Predictive Maintenance Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029

Growing need to decrease the maintenance cost is primarily driving the growth of Predictive Maintenance market

Globally, the predictive maintenance market is expected to grow with a CAGR of 28.5% during the forecast period from 2021 to 2029, starting from US$2.9Bn in 2020. The predictive maintenance is a method, which is used for monitoring of the equipment and devices. These methods enable the user to find the mechanical conditions of the machine and predict the failure of the machine. Moreover, predictive maintenance allows the user to make the maintenance time to time to reduce the downtime of the production. The predictive maintenance uses conditioning monitoring equipments and devices to evaluate the functionality and performance of the machines in real-time. Some of the benefits of predictive monitoring is that it reduces the maintenance time of the equipment which results in reducing the downtime for the maintenance. Moreover, it allows the machine operators to maintain the machine, which also results in the reduction of cost for spare parts, and supplies, thus, these factors drive the market. However, the cost for conditioning monitoring equipment is high which hampers the growth of the market.

Predictive Maintenance with Solution in its Component Segment to Continue Dominating the Market

By component, the solution segment dominates the predictive maintenance, followed by the service segment. However, the service segment accounts to be the fastest-growing segment during the forecast period. The predictive maintenance offers various types of solution software that allows the operator to visualize the condition of the machine, allowing the user to make changes and perform the maintenance process to reduce the downtime for the process. The increasing awareness among the individuals and organization about the benefits of predictive maintenance is contributing in the growth of the market.

North America Dominates the Predictive Maintenance Market

Predictive Maintenance market is led by North America. In 2020, this regional segment accounted for approximately 33% of the global predictive maintenance market. The presence of various key players such as Rockwell Automation, IBM Corporation, RapidMiner and others in the North America is a major factor driving the predictive maintenance market. Moreover, the early adoption of conditioning monitoring technology in the region also fuels the market growth. The US is the dominating country in North America followed by Canada and Mexico. The US is dominating country due to the presence of various manufacturing, automotive, healthcare, food & beverages and other industries. The US predictive maintenance market is rising due to increasing complexity in production, the requirement to reduce the downtime and improve the functioning quality.

Some of the prominent players operating in the predictive maintenance market include IBM Corporation, SAP SE, General Electric, Software AG, Robert Bosch, PTC Inc., Rockwell Automation, Warwick Analytics, Schneider Electric Se, and RapidMiner.

Historical & Forecast Period

This research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from >2021 to 2029.

Report Scope by Segments

The predictive maintenance market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global predictive maintenance market based on component, technique, deployment, end-user, and geography. Key segments covered in the report are as follows:

Component Segment (2019-2029; US$ Bn)

• Solution
• Services

Technique Segment (2019-2029; US$ Bn)

• Vibration monitoring
• Electrical insulation
• Oil analysis
• Ultrasonic leak detectors
• Performance testing
• Others

Deployment Segment (2019-2029; US$ Bn)

• Cloud
• On-Premise

End-User Segment (2019-2029; US$ Bn)

• Manufacturing
• Aerospace & defense
• Healthcare
• Automotive
• Energy and Utilities
• Government
• Transportation
• Others

Geography Segment(2019-2029; US$ Bn)

• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa, Latin America)

Key questions answered in this report

• What was the market size of Predictive Maintenance in 2020 and forecast up to 2029?
• Which is the largest regional market for solution segment?
• What are the major trends followed in Predictive Maintenance market across different regions?
• Who are the key Predictive Maintenance companies leading the market?
• What are the key strategies adopted by the leading Predictive Maintenance companies in market?

Unique data points of this report

• Statistics on predictive maintenance penetration and spending worldwide
• Recent trends across different regions in terms of adoption of Predictive Maintenance for various vehicles
• Notable developments going on in predictive maintenance industry
• Attractive investment proposition for segments as well as geography
• Comparative scenario for all the segments for years 2020 (actual) and 2029 (forecast)

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