Predictive Maintenance Market Research Report- Forecast till 2030
Market Highlights
The global predictive maintenance (PdM) market is forecasted to witness rapid revenue growth. According to Market Research Future (MRFR), the global predictive maintenance market is projected to grow to USD 111.34 BN by 2030, with a 26.2% CAGR throughout the assessment period (2022-2030). Increasing government initiatives to manage power sectors efficiently is a key driving force.
Currently, various R&D projects are running to produce a cost-competitive machine learning-enabled predictive maintenance (PdM) solution for manufacturing SMEs. Most of these focus on anomaly detection applications that can improve maintenance, engineering, and decision-making. They integrate data extraction, criticality assessment, and ML to analyze the existing condition monitoring platform.
Also, many researches are going on to improve the PdM’s scalability, reusability, and capability of using standard manufacturing environment equipment to yield and process relevant data to detect anomalies within machineries. The growing trend of adding Criticality Assessment (CA) to enable better decision-making and ensure key assets are identified and prioritized for maintenance would support the market landscape.
The addition of Root Cause Analysis (RCA) would reduce recurring incidences of system failure and, in some cases, prevent them altogether. The addition of CA and RCA will improve overall value and ROI.
The growing industrial automation also allows customers to add assets easier, get online quicker, and start avoiding downtime sooner. It is estimated that implementing a PdM solution would help SMEs save more than 65% of machinery downtime costs that cause manufacturers huge revenue losses every year.
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Segmentation:
The market is segmented into components, testing types, deployments, techniques, verticals, and regions. The component segment comprises solutions, hardware, and services (consulting, support & maintenance, system integration, others).
The testing type segment comprises electrical insulation, vibration monitoring, infrared thermography, ultrasonic leak detector, temperature monitoring, oil analysis, and others. The deployment segment comprises on-cloud and on-premise.
The technique segment comprises traditional and advanced techniques. The vertical segment comprises healthcare, manufacturing, energy & utility, aerospace & defense, automotive, 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
Globally, North America is the largest market in the predictive maintenance space, witnessing the increasing demand from energy & utilities. Besides, government initiatives and utility-scale policies, alongside the presence of leading PdM solution providers and heavy R&D investments to enhance the capabilities & operational efficiency of their product lines, drive the market growth.
Moreover, the growing adoption of futuristic technologies in manufacturing industries to minimize unexpected downtime and maintenance costs boosts the market size.
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Global PdM Market – Competitive Landscape
Highly competitive, the PdM market appears fragmented due to several well-established players. These players adopt strategic approaches, such as mergers & acquisitions, innovation, and brand reinforcement to gain a larger competitive share. They continuously invest in launching products and services in developing countries to take advantage of the economic growth in these regions.
Key Players
Leading players in the global predictive maintenance market are Oracle Corporation (US), Microsoft Corporation (US), Axiomtek Co. Ltd (Taiwan), IBM Corporation (US), RapidMiner (US), XMPro (US), SAP SE (Germany), Comtrade (Ireland), Hitachi, Ltd (Japan), C3 IoT (US), and Software AG (Germany), among others.
Industry/Innovation/Related News:
March 09, 2022 — PARC, a Xerox company, launched a new venture to commercialize predictive maintenance (PdM) technology Novity, able to address unplanned downtime in industrial manufacturing. The venture aims to bring customers closer to the ultimate goal of zero unplanned downtime, focusing on predictive maintenance technology to take preventative action.
The Novity solution is an IIoT technology that enables industrial manufacturers to assess their production assets using equipment sensors and proprietary algorithms. Its engine Novity TruPrognostics works on combining machine learning and physics-based models of equipment. This allows the system to predict equipment failures with over 90% accuracy and lead times of months.
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Predictive Maintenance (PdM) Market Research Report: by Component (Hardware, Solution, Services (System Integration Services, Support and Maintenance Services, Consulting Services), Testing Type (Vibration Monitoring, Electrical Insulation, Infrared Thermography, Temperature Monitoring, Ultrasonic Leak Detector, Oil Analysis), Deployment Mode (Cloud, On-premise), Technique (Traditional Technique, Advanced Technique (IoT/Big Data Technique, Machine Learning Technique), by Vertical (Manufacturing, Energy & Utilities, Healthcare, Automotive, Aerospace and Defense, Transportation) and by Region (North America (US, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, South Korea, Rest of Asia-Pacific), Middle East & Africa and South America) – Forecast till 2030
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