Report : Predictive Maintenance Market Forecast to 2027 - Covid-19 Impact and Global Analysis - by Component (Solution, Services); Deployment Mode (On-Premise, Cloud); Organization Size (SMEs, Large Enterprises); End User (Manufacturing, Transportation and Logistics, Government, Healthcare, Others) and Geography
Growing need to reduce maintenance cost and downtimeis expected to support the growthof predictive maintenancemarket to growat 15.1%CAGR during 2019–2027
According to our latest market study on “GlobalPredictive maintenanceMarket to 2027 – Analysis and Forecast byComponent (Software, Service), Deployment Type (Cloud, On-premise), Technique (Vibration Monitoring, Electrical Testing, Oil Analysis, Ultrasonic Leak Detectors, Shock Pulse, Infrared, Others), Industry (Manufacturing, Energy & Utilities, Aerospace & Defense, Transportation & Logistics, Others), and Geography,” the market was valued at US$ 3.55billion in 2019 and is projected to reach US$ 10.84billion by 2027; it is expected to grow at a CAGR of 15.1% from 2019 to 2027.
The report highlightskey factors driving the market growth, and prominent players and their developmentsin the market.
Predictive maintenance is a technique that evaluates the condition of an enterprise's machines and equipment to prevent failures during operation. It uses predictive algorithms with sensor data to estimate the possibility of equipment failure. It also identifies the root cause of complex machinery problems and helps determine which part requires repair or replacement. This minimizes the downtime and maximizing the life of the equipment. Predictive maintenance is a process of monitoring equipment through the operation to identify any deterioration, which allows carrying out maintenance by reducing operating costs. It is commonly used in Industry 4.0 framework. The primary goal of predictive maintenance is to deliver the most precise maintenance planning in advance to avoid unforeseen failures.
The adoption of predictive maintenance system can ensure numerous advantages such as potentially extended service life of the equipment or assets, increased plant safety, optimized handling of spare parts, and fewer breakdowns and outages. Predictive maintenance solutions are installed to monitor and detect faults or anomalies in equipment but are only engaged in critical failure possibilities. This helps deploy limited resources, maximize the uptime of the device or equipment, enhance quality and supply chain processes, and improve overall satisfaction for all involved stakeholders. The equipment is monitored using traditional and advanced techniques that allow the machinery to be planned for maintenance before a failure. Both of these techniques are equipped with vibration monitoring, electrical insulation, infrared thermography, temperature monitoring, ultrasonic leak detection, and oil analysis tools.Most countries adopt condition-monitoring predictive maintenance to assess the performance of an asset in real time. Advanced techniques are used significantly in developed economies such as the US, a few Western European countries, and some developed economies in Asia Pacific and the Middle East. The critical element of an advanced process is the Internet of Things (IoT) technology, which enables various assets and systems to connect, work together, share, and analyze the data.
Hitachi, Ltd, Software AG,IBM Corporation, Microsoft Corporation, PTC Inc., Syncron AB, TIBCO Software Inc, Schneider Electric SE, SAS, and General Electric Company are some of the well-established companies present in the global predictive maintenance market.
COVID–19 Impact on Predictive Maintenance Market
The Asia-Pacific region constitutes the world’s two most populated countries as well as manufacturing hubs, which are India and China. China imposed strict lockdown and social isolation which virtually halted the manufacturing as well as production of numerous equipment and machinery for several weeks resulting in shrinking its country economy. Furthermore, the country also isolated its import and export of critical raw materials and industrial equipment for numerous industry vertical impacting the supply chain of various end-use industries. Similarly, India also imposed a nationwide lockdown to mitigate the growing number of COVID-19 cases across the country. As a result, the subsequent lockdown and disruption of numerous industrial equipment and machineries across China and India respectively has negatively impacted the market growth across AsiaPacific region. Additionally, the closure of several retailers, distributors, and sales representatives also has reduced the availability of components and production of predictive maintenance-based software and services from other European and North American based market players.
The Report Segmentsthe Global Predictive MaintenanceMarket as Follows: