Predictive Maintenance (PdM) Market size to grow by USD 16.57 billion growth between 2022 - 2027, Growth Driven by Increased adoption of advanced analytics by SMEs owing to rise in cloud computing, Technavio

NEW YORK, March 11, 2024 /PRNewswire/ -- The Predictive Maintenance (PdM) Market report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the predictive maintenance (PdM) market between 2022 and 2027 is USD 16.57 billion. One of the primary drivers of market expansion is the escalating uptake of clean fuel, notably the electrolysis process for hydrogen generation. Renowned for its remarkable reliability and efficiency, electrolysis utilizes power, often derived from renewable sources like solar and wind energy, ensuring the eco-friendly production of green hydrogen. Its emission-free profile has led numerous enterprises to adopt green hydrogen, supplanting traditional fossil fuels such as coal and natural gas. Furthermore, as renewable power facilities are typically situated distantly from end-users, leveraging such power for electrolysis mirrors the logistics of Liquefied Natural Gas (LNG), overcoming grid constraints. This surge in demand is fostering the integration of hydrogen electrolysers with renewables, thereby catalyzing market expansion and setting new trends for the forecast period.

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• Lack of expertise and technical knowledge is a major challenge hindering the growth of the global PdM market. 

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The predictive maintenance (PdM) market is segmented based on Component (Solutions and Service), Deployment (On-premise and Cloud), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The solutions segment will be significant for overall market growth during the forecast period. The rising adoption of PdM solutions in various growing sectors such as energy and utilities, manufacturing, and healthcare is boosting the growth of the PdM market globally. Additionally, PdM integration guarantees the return on investment (ROI) and helps organizations meet and exceed sustainability goals, enabling remote machine monitoring globally.
• Based on geography, North America is estimated to account for 39% of the global market growth during the forecast period. 

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Key Companies

Augury Inc., Avnet Inc., C3.ai Inc., Dell Technologies Inc., Deutsche Telekom AG, Fortive Corp., General Electric Co., Hitachi Ltd., Honeywell International Inc., International Business Machines Corp., PTC Inc., RapidMiner Inc., Reliability Solutions sp. z o.o., Robert Bosch GmbH, Rockwell Automation Inc., SAP SE, SAS Institute Inc., Schneider Electric SE, Siemens AG, Warwick Analytics Services Ltd.

Analyst Review

In today's rapidly evolving industrial landscape, equipment monitoring has become paramount for optimizing operations and ensuring seamless productivity. Enter Predictive Maintenance (PdM) - a revolutionary approach that leverages cutting-edge technologies like machine learning algorithms, sensor technology, and industrial IoT to revolutionize asset management.

At its core, PdM encompasses a suite of methodologies aimed at asset health management and condition-based maintenance. By harnessing the power of data-driven maintenance, PdM enables proactive fault detection and maintenance scheduling, effectively minimizing equipment downtime and maximizing equipment efficiency.

One of the key pillars of PdM is its emphasis on reliability engineering and equipment reliability. Through sophisticated prognostic modeling and failure prediction, organizations can preemptively address potential issues, thereby reducing maintenance costs and optimizing asset performance.

The advent of predictive maintenance software and predictive maintenance systems has facilitated seamless remote monitoring and real-time diagnostics. By analyzing sensor data in real-time, anomalies can be swiftly identified, enabling swift maintenance forecasting and equipment lifecycle management.

Furthermore, PdM solutions offer unparalleled maintenance optimization capabilities, enabling organizations to streamline their maintenance strategy and minimize equipment downtime. Through the application of predictive analytics, organizations can not only reduce maintenance costs but also enhance overall operational efficiency.

In essence, the PdM market is poised for exponential growth, driven by the relentless pursuit of equipment efficiency and reliability. As industries continue to embrace digital transformation, the demand for advanced predictive maintenance solutions will only intensify.

In conclusion, the predictive maintenance market represents a paradigm shift in asset management, offering a proactive approach to maintenance that is poised to redefine industrial operations. By harnessing the power of predictive modeling and anomaly detection, organizations can unlock new levels of efficiency, reliability, and cost-effectiveness, thereby shaping the future of maintenance in the digital age.

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Market Overview

The Predictive Maintenance (PdM) market is rapidly evolving, driven by advancements in sensor technology and machine learning algorithms. PdM enables proactive equipment monitoring and asset health management by analyzing real-time data to predict potential failures. By implementing condition-based maintenance, organizations can optimize their maintenance strategies, reducing downtime and extending asset lifespan. Fault detection systems play a crucial role in identifying anomalies, allowing for timely intervention. Integration of Industrial IoT facilitates seamless data collection and analysis across the manufacturing landscape. PdM enhances operational efficiency by enabling predictive insights, guiding maintenance scheduling for maximum impact. With the convergence of technology and industry expertise, the PdM market is poised for substantial growth, offering transformative solutions for diverse sectors.

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Related Reports:

The industrial predictive maintenance market share in APAC is expected to increase by USD 7.44 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 34.71%.

The predictive analytics market size is estimated to grow at a CAGR of 22.24% between 2022 and 2027. The market size is forecast to increase by USD 2,1601.17 million.

ToC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio