The growing need to decrease maintenance costs is primarily driving the growth of the predictive maintenance market.
Globally, the predictive maintenance market is expected to grow at a CAGR of 28.5% during the forecast period from 2019 to 2027, starting at US$2.9Bn in 2018. Predictive maintenance is a method that is used for monitoring equipment and devices. These methods enable the user to find the mechanical conditions of the machine and predict its failure of the machine.
Moreover, predictive maintenance allows the user to make the maintenance from time to time to reduce the downtime of the production. Predictive maintenance uses conditioning monitoring equipment and devices to evaluate the functionality and performance of the machines in real time.
Some of the benefits of predictive monitoring are that it reduces the maintenance time of the equipment, which results in less downtime for maintenance. Moreover, it allows the machine operators to maintain the machine, which also results in the reduction of cost for spare parts and supplies; thus, these factors drive the market. However, the cost of conditioning monitoring equipment is high, which hampers the growth of the market.
Market Synopsis
Predictive Maintenance with Solutions in its Component Segment to Continue Dominating the Market
By component, the solution segment dominates predictive maintenance, followed by the service segment. However, the service segment accounted for the fastest growth during the forecast period. Predictive maintenance offers various types of solution software that allows the operator to visualize the condition of the machine, allowing the user to make changes and perform the maintenance process to reduce downtime for the process. The increasing awareness among individuals and organizations about the benefits of predictive maintenance is contributing to the growth of the market.
North America Dominates the Predictive Maintenance Market.
The predictive maintenance market is led by North America. In 2018, this regional segment accounted for approximately 33% of the global market for predictive maintenance. The presence of various key players such as Rockwell Automation, IBM Corporation, RapidMiner, and others in North America is a major factor driving the predictive maintenance market. Moreover, the early adoption of conditioning monitoring technology in the region also fuels the market growth.
The US is the dominant country in North America, followed by Canada and Mexico. The US is a dominant country due to the presence of various manufacturing, automotive, healthcare, food and beverage, and other industries. The US predictive maintenance market is rising due to increasing complexity in production and the requirement to reduce downtime and improve functioning quality.
Some of the prominent players operating in the predictive maintenance market include IBM Corporation, SAP SE, General Electric, Software AG, Robert Bosch, PTC Inc., Rockwell Automation, Warwick Analytics, Schneider Electric SE, and RapidMiner.
Historical and Forecast Period
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The predictive maintenance market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global predictive maintenance market based on component, technique, deployment, end-user, and geography. Key segments covered in the report are as follows:
Key questions are answered in this report.
What was the market size of preventive maintenance in 2018 and the forecast up to 2027?
Which is the largest regional market for the solution segment?
What are the major trends followed in the preventive maintenance market across different regions?
Who are the key predictive maintenance companies leading the market?
What are the key strategies adopted by the leading preventive maintenance companies in the market?
Unique data points of this report
Statistics on predictive maintenance penetration and spending worldwide
Recent trends across different regions in terms of the adoption of predictive maintenance for various vehicles
Notable developments are going on in the predictive maintenance industry.
Attractive investment propositions for segments as well as geography
Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
Frequently Asked Question:
The market for Predictive Maintenance Market is expected to reach USD$ 2.9Bn in 2027.
The Predictive Maintenance Market is expected to see significant CAGR growth over the coming years, at 28.5% .
The report is forecasted from 2019 -2027.
The base year of this report is 2018.
General Electric, Software AG, Robert Bosch, PTC Inc., Rockwell Automation, Warwick Analytics, Schneider Electric SE. are some of the major players in the global market.
