Pune, India., June 12, 2023 (GLOBE NEWSWIRE) -- According to our new research study, titled "Predictive Maintenance Market Share Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment Type, Technique, Industry, and Geography," the market is projected to reach US$ 26,588.00 million by 2028 from US$ 5,316.99 million in 2021. It is expected to grow at a CAGR of 27.4% during 2022–2028. The increasing need to boost asset uptime and minimize maintenance costs coupled with rise in investments in predictive maintenance owing to IoT adoption are the major factors that propel the market growth.
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Global Predictive Maintenance Market Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | US$ 5,316.99 Million in 2021 |
| Market Size Value by | US$ 26,588.00 Million by 2028 |
| Growth rate | CAGR of 27.4% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 221 |
| No. of Tables | 116 |
| No. of Charts & Figures | 96 |
| Historical data available | Yes |
| Segments covered | Component, Deployment Type, Technique, and Industry |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
The predictive maintenance market is broadly segmented into 5 major regions—North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM). Europe is focusing on moving to renewable energy sources and reducing dependence on traditional sources such as coal and gas. Additionally, since energy consumption is a major expenditure for industries, European companies continuously monitor the same and significantly aim to minimize it. Again, power line inspection in the energy sector is complex, primarily due to remote locations, hard-to-reach structures, and high labor costs. Thus several large regional enterprises focus on increasing efficiency and lowering expenditure through integrating advanced technologies while reducing losses from unforeseen equipment breakdown. Decision makers in such enterprises are approaching various predictive maintenance service providers to optimize production by adopting such advanced solutions. i-EM Srl’s h-EM predictive maintenance solution is being used by Enel’s hydropower plant in Campania, Italy. Such trends are driving the predictive maintenance market growth in Europe. Also, several key predictive maintenance technology-based startups are providing great growth opportunities for the predictive maintenance market in the region.
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North America accounted for the largest market share in terms of revenue. This technologically advanced region includes key economies like the US, Canada, and Mexico. Based on a report by the US Energy Department, energy expenditure accounts for about 20% of the average manufacturer's expenditure. Furthermore, energy and utility companies face significant challenges, including environmental concerns, rising operating costs, increasing consumer expectations, and changing regulatory guidelines. These challenges drive the uptake of predictive maintenance solutions and services. While technology adoption is increasing in the region, technological advancements have led to a highly competitive predictive analytics market in North America. The growing acceptance of advanced technologies, such as machine learning, the Internet of Things (IoT), acoustic monitoring, and motor circuit analysis, is accelerating the growth of the predictive maintenance market.
Global Predictive Maintenance Market Analysis: Industry Overview
Based on industry, the predictive maintenance market is segmented into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, oil & gas, and others. Many predictive maintenance market players provide differentiated solutions to each industry vertical that strongly compete in pricing and offerings, which is anticipated to drive market growth over the forecast period. The manufacturing industry is among the largest adopters of predictive maintenance. Predictive maintenance is replacing maintenance professionals' traditional approach to combining quantitative and qualitative techniques to predict impending failures and mitigate downtime in their manufacturing plants. In addition, the increasing number of initiatives for integrating AI for predictive analysis of critical assets of the energy sector is expected to boost the market further.
Global Predictive Maintenance Market: Competitive Landscape and Key Developments
General Electric Co, Hitachi Ltd, IBM Corporation, Microsoft Corporation, PTC Inc, SAS Institute Inc, Schneider Electric SE, Software AG, Syncron AB, and TOSL Engineering Ltd are key predictive maintenance market players profiled during this study. In addition, several other important predictive maintenance market players were studied and analyzed during this market study to get a holistic view of the market and its ecosystem. Some of the recent developments in the predictive maintenance market are as follows:
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In May 2023, Facilio’s Connected CaFM platform was chosen by Kitopi, a tech-powered, multi-brand restaurant, for centrally managing and optimizing its kitchen facilities. The CaFM platform’s predictive maintenance capabilities are expected to aid Kitopi in reducing downtime, reducing operational expenditure, and ensuring business continuity across outlets.
In March, 2023, UAE based National Petroleum Construction Company (NPCC) awarded Wartsila a five-year optimized maintenance agreement for improving the operational performance of NPCC’s fleet. Wartsila will provide its Expert Insight service, which integrates predictive maintenance support to detect anomalous behavior in a vessel’s machinery.
In September 2022, AXILE Machine, a Taiwanese technology and machining company, opened a facility in Windsor as its North American technology center. Axile operates in 50 countries, and its automation technology, known as ART, is a monitoring system that facilitates autonomous production through predictive maintenance and optimizes productivity.
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