Publishing: August 2021 | Report Code: IM11121 | Available Format: PDF
Predictive Maintenance Market Overview
Predictive maintenance helps in retrieving multiple data sources in real time to determine the condition of in-service equipment, and check quality issues and asset failures. The increasing demand of big data, internet of things and growing focus of organizations to reduce operational cost, are the key factors resulting in the growth of predictive maintenance market.
The solutions offered for predictive maintenance has been leading the growth of this market. Among the various services offered for predictive maintenance, system integration and consulting service is expected to be the key growth driver for the market. The adoption of predictive maintenance has been increasing in various sectors, including government, aerospace & defence, energy & utilities, manufacturing, healthcare, and transportation & logistics, due to its ability to predict asset failures and reducing operational cost. North America has been the largest predictive maintenance market because of the presence of large number of service and solution vendors in the region.
Predictive Maintenance Market Dynamics
The predictive maintenance market is estimated to grow in the coming years, as number of organizations is opting for this technology. The major growth drivers for the predictive maintenance industry includes growing demand for big data and internet of things, and increasing concern of organizations to reduce the asset operation and maintenance costs. The adoption of solutions such as predictive maintenance, helps organizations to prevent downtime and reduce operations and maintenance costs by determining the failure patterns and minor anomalies in the processes, and by accurately predicting asset failures, so that they can be taken out from the production to ensure efficient supply chain.
In North America, the U.S is expected to show the highest growth in predictive maintenance market during the forecast period, due to the increasing demand for better monitoring of the processes and due to presence of large number of solution and service vendors for predictive maintenance.
Owing to the increasing growth of industries with heavy equipment and machineries in Asia-Pacific, the region holds significant opportunity for this market. Further, the heavy investments made by companies in countries like China, India, Japan and South Korea in their production facilities is increasing the demand for predictive maintenance. However, the lack of training to operators and scarce availability of experts can act as restraining force for predictive maintenance market.
Predictive maintenance is widely adopted by various manufacturing and services industries to improve equipment and process safety, quality and efficiency. Observing the wider use of the predictive maintenance applications, the companies in this field have been introducing dedicated departments that specialize in developing instruments, solutions and providing training to personnel for use and application of predictive maintenance equipment.
Companies now-a-days are also integrating sensor technology with maintenance activity in order to provide an efficient predictive maintenance solutions system, to cater the needs for different organizations. Further, the continuous research going on in remote maintenance and e-maintenance are helping and supporting maintenance activity in remote and unsafe working conditions. Companies are creating technology based ERP software solutions to enhance the efficiency and affordability of predictive maintenance market.
The predictive maintenance industry has been continuously growing due to the rising awareness among manufacturing industry managers for maintenance operations and the need to reduce the down time. Managers in the manufacturing companies are continuously working towards improvement of maintenance processes of equipment in their manufacturing plants and finding out methods that can reduce the faulty operations, and increase the benefits of the processes.
Continuous advancements in information and communication technologies and growing adoption of internet of things and big data enable predictive maintenance solutions to be more efficient and be applied to wider range of industries. Increasing data and computational availability allows operators to move from condition monitoring to anticipating problems before they happen; thus, making predictive maintenance a potentially lucrative opportunity. Further, industries will be able to eventually predict the performance of entire production process under varying conditions, and thus impact not only individual assets and their maintenance cycles, but entire factory floors, wind farms, and other interconnected groups of assets. The ability of predictive maintenance solutions to provide a wide range of data about equipment runtime, temperature, pressure and energy consumption, is also increasing the demand for such solutions globally.
Competitive Landscape of Predictive Maintenance Market
Some of the major players in predictive maintenance market include IBM Corporation, SAP SE, General Electric, Bosch Software Innovations GmbH, Schneider Electric and Softweb Solutions Inc. Owing to high growth potential in this market, more number of small players with low cost solutions are entering the market, which has been forcing the established players to reduce cost of their predictive maintenance solutions as well as to provide complimentary services along with their solutions.
Global Predictive Maintenance Market Segmentation
By Deployment Type
By Organization Size
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