Predictive Maintenance Market to Grow at CAGR 31% till 2022
Growing
industrialisation, increasing use of technologically advanced machines and
equipment, and rising
focus towards reducing the operational costs to
aid global predictive maintenance market through 2022
According to a recently released
TechSci Research report, “Global Predictive Maintenance Market By Component, By Deployment Type, By End User, Competition Forecast
& Opportunities, 2012 – 2022”, the global predictive maintenance
market is projected to grow at a CAGR of over 31% during 2017 – 2022. Predictive
maintenance is a maintenance strategy in which the overall condition of the
equipment is detected well in before the time so as to reduce the risk of
failure or downtime of the equipment. Predictive maintenance platform gives
real time information about the equipment’s condition by evaluating the
different data points received from the machine or equipment. Growing awareness among the consumers about the benefits of using predictive
maintenance coupled with growing deployment of Industrial Internet of Things is
aiding the global predictive maintenance market.
Reduction in operational costs
related to repair or replacement of the machine or equipment is one of the
major factor responsible for robust growth in global predictive maintenance
market. In addition, companies which are operating with very heavy and
hazardous machineries use predictive maintenance to ensure employees’ safety. Training courses on safety measures for employees
is an essential part of an organization where the use of heavy machinery is
involved. However, human error is always a factor which needs to be considered.
Predictive maintenance gives the technical teams the data they need about the
equipment or machine’s health status in advance so that they can plan the
maintenance, and prevent accidents.
“Global
predictive maintenance market was dominated by the solutions segment in 2016.
Predictive maintenance solutions use Internet of Things, which mainly focuses
on capturing the data points through connected machines & products and
monitors the overall condition of the equipment or machine, and then predicts
the time of maintenance. During 2012 – 2016, majority of the consumers across
the world opted for on premise deployment of predictive maintenance solutions
as on-premise solutions can be customized easily, and are more secure as the
data is on the customer’s servers.”, said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Global Predictive Maintenance Market By Component, By Deployment Type,
By End User, Competition Forecast & Opportunities, 2012 – 2022”
has evaluated the future growth potential of
global predictive maintenance market and provides statistics and information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
evaluation. Besides, the report also identifies and analyzes the emerging
trends along with essential drivers, challenges and opportunities in global predictive
maintenance market.
About TechSci Research
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