The global predictive maintenance market is poised to reach a market value of US$ 45.5 Billion, with a projected Compound Annual Growth Rate (CAGR) of 21.9% from 2022 to 2032. This growth is primarily fueled by rapid digitization and increasing urbanization trends.
Technological advancements in machine-to-machine communication, artificial intelligence, and big data analytics have opened up new avenues for extracting valuable insights from AI-driven analysis. These sophisticated techniques empower businesses to leverage real-time data analytics for diverse Internet of Things (IoT) applications.
Major players in the market are actively pursuing strategies to bolster their market position. For instance, in May 2022, Sensata Technologies, a US-based company, introduced a cutting-edge asset monitoring solution tailored for predictive maintenance of rotary assets, providing actionable insights to plant managers. Such innovative launches are anticipated to drive market expansion during the forecast period. The advancements in big data analytics and machine-to-machine communication enable real-time condition monitoring. By receiving real-time inputs from sensors, detectors, and other regulatory parameters, organizations can not only detect potential asset failures early but also respond promptly with appropriate actions.
However, challenges such as a shortage of expertise and the need for frequent maintenance may impede market growth. Additionally, the necessity for system upgrades represents another limiting factor for market expansion in the forecast period. Nonetheless, the proliferation of customer touchpoints and the evolving landscape of customer intelligence are expected to mitigate these challenges and propel market growth during the forecast period.
Key Takeaways from the Market Study
· By deployment mode, the cloud segment is expected to dominate the predictive maintenance market while exhibiting a CAGR of 21.1% during the forecast period.
· Based on organization size, the large enterprises segment is predicted to lead the predictive maintenance market and exhibit a CAGR of 21.4% by 2032
· The predictive maintenance market in the U.S is projected to garner US$ 15.8 Billion by 2032
· The predictive maintenance market in the U.K is anticipated to garner a market value of US$ 2 Billion during the forecast period
· The Japanese predictive maintenance market is anticipated to garner US$ 2.6 Billion by 2032
· The predictive maintenance in South Korea is projected to display a CAGR of 19.5% from 2022-to 2032
Competition Analysis
Key players in the global predictive maintenance market include Microsoft Corporation, IBM, Schneider Electric SE, General Electric Company, and Hitachi, Ltd. Recent developments in the industry are:
· In May 2022, Hitachi Ltd. announced the launch of Lumada Inspection Insights. Pioneered by Hitachi Energy and Hitachi Vantara, Lumada Inspection Insights allows customers to mechanize asset inspection, and support sustainability goals. The new solution addresses various causes of failures by implementing AI and Machine Learning to assess assets, risks, and the spectrum of image types.
· In July 2021, Schneider Electric rolled out EcoStruxure ™ TriconexTM Safet View. It is assiduity’s first binary safety-and-cybersecurity-certified bypass and alarm operation software that enables drivers to see both the bypass status that affects the position of threat reduction in place, and the critical admonitions demanded to operate the factory safely when pitfalls are high.
· In May 2022, Schneider Electric announced the launch of its new SureSeT MV switchgear offering for the market in North America. The new solution offers various benefits. The newly integrated characteristics offer insights into day-to-day operations for remote access and control of equipment health, predictive maintenance, and operational efficiency.
Key Segments Profiled in the Predictive Maintenance Market
By Organization Size:
· Large Enterprises
· Small and Medium-Sized Enterprises
By Vertical:
· Government and Defense
· Manufacturing
· Energy and Utilities
· Transportation and Logistics
· Healthcare and Life Sciences
· Other Verticals (Agriculture, Telecom, Media, and Retail)
By Deployment Mode:
· Cloud-based
· On-Premise
By Component:
· Predictive Maintenance Software
· Predictive Maintenance Services
By Region:
· North America
· Europe
· Asia Pacific
· Middle East and Africa
· Latin America
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global predictive maintenance market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Organization Size (Large Enterprises, Small and Medium-Sized Enterprises), By Vertical (Government and Defense, Manufacturing, Energy and Utilities, Transportation and Logistics, Healthcare and Life Sciences, Others), By Deployment Mode (Cloud, On-Premises), By Component (Software, Services), and Region (North America, Latin America, Asia Pacific, Europe and the Middle East & Africa).
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These insights are based on a report on Predictive Maintenance Marketby Fact.MR.
