Predictive Maintenance Market to Surpass US$ 17.7 Billion By 2026

Published On : Mar 14, 2019

The global predictive maintenance market was valued at US$ 2.1 billion in 2018 and is projected to reach US$ 17.7 Billion by 2026, registering a CAGR of 30.3% over the forecast period (2018-2026), according to Predictive Maintenance Market Report, by Component (Solution & Services), by Deployment (On-premise and Cloud), by Application (Asset Maintenance, Operations Maintenance, and Health & Performance Optimization), by End-use  Industry (Oil & Gas, Aerospace & Defense, Automotive, Power Generation, Hospitals/Clinics/Diagnostic Laboratories, Biotechnology/Pharmaceutical Manufacturers, Medical Device Manufacturers, and Shipping), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.

Increasing awareness of real-time streaming analytics is expected to offer significant growth opportunities for the predictive maintenance software and services providers over the forecast period. Real-time analytics is the ability, or the capacity to utilize data and related resources as soon as the data is received at the system.  Real-time analytics offers various beneficial features such as it aids in detecting faults instantly, reduces the data processing time, and helps in effective decision-making. These features are very effective in predicting faults in real-time and avoiding incidents caused by machine component failure. Therefore, increasing awareness of real-time streaming analytics can be a major growth opportunity for key players in the market during the forecast period.

Moreover, increasing need for ease of operations and economic & scalable predictive maintenance solutions is expected to have positive impact on growth of the predictive maintenance market over the forecast period.

All the currently available predictive maintenance solutions are expensive and very complex to implement. These factors are restraining small and medium-sized enterprises from implementing predictive maintenance solutions. Development of economic, easy to install & operate, and scalable solution is expected to drive the small and medium-sized enterprises to adopt predictive maintenance solutions. Therefore, key players could focus on launching such systems and solutions to increase their market share.

However, high cost and complex installation and implementation of predictive maintenance solution is expected to hinder the market growth. Predictive maintenance solution architecture consists of a large number of connected IoT devices such as sensors, receivers, high-end computer systems, and skilled labors. This makes the system very costly and complex. Eco-system of predictive maintenance system includes players from different levels of value chain such as raw material suppliers, system integrators, and original system manufacturers (OEMs), which makes the setting up of the solution system a difficult task. Considering these two factors, the overall predictive maintenance set-up is costly and requires high capital investment, which in turn may restrain growth of the market.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/predictive-maintenance-market-2548

Browse 184 market data tables* and 50 figures* on "Predictive Maintenance Market” - Global forecast to 2026.

Key Takeaways of the Market:

  • Asia Pacific predictive maintenance market is projected to witness the highest growth rate of 32.6% during the forecast period. This is due to increasing adoption of predictive maintenance solutions in smart manufacturing processes. For instance, according to Coherent Market Insights’ analysis, China has adopted FDT 2.0 as National Standard for device integration based on industry-leading FDT 2.0 technology. The advantages of FDT 2.0 technology for systems integration and interconnection are expected to help domestic enterprises to quickly adopt predictive maintenance solutions as a mandatory part of their smart manufacturing process.
  • Among end-use industry, manufacturing sector held dominant position in the predictive maintenance market in 2017 with a share of 24.6% and is expected to retain its dominance over the forecast period with a CAGR of 28.7% to reach US$ XX Mn in 2026. This is owing to increasing awareness of cost effective manufacturing in terms of production, maintenance of machineries, and uncertain fault prevention such as machines failure.
  • 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.

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