Report : Middle East and Africa Predictive Maintenance Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Component (Solution and Services), Deployment Type (Cloud and On-premise), Technique (Vibration Monitoring, Electrical Testing, Oil Analysis, Ultrasonic Leak Detectors, Shock Pulse, Infrared, and Others), and Industry (Manufacturing, Energy & Utilities, Aerospace & Defense, Transportation & Logistics, and Others)
Services Segment to Dominate MEA Predictive Maintenance Market during the forecast period (2020 – 2027)
According to The Insight Partners market research study on “MEA Predictive Maintenance Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Component, Deployment Type, Technique, and Industry” is expected to reach US$ 1,723.02 million by 2027 from US$ 580.02 million in 2019. The market is estimated to grow at a CAGR of 14.7% from 2020 to 2027. The report provides trends prevailing in the MEA predictive maintenance market along with the drivers and restraints pertaining to the market growth. Reduction in maintenance cost and downtime is the major factor driving the growth of the MEA predictive maintenance market. However, shortage of skilled workforce hinder the growth of MEA predictive maintenance market.
In MEA, South Africa has the highest number of COVID-19 confirmed cases, and Saudi Arabia and UAE follow it among other countries. UAE was the first country in MEA to report a confirmed case of coronavirus. The majority of the industry work in these countries has come to a halt and is expected to continue slower than usual. The MEA region is expected to witness a significant impact of COVID-19 for at least a coming quarter. This is due to non-availability of retailers, suppliers, online, and authorized sales representatives and manufacturers. The region is projected to register a swift decline in their supply of predictive maintenance components and have halted their production activities and subsequently disrupting the importing of components and equipment. Moreover, the recent nationwide lockdown across South Africa, Saudi Arabia, and UAE also has contributed to negatively impacting the demand for predictive maintenance components. Thus the region is expected to witness a swift decline in the market growth for at least next quarter.
The MEA predictive maintenance market is segmented into component, deployment type, technique, industry, and country. Based on component, the market is segmented into solution and services. In 2019, the solution segment held the largest share in MEA predictive maintenance market. On the basis of deployment type, the market is segmented into cloud and on-premise. The on-premise segment accounts for largest market share in the 2019. Based on technique, the market is segmented into vibration monitoring, electrical testing, oil analysis, ultrasonic leak detectors, shock pulse, infrared, and others. . In 2019, the vibration monitoring segment held the largest share in MEA predictive maintenance market. Similarly, based on industry, the market is bifurcated into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, and others. The manufacturing segment contributed a substantial share in 2019.
Hitachi, Ltd.; IBM Corporation; Microsoft Corporation; TIBCO Software Inc.; Schneider Electric SE; SAS Institute Inc.; and General Electric Company are among the leading companies in the MEA predictive maintenance market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, IBM IoT launched AI-powered Maximo Asset Monitor designed to help maintenance and operations leaders better understand and improve the performance of their high-value physical assets.
MEA Predictive Maintenance Market – By Component
MEA Predictive Maintenance Market – By Deployment Type
MEA Predictive Maintenance Market – By Technique
MEA Predictive Maintenance Market – By Industry
MEA Predictive Maintenance Market – By Country