Predictive Maintenance Market
The Global Predictive Maintenance Market size is estimated to be USD 3.63 billion in 2019 and is predicted to reach USD 63.96 billion by 2030 with a CAGR of 29.8% from 2020-2030.
Predictive Maintenance is a process which monitors the overall operations and identifies the breakdowns or degradations into the existing systems and helps to plan the maintenance to reduce the operational cost. Predictive maintenance offers various advantages and helps in the reduction of cost and also increases the overall lifespan of the system which further reduces the operational cost. It is most commonly used in the 4.0 industries and others.
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Top Companies: Microsoft Corporation, IBM Corporation, SAP SE, Schneider Electric, General Electric, Hitachi, Ltd., Software AG, PTC Inc., SAS Institute Inc., Expert Microsystems, Inc., Engineering Consultants Group, Inc., SparkCognition, Uptake Technologies Inc., C3.ai, Inc., Fiix Inc., Tibco Software Inc., Operational Excellence (Opex) Group Ltd, Asystom and others.
The global predictive maintenance market share is analyzed on the basis of component, technique, deployment, stakeholder, industry vertical, and geography. On the basis of component, the market is segmented into service and solution. Based on the deployment, the market is fragmented into cloud based and on-premise. Based on technique, the market is divided into Electrical Testing, Vibration Monitoring, Ultrasonic Leak Detectors, Oil Analysis, Infrared, Shock Pulse, and Others. Based on stakeholder, the market is divided into MRO, OEM/ODM, and Technology Integrators. On the basis of industry vertical, the market is divided into Manufacturing, Energy & utilities, Aerospace & Defense, Transportation & Logistics, Government, Healthcare, and Others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
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North America is expected to account for the major market share over the forecast period owing to the increased adoption of predictive maintenance. Furthermore, increase in technological advancement and presence of developed infrastructure are expected accelerate the growth of predictive maintenance market. Asia Pacific is expected to show significant growth owing to the increase in 4.0 industries. Furthermore, increase demand of operational efficiency and reduced operational cost with increased demand of industries safety with long life span of system is further expected to enhance the growth of predictive maintenance market.
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