The global predictive maintenance market size was valued at $4.45 billion in 2020, and is projected to reach $64.25 billion by 2030, growing at a CAGR of 31.0% from 2021 to 2030. Predictive maintenance software is used to monitor the performance and condition of any equipment or machine while operating them. The software observes the equipment using advanced techniques that enables the maintenance of the machinery to be scheduled before any failure occurs. Predictive maintenance software has found its application in various fields like finding three-phase power imbalances from harmonic distortion, identifying motor amperage spikes, overheating from bad bearings, insulation breakdowns and locating potential overloads or degradation in electrical panels.
Market Dynamics and Trends:
The rise in uptime along with reduced maintenance cost, unexpected failures and spare part inventory has led the market to propel and flourish simultaneously. Also, the decrease in repair and overhaul time is the key driver for the predictive maintenance market growth.
However, factors such as high cost of installation and misinterpretation of data leading to false requests hinder the market growth of predictive maintenance software. Also, predictive analysis may not take contextual information into account, such as equipment age or weather. On the contrary, the surging demand for predictive maintenance software to predict embryonic assets failure and prevent loss will create massive opportunities for predictive maintenance market during the forecast year.
Market Segmentations and Scope of the Study:
The global predictive maintenance market is segmented into component, deployment model, technique, stakeholder, industry vertical, and region. Based on component, it is bifurcated into solution and service. According to deployment, the market is classified into cloud and on-premise segments. Further, based on technique the market is divided into vibration monitoring, electrical testing, oil analysis, ultrasonic leak detectors, shock pulse, infrared, and others. Based on stakeholder, the predictive maintenance market is segmented into MRO, OEM/ODM, and technology integrators. Based on industry vertical, it is classified into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, government, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and rest of the world (RoW).
Geographical Analysis:
North America dominates the global predictive maintenance market, followed by Europe. This is due to the underlying factors like the presence of large number of service vendors, technological advancements and better awareness about predictive maintenance.
However, Asia Pacific will show a steady rise in the adoption of predictive maintenance due to the emerging economies, technological advancement and the need to adopt latest technological innovations for achieving optimum output through proper maintenance of assets.
Competitive Landscape:
The major market players include Asystom, C3.ai, Inc., Engineering Consultants Group, Inc., Expert Microsystems, Inc., Fiix Inc., Operational Excellence (OPEX) Group Ltd, Sigma Industrial Precision, Spark Cognition, TIBCO Software Inc., Uptake Technologies Inc, General Electric, Hitachi, Ltd., International Business Machines Corporation (IBM), Microsoft Corporation, PTC Inc.
KEY SEGMENTS:
Global Predictive Maintenance Market- By Component
- Solution
- Service
- Professional Service
- Support and Maintenance
- Deployment and Integration
- Training and Education
- Managed Service
Global Predictive Maintenance Market- By Deployment
- Cloud
- On-premise
Global Predictive Maintenance Market- By Technique
- Vibration Monitoring
- Electrical Testing
- Oil Analysis
- Ultrasonic Leak Detectors
- Shock Pulse
- Infrared
- Others
Global Predictive Maintenance Market- By Stakeholder
- MRO
- OEM/ODM
- Technology Integrators
- Pure play
- End-to-end
Global Predictive Maintenance Market- By Industry Vertical
- Manufacturing
- Energy & utilities
- Aerospace & Defense
- Transportation & Logistics
- Government
- Healthcare
- Others
Global Predictive Maintenance Market- By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Rest of Asia-Pacific
- RoW
- Latin America
- Middle East
- Africa
What is the estimated value of the Predictive Maintenance Market?
What is the growth rate of the Predictive Maintenance Market?
What is the forecasted size of the Predictive Maintenance Market?
Who are the key companies in the Predictive Maintenance Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 587 |
| Published | September 2021 |
| Forecast Period | 2021 - 2030 |
| Estimated Market Value ( USD | $ 5.7 Billion |
| Forecasted Market Value ( USD | $ 64.3 Billion |
| Compound Annual Growth Rate | 31.2% |
| Regions Covered | Global |
Table of Contents
Executive Summary
Predictive Maintenance: Global Market Size, Trends, Competitive, Historical & Forecast Analysis, 2021 - 2030. Growing demand for operational efficiency with reduced cost along with rising need of industrial safety are some of the drivers for the predictive maintenance market growth.Predictive Maintenance software helps in tracking the performance of any equipment or machine and highlights maintenance requirements before any failure occurs. Advantages offered by predictive maintenance software such as prolonged service life of components, reduction of spare parts stocks and decrease in the cost of maintenance are expected to boost the market growth during the forecast period. However, the drawbacks such as high cost of installation and misinterpretation of data leading to false requests is hindering the market growth of predictive maintenance.
The global predictive maintenance market is segmented into component, deployment model, technique, stakeholder, industry vertical, and region. Based on component, it is bifurcated into solution and service. According to deployment, the market is classified into cloud and on-premise segments. Further, based on technique the market is divided into vibration monitoring, electrical testing, oil analysis, ultrasonic leak detectors, shock pulse, infrared, and others. Based on stakeholder, the predictive maintenance market is segmented into MRO, OEM/ODM, and technology integrators. Based on industry vertical, it is classified into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, government, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and rest of the world (RoW).
Companies Mentioned
A selection of companies mentioned in this report includes:
Asystom SASMicrosoft Corporation
PTC Inc.
SAP SE
C3. AI Inc.
TIBCO Software Inc.
Uptake Technologies Inc.
General Electric
SAS Institute Corporation
IBM Corporations
