Predictive Maintenance Market
The Global Predictive Maintenance Market: Global Market Size, Trends, Competitive, Historical & Forecast Analysis, 2020 – 2030. Growing demand for operational efficiency with reduced cost along with rising need of industrial safety are some of the drivers for the predictive maintenance market growth.
The global predictive maintenance market size was valued at $4.16 billion in 2019, and is projected to reach $39.12 billion by 2030, growing at a CAGR of 22.6% from 2020 to 2030.
Predictive Maintenance software helps in tracking the performance of any equipment or machine and highlights maintenance requirements before any failure occurs. Advantages offered by predictive maintenance software such as prolonged service life of components, reduction of spare parts stocks and decrease in the cost of maintenance are expected to boost the market growth during the forecast period. However, the drawbacks such as high cost of installation and misinterpretation of data leading to false requests is hindering the market growth of predictive maintenance.
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Top Companies: Asystom, C3.ai, Inc., Engineering Consultants Group, Inc., Expert Microsystems, Inc., Fiix Inc., Operational Excellence (OPEX) Group Ltd, Sigma Industrial Precision, Spark Cognition, TIBCO Software Inc., Uptake Technologies Inc, General Electric, Hitachi, Ltd., International Business Machines Corporation (IBM), Microsoft Corporation, PTC Inc and others.
The global predictive maintenance market is segmented into component, deployment model, technique, stakeholder, industry vertical, and region. Based on component, it is bifurcated into solution and service. According to deployment, the market is classified into cloud and on-premise segments. Further, based on technique the market is divided into vibration monitoring, electrical testing, oil analysis, ultrasonic leak detectors, shock pulse, infrared, and others. Based on stakeholder, the predictive maintenance market is segmented into MRO, OEM/ODM, and technology integrators. Based on industry vertical, it is classified into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, government, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and rest of the world (RoW).
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North America dominates the global predictive market, followed by Europe. This is due to the underlying factors like the presence of large number of service vendors, technological advancements and better awareness about predictive maintenance.
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