The industrial predictive maintenance market in APAC to grow at a CAGR of 34.23% during the period 2017-2021.
Industrial Predictive Maintenance Market in APAC 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, one driver in the market is developments in customized industrial predictive maintenance. There is an increase in demand for customized industrial predictive maintenance solutions in end-user industries such as oil and gas, power generation, aerospace, and transportation and logistics. These industries that require customized industrial predictive maintenance with remote monitoring operations and big data play a significant role in analyzing processes assets, and heavy equipment. Therefore, vendors such as SAP SE, IBM, and Microsoft are providing custom-made industrial predictive maintenance solutions and services based on a requirement that will suit end-user needs, which will protect their critical equipment to gain a competitive edge in productivity.
Further, the report states that one challenge in the market is low investments in latest machinery and measuring equipment. The market for industrial predictive maintenance requires software solutions and services to exhibit better performance and have a better impact on industrial asset production. The development of industrial predictive maintenance increases investments on measuring equipment. In addition, there is difficulty in retrofitting with sensors and monitoring equipment. End-user industries such as oil and gas, chemical and petrochemical, and power generation are dealing with older machines, which will in turn hamper the adoption of predictive maintenance solutions and services.