We have an updated report [Version - 2024] available. Kindly sign up to get the sample of the report.
all report title image

Global Predictive Maintenance Market - Insights

Global predictive maintenance market is estimated to be valued at US$ 2,123.8 Mn in 2018, up from US$ 1,639.2 Mn in 2017. By 2026, the market is projected to reach US$ 17,700.8 Mn, exhibiting a CAGR of 30.3% over the forecast period (2018–2026). Increasing adoption of predictive maintenance in automotive aftermarket, growing industrial automation, increasing demand for periodic maintenance (for operations, assets, and production) are some major factors contributing in growth of the global predictive maintenance market.

On the basis of component, the global predictive maintenance market is segmented into solutions and services. On the basis of deployment, the market is segmented into on-premise and cloud. On the basis of application, the market is segmented into asset maintenance, operations maintenance, and health & performance optimization. On the basis of end-use industry, the market is segmented into oil & gas, aerospace & defense, automotive, power generation, hospitals/clinics/diagnostic laboratories, biotechnology/pharmaceutical manufacturers, medical device manufacturers, and shipping.

Manufacturing industries are in constant need for improving performance, reliability, and service management. Data acquisition, monitoring, and analytics aids in achieving better reliability and service management. Data-based predictive models help in boosting performance of manufacturing process and offers improved manufacturing quality. Therefore, such benefits of predictive maintenance increasing its adoption in manufacturing industries. For instance, in July 2019, BISTel, one of the leading supplier of equipment engineering solutions (EES) and adaptive intelligence (AI) applications for the smart manufacturing, announced a launch of its next-generation, AI powered equipment “Health Monitoring and Predictive Maintenance (HMP) Solution” for the smart manufacturing.

Automotive companies use predictive maintenance to collect and monitor real-time data. The collected real-time data is used for gaining insights of the vehicle and engine parts. For instance, in July 2018, Presenso, one of the provider of machine-learning-based solutions for predictive asset maintenance, announced a launch of its predictive maintenance solution which incorporates the latest advances in Automated Machine and Deep Learning technology (Auto-ML).

The solution segment held dominant position in the market in 2018

In component type, solution segment held dominant position in the market in 2018 and is expected to retain its dominance over the forecast period. Emerging economies such as India and China in Asia Pacific are expected to witness significant growth in the solution segment in the predictive maintenance market. This is owing to growing manufacturing sector and increasing industrial automation across various industry verticals in the region such as automotive and aerospace & defense. For instance, according to India Brand Equity Foundation (IBEF), 2018, the manufacturing sector in India witnessed a CAGR of 4.34% during FY12 and FY18 (as per the second advance estimates of annual national income published by the Government of India).

A basic predictive maintenance solution has a well-designed process model, which includes connected equipment, feature engineering, machine learning, implementation, and prediction. A smart maintenance predictive solution deals with capturing data and offers automated feature generation and optimized predictive model with real-time estimates and outcomes. Moreover, growth of smart predictive maintenance solutions segment is attributed to increasing number of connected assets throughout industrial applications. For instance, in April 2017, Huawei, one of the leading global information and communications technology (ICT) solutions provider and the GE Digital, one of the leading software company for the Industrial Internet, announced a launch of their Industrial Cloud-based Predictive Maintenance Solution in the industrial IoT field.

Figure. Global Predictive Maintenance Market, by Component, 2017 & 2026 (US$ Mn)

PREDICTIVE MAINTENANCE MARKET

To learn more about this report, request a free sample copy

Source: CMI, 2018

North America held dominant position in the predictive maintenance market in 2017

North America held dominant position in the market in 2017 and is expected to retain its dominance throughout the forecast period. This is owing to high presence of manufacturing companies and increasing demand for lean manufacturing across different industry verticals in the region. New startup companies deploy and adopt predictive maintenance to optimize the overall production process and make the operations cost-effective.

Figure. Global Predictive maintenance Market Share (%), by Region, 2017 & 2026

 PREDICTIVE MAINTENANCE MARKET

To learn more about this report, request a free sample copy

Source: CMI, 2018

The U.S. accounted for the largest share in North America and the global predictive maintenance market in 2018, and is projected to retain its dominance during the forecast period. This is owing to increasing investment by major companies to increase profitability and to achieve cost optimization.

In North America predictive maintenance market, the manufacturing segment held dominant position, followed by aerospace & defense, and energy & utilities sector in 2018. Key players operating in the North America predictive maintenance market include, Robert Bosch, General Electric, and Rockwell Automation.

Global Predictive Maintenance Market: Key Players

Major players operating in the global predictive maintenance industry include, Amiral Technologies, Embitel, General Electric, Honeywell International, Inc., IBM Corporation, Microsoft Corporation, Rockwell Automation, Inc., Senseye Ltd., Softweb Solutions, Inc., Warwick Analytics, SAP SE, Robert Bosch GmbH, Software AG,  and Siemens AG.

Frequently Asked Questions

The global predictive maintenance market is estimated to surpass US$ 17.7 Billion by 2026.

Major players operating in the global predictive maintenance market include Amiral Technologies, Embitel, General Electric, Honeywell International, Inc., IBM Corporation, Microsoft Corporation, Rockwell Automation, Inc., Senseye Ltd., Softweb Solutions, Inc., Warwick Analytics, SAP SE, Robert Bosch GmbH, Software AG, and Siemens AG.

High cost and complex installation and implementation of predictive maintenance solutionis one of the major factors that is expected to hamper growth of the market over the forecast period.

Increasing adoption of predictive maintenance in automotive aftermarket, growing industrial automation, and increasing demand for periodic maintenance are some of the major factors that are expected to propel growth of the market over the forecast period.

The global predictive maintenance market is estimated to exhibit a CAGR of 30.3% over the forecast period.

Among regions, North America is expected to hold dominant position in the global predictive maintenance market during the forecast period.

View Our Licence Options

Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports

Customize Now

Want to Buy a Report but have a Limited Budget?

We help clients to procure the report or sections of the report at their budgeted price. Kindly click on the below to avail

Request Discount
Logo

Reliability and Reputation

ESOMAR
DUNS Registered
Clutch
DMCA Protected

9001:2015

Reliability and Reputation

27001:2022

Reliability and Reputation

EXISTING CLIENTELE

Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients
trusted clients logo