According to a new market research report published by Report Ocean, the Predictive maintenance The market is expected to grow at a CAGR of 25.8%, over the forecast period. The market should reach $41,965.5 million by 2030.
This detailed report ocean market research report includes an in-depth analysis of technological innovations, market trends, supply chain trends, future trends, major players and key developments. The report also includes additional information on other factors such as drivers, restraints, and challenges faced by this market, along with an overview of each segment mentioned in the study.
The global predictive maintenance market size was US$5,913.1 million in 2021.The global predictive maintenance market is expected to reach $41,965.5 million by 2030 by registering a compound annual growth rate (CAGR) of 25.8% during the forecast period from 2022 to 2030.
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Factors influencing the market
Predictive maintenance offers various benefits, such as reduced downtime, extended equipment life, improved plant safety, lower maintenance costs, and higher throughput. These benefits are expected to fuel the growth of the predictive maintenance market over the forecast period.
The growing need to better understand the adoption of new technologies will further contribute to the growth of the global predictive maintenance market.
Growing demand for improved equipment availability will drive the market forward. Businesses are seeing strong demand to reduce unplanned downtime by identifying problems before any damage occurs. Thus, it will help in the growth of the market.
The growing number of launches and partnerships are expected to benefit the market over the study period. For example, the OPEX group entered into an agreement with Dana Petroleum in February 2021. With this partnership, the companies aim to merge their expertise in data science, software development and oil and gas. It will also help their customers make more profitable use of their data. In addition to this, Fiix Inc. launched Fiix Foresight in 2020. It is an advanced AI to work with their work order analytics solution.
Lack of skilled labor may limit the growth of the global predictive maintenance market.
The emergence of “Industry 4.0” in the manufacturing landscape will drive the adoption of IIoT to gain better insights into their operations. Thus, this will benefit the global predictive maintenance market over the forecast period.
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COVID-19 Impact Analysis
The COVID-19 pandemic has had a significant impact on the global predictive maintenance market, mainly during the initial phase of the pandemic. Additionally, manufacturing units have been forced to curtail operations to save the workforce from the pandemic.
The predictive maintenance market in Asia-Pacific is expected to grow rapidly, mainly due to the contribution of emerging economies like China, India, Japan, and the rest of Asia-Pacific. The region’s growth is attributed to the increasing focus on testing innovative solutions to optimize production. In addition, support from governments and other institutions will benefit the market. For example, the Electrical and Mechanical Services Department (EMSD) in Hong Kong has executed predictive maintenance solutions with IoT-based technologies in several government departments. Thus, it will contribute to the growth of the predictive maintenance market.
Market competitors IBM Corporations Microsoft, SAP SE General Electric, Schneider Electric Hitachi, PTC Software AG, SAS Engineering Consultants Group, Inc. Expert Microsystems, Inc.SparkCognitionC3 IoT Uptake Technologies Inc. Fiix Inc. Operational Excellence (Opex) Group Ltd, TIBCO Software Inc. Sigma Industrial Precision Other Important Players
By regional perspectives:
- North America The United States Canada Mexico,
- EuropeWestern Europe, United Kingdom Germany France Italy Spain Rest of Western Europe,
- Eastern Europe, Poland Russia Rest of Eastern Europe,
- Asia Pacific China India Japan Australia and New Zealand ASEAN Rest of Asia-Pacific,
- Middle East and Africa (MEA) UAE Saudi Arabia South Africa Rest of MEA,
- South America Brazil Argentina Rest of South America
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The global predictive maintenance market segmentation focuses on components, deployment, technique, stakeholders, industry and region.
By Outlook component Solution service
Per Outlook deployment On-premises cloud
By Technical Insights Vibration Monitoring Electrical Testing Oil Analysis Ultrasonic Leak Detectors Shock Impulse Infrared Others
By stakeholder perspectives MROOEM/ODM technology integrators
By Industry Insights Industry Energy and utilities Aeronautics and defense Transport and logistics Government Healthcare Other
Main highlights of the study’s table of contents:
- Market overview and summary
- Market drivers
- Market share analysis
- PORTERS Analysis
- PESTEL analysis
- Value chain analysis
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