Predictive Maintenance Market to Reach USD22.429 Billion by 2026
Adoption of Industry 4.0 technologies,
increased usage of wireless communication, enhanced product quality and
maintenance speed of equipment drive the growth of global predictive
maintenance market through 2026.
According to TechSci Research report, “Global Predictive Maintenance Market Global Industry Size,
Share, Trends, Competition, Opportunity, and Forecast, 2016-2026”, The
global predictive maintenance market was valued at USD4.270 billion in 2020 and
is expected to grow at a CAGR of 31.85% during the forecast period owing to the
increasing adoption of artificial intelligence and machine learning technology,
increased usage of infrared thermal device, uplifting IoT and blockchain
applications in manufacturing across the globe.
Technological
advancements across the aerospace and defense sector are further propelling the
market. However, concerns related to data security, high upfront costs are
expected to hamper the market growth during the forecast period.
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The
global predictive maintenance market can be segmented based on Component,
Testing Type, Deployment Type, Organization Size, End User, and Region. Based
on component, the market can be segmented into service and solution. The
solution segment held a major share in 2020 and is expected to continue to do
so in the forecast period. Solutions of predictive maintenance provide higher
asset availability, improved work force productivity, optimized energy
consumption, lower operational costs, and an optimized industrial asset
management solution for the user. Based on the testing type, the market is
segmented into Vibration Analysis, Power System Assessment, Infrared Thermal
Inspections, Insulating Fluid Analysis, Circuit Monitoring Analysis, Others.
The power system assessment held most of the share, capturing 22.95% of the
market share in the year 2020. Power system evaluation depicts the current
power distribution system, identifying and correcting flaws, defects,
deteriorations, risks, and limitations in existing system installations.
Predictive maintenance services let maintenance groups recognize and rectify
issues before they can close gear or production lines in a power system or an
electrical system. Based on deployment type, the market is segmented into
on-premise and cloud. The on-premise segment is accountable for more percentage
of market share because of lower monthly cost, enhanced data security and
accomplishment of operations without internet. Based on organization size, the
market is segmented into SME and Large Enterprise. Based on end user, the
market is segmented into Aerospace and Defence, Energy and Infrastructure,
Logistics and Transportation, Manufacturing, Oil and Gas, Automotive, Retail
and Ecommerce, Others. The manufacturing accounted for the highest market share
in 2020, capturing 17.82% of the market. Usage of predictive maintenance in
manufacturing helps manufacturers reduce the time and cost associated with
maintenance, reduce equipment failures and repair time, and enhance production
quality and workplace safety.
Key players in the Global Predictive Maintenance
Market include:
- Schneider Electric SE
- Hitachi Technologies Co Ltd
- IBM Corporation
- Siemens AG
- Bosch Software Innovations GmbH
- Microsoft Corporation
- TIBCO Software Inc
- C3 Inc
- SAP SE
- Software AG
- PTC Inc
- General Electric Company
- Rockwell Automation Inc.
- Honeywell International Inc.
- Fujitsu Ltd
Schneider
Electric is headquartered in France and operates on a global scale. The
company's goal is to develop technologies that provide sustainable growth to
benefit everyone. The company’s leadership is in providing energy management,
automation and power management digital solutions for efficiency and
sustainability and making continuous advancements in providing solutions in
infrastructure, solar and energy storage, healthcare, homes, buildings, data
centers, and industries.
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“Companies
use predictive maintenance for a variety of reasons, including increased
uptime, cost savings, reduced safety, health, environmental, and quality risks,
lifetime extension of aging assets, increased customer satisfaction, and so on.
Changes in the maintenance environment, with new trends emerging that, may
facilitate competition because adopting these new technologies allows for
increased productivity and profits. The oil and gas industry, one of the early
adopters of predictive maintenance, has a primary focus on lowering maintenance
costs while mitigating the risks of environmental disasters. This is due to
sensors that are built into and attached to machinery. These sensors send data
to specially designed predictive algorithms, which can alert them to potential
failures. In the more conservative manufacturing industry, predictive
maintenance would still be considered novel technology. This breeds skepticism
about its implementation and value, as companies are wary of being the first
wave of innovators, despite the potential uncertainties of this new technology.
This implies that some convincing factors must exist to aid in the acceptance
of predictive maintenance. With 5G technology on the horizon and all available
statistics, it does not appear that anything can slow the growth of predictive
maintenance”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Global Predictive
Maintenance Market By Component (Service, Solution), By Testing Type (Vibration
Analysis, Power System Assessment, Infrared Thermal Inspections, Insulating
Fluid Analysis, Circuit Monitoring Analysis, Others), By Deployment (On-Premise and Cloud), By Organization Size (SME and Large Enterprise), By end user (Aerospace and
Defence, Energy and Infrastructure, Logistics and Transportation,
Manufacturing, Oil and Gas, Automotive, Retail and Ecommerce, Others) By Region, Competition, Forecast &
Opportunities, 2016-2026” has evaluated the future growth potential of the 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
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the Global Predictive
Maintenance Market.
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