Predictive Maintenance Market Size Estimated to be Worth US$ 18,653.2 Million by 2027: | CAGR: 26.5%: Astute Analytica

NEW DELHI, March 28, 2022 /PRNewswire/ -- The study conducted by Astute Analytica forecasts a growth in revenue of the Global Predictive Maintenance Market from US$ 4,560.7 Mn in 2021 to US$ 18,653.2 Mn by 2027. The market is registering a CAGR of 26.5% over the forecast period 2022-2027. Predictive maintenance is a proactive maintenance technique that uses real-time asset data (collected through sensors), historical performance data, and advanced analytics to forecast when asset failure will occur. The market is majorly driven by factors such as rising urbanization, rampant digitalization and increasing demand to decrease operation & maintenance cost.

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Predictive maintenance evaluates the condition of equipment by performing periodic (offline) or continuous (online) equipment condition monitoring. The result of predictive maintenance is that maintenance work can be scheduled and performed before an asset is expected to fail with minimal downtime. With rising urbanization, consumer preferences are also changing, people are more likely to rely on technology rather than any other human. Businesses prefer their operations to be conducted with zero error as most of the organization nowadays believe less time more work. Moreover, predictive maintenance relies on sensors to identify the need for maintenance. Not only are sensors more accurate than human senses, but they can detect internal wear that cannot be directly observed, is too dangerous for humans to inspect, or would otherwise require equipment to be shut down and opened up. Furthermore, predictive maintenance allow companies to trim operating costs as businesses can make operational predictions up to 20 times faster and more accurate than threshold-based surveillance systems. AI and IoT based predictive maintenance technologies help enterprises to predict equipment failures in advance. However, the lack of skilled workforce hampers the market growth.

Segmentation Analysis

Solutions component leads the Global Predictive Maintenance Market in 2021

Based on component, predictive maintenance market is segmented into solutions and services. The solutions segment has the highest share in the Global Predictive Maintenance Market in 2021 and is further expected to continue its dominance over the forecast period. This is because solutions are becoming increasingly important to identify the cause of the possible faults or failures of equipment before they occur.

Cloud deployment mode has the highest CAGR in the predictive maintenance market

In terms of deployment mode, the market is divided into cloud and on-premises. Among these, the on-premises segment has the highest share in the Global Predictive Maintenance Market in 2021. Cloud segment has the highest CAGR over the forecast period due to the business efficiencies, cost-benefits, and competitive advantages it holds.

Vibration monitoring technology holds the highest share in the predictive maintenance market

By technology, the predictive maintenance market is segmented into vibration monitoring, electrical testing, oil analysis, ultrasonic detectors, shock pulse, thermal/infrared monitoring, optical (cameras) monitoring, ML database, and others. The vibration monitoring technology has the highest market share in 2021 as it helps to assess machine condition, evaluate and diagnose the identified asset, and take the proper action at the appropriate moment. Vibration analyzers are now incredibly portable, can connect in real time with smartphones and tablets, and can create extremely high-resolution FFT.

Large Enterprises dominates the Global Predictive Maintenance Market in 2021

Based on organization size, the market is categorized into large enterprises and small and medium-sized enterprises. Large enterprises have the maximum market share in 2021 and is further estimated to register the highest CAGR over the forecast period. This is because predictive maintenance enables easy access to specific information on product and usage habits and has the ability to provide cost-cutting solutions that reduce the need for additional maintenance.

Manufacturing Industry is the highest end user in the predictive maintenance market

In terms of industry, the market is classified into aerospace and defense, manufacturing, energy and utilities, oil & gas, transportation, warehouse & logistics, healthcare and life sciences, automotive, marine/ shipping, and others. Among these, the manufacturing industry is the highest end user of preventive maintenance. Energy and utilities segment has the highest CAGR over the forecast period.

Asia Pacific is estimated to dominate the Global Predictive Maintenance Market by the end of forecast period

North America is the highest shareholder in the Global Predictive Maintenance Market, while Asia Pacific is estimated to dominate the market by the end of 2027. APAC predictive maintenance market growth can be attributed to huge expenditures made by the private and public sectors to improve their maintenance solutions, resulting in a higher demand for predictive maintenance solutions.

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Competitive Dashboard

• Amazon Web Services is a subsidiary of Amazon, providing on-demand cloud computing platforms and APIs to individuals, companies, and governments, on a metered pay-as-you-go basis. Amazon Web Services provides a highly reliable, scalable, low-cost infrastructure platform in the cloud that powers hundreds of thousands of businesses in 190 countries around the world.
• Opex Group is a provider of artificial intelligence (AI) solutions for the oil, gas and energy industries. It provides cloud-based AI solution for complex assets to monitor, reduce and control operational emissions, optimize energy use and minimize environmental impact. X-PAS is a cloud-based AI solutions for complex assets to predict threats, prevent system trips and reduce maintenance costs.
• Oracle Corporation is a US based company and engaged in the information technology and service. The company's cloud infrastructure offers higher performance, security, and cost savings. It is designed so businesses can move workloads easily from on-premises systems to the cloud, and between cloud and on-premises and other clouds. Oracle Cloud applications provide business leaders with modern applications that help them innovate, attain sustainable growth, and become more resilient.
• SAP SE is a German multinational software corporation that is involved in making enterprise software to manage business operations and customer relations. The company is well known for its integrated management software, Enterprise resource planning (ERP).
• SAS Institute is an American multinational developer of analytics software, the company develops and markets a suite of analytics software, which helps access, manage, analyze and report on data to aid in decision-making.

Segmentation Overview

The following are the different segments of the Global Predictive Maintenance Market:

• By Component segment of the Global Predictive Maintenance Market is sub-segmented into:
• Solutions
• Integrated
• Standalone
• Services
• Managed Services
• Professional Services
• By Deployment Mode segment of the Global Predictive Maintenance Market is sub-segmented into:
• Cloud
• Public Cloud
• Private Cloud
• Hybrid Cloud
• On-Premises
• By Technology segment of the Global Predictive Maintenance Market is sub-segmented into:
• Vibration Monitoring
• Electrical Testing
• Oil Analysis
• Ultrasonic Detectors
• Shock Pulse
• Thermal/Infrared Monitoring
• Optical (cameras) Monitoring
• ML Database
• Others
• By Organization Size segment of the Global Predictive Maintenance Market is sub-segmented into:
• Large Enterprises
• Small and Medium-Sized Enterprises
• By Industry segment of the Global Predictive Maintenance Market is sub-segmented into:
• Aerospace and Defense
• Manufacturing
• Energy and Utilities
• Oil & Gas
• Transportation
• Warehouse & Logistics
• Healthcare and Lifesciences
• Automotive
• Marine/ Shipping
• Others
• By Region segment of the Global Predictive Maintenance Market is sub-segmented into:
• North America
• The U.S.
• Canada
• Mexico
• Europe
• The UK
• Germany
• France
• Spain
• Italy
• Russia
• Poland
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Argentina
• Brazil
• Rest of South America

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SOURCE Astute Analytica