences, Others, by key players , by Regions: North America, Europe, China and Japan, etc.

- The global vibration monitoring market size is expected to reach from USD 1.33 billion in 2019 to USD 2.17 billion by 2027, growing at a CAGR of 6.6% from 2020 to 2027.

- The Global Aircraft Predictive Maintenance Market is segmented By Type - Service, Software, by Application - MROs, Airlines, by key players , by Regions: North America, Europe, China and Japan, etc.

- Predictive Maintenance Vibration Meters Market is segmented By Type - With Sensor, Without Sensor, by Application - Machinery Manufacturing, Oil and Chemical Industry, Vehicle, Electric Power, Others, by key players , by Regions: North America, Europe, China and Japan, etc.

- Global Industrial Predictive Maintenance Market is segmented By Type - Cloud-Based, On-premises, by Application -Government, Aerospace and Defense, Energy and Utilities, Healthcare, Manufacturing, Transportation and Logistics, by key players , by Regions: North America, Europe, China and Japan, etc.

- Global Operational Predictive Maintenance Market is segmented By Type - Software, Services, by Application -Public Sector, Automotive, Manufacturing, Healthcare, Energy & Utility, Transportation, by key players , by Regions: North America, Europe, China and Japan, etc.

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