Predictive Maintenance Market Size & Growth Forecasts to 2028

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Predictive Maintenance Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solutions 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, Oil & Gas, and Others)

Publication Month: Aug 2022 | Report Code: TIPRE00007686 | No. of Pages: 221 | Category: Technology, Media and Telecommunications | Status: Published

The predictive maintenance market is projected to reach US$ 26,588.00 million by 2028 from US$ 5,316.99 million in 2021. it is expected to grow at a CAGR of 27.4% during 2022–2028.

In recent decades, the high demand to reduce increasingly expensive energy costs and shift toward a sustainable future have made energy audits important. As energy expenditure is a major concern for industries, companies are continuously checking the energy consumption and significantly aiming to minimize it. Based on a report by the US Energy Department, energy expenditure accounts for about 20% of the average manufacturer's expenditure. Furthermore, energy and utility companies face significant challenges, including environmental concerns, rising operating costs, increasing consumer expectations, and changing regulatory guidelines. These challenges drive the uptake of different analytical tools due to the growing need for better insight into usage and performance patterns to make better decisions.

Again, power line inspection in the energy sector is complex, primarily due to remote locations, hard-to-reach structures, and high labor costs. In contrast, predictive maintenance through unmanned aerial inspection solves this problem, as these lightweight and inexpensive drones provide high-quality visual and sensory inspection of power transmission and distribution towers, networks, pipelines, and other hard-to-reach locations. Hence, companies continuously adopt predictive maintenance models to operate their assets efficiently. As utility companies are increasingly adopting digital transformation to reduce unplanned production and distribution halts and compete more effectively, there is a growing need for services that support such continuous production capabilities. Such factors collectively are expected to strongly boost the predictive maintenance market size over the next few years.

Strategic Insights

Report Coverage - Predictive Maintenance Market
Report CoverageDetails
Market Size Value inUS$ 5,316.99 Million in 2021
Market Size Value byUS$ 26,588.00 Million by 2028
Growth rateCAGR of 27.4% from 2022 to 2028
Forecast Period2022-2028
Base Year2021
No. of Pages221
No. of Tables116
No. of Charts & Figures96
Historical data availableYes
Segments coveredComponent, Deployment Type, Technique, and Industry
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
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– Predictive Maintenance Market

Impact of COVID-19 Pandemic on Predictive Maintenance Market Growth

During the COVID-19 outbreak, the continuous growth in COVID-19 patient pool size compelled government authorities to impose stringent travel bans across the US and other regions in the first three quarters of 2020, which led to significant disruptions of the normal functioning of various industries. Implementing containment measures such as trade bans, travel restrictions, and workplace workforce limitations impacted various businesses' manufacturing, supply, and sales. Hence, enterprises had to adapt to the changing environment to remain afloat and minimize losses. Oil & gas and power-generating facilities reduced their activity, including shutting down construction, operations, and maintenance projects at several locations, after issuing of multiple "stay at home" orders by state governors across countries. This gave enterprises sufficient time to examine their machinery, increasing the demand for predictive analytics solutions, which boosted predictive maintenance market growth.

Key predictive maintenance market players witnessed a sharp increase in demand post Q4 of 2020 since most industry verticals were increasingly turning to analytics, collaboration applications, security solutions, and AI to outline sustainable ways to continue business operations amid the threat of the pandemic. Predictive maintenance aided industries in continuing round-the-clock operations without any unforeseen equipment breakdown. Hence, the pandemic positively impacted the predictive maintenance market growth.

Lucrative Regions for Predictive Maintenance Market

Lucrative Regions for Predictive Maintenance Market

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Market Insights – Predictive Maintenance Market

In the manufacturing industry, manufacturers had to rely on a reactive maintenance model to repair only after the failure of a particular unit, which caused a high maintenance cost and paralyzed long periods of unscheduled downtime. Hence, these factors inevitably led to a lower quality output produced. With predictive maintenance models integrated into IoT and IIoT, manufacturing industry players can significantly reduce costs by eliminating the need for unnecessarily frequent maintenance. Hence, manufacturing companies are comprehensively integrating predictive maintenance models to identify and predict potential problems given the specific information extracted from each unit, thereby maintaining overall manufacturing health in the process.

As a result, the rising prevalence of industry 4.0 coupled with a surge in manufacturing units worldwide is aiding the growth of the predictive maintenance market. Predictive maintenance is expected to be as important as enterprise resource planning (ERP) to industrial organizations in the future due to the growing equipment performance commensurate with demonstrating best practices, adhering to industry standards, and generating a competitive advantage over the others. Currently, Asia Pacific is leading the race of industrialization. China, India, and other major economies in this region are becoming the next manufacturing hub globally.

Deployment Type-Based Insights

The predictive maintenance market, by deployment type, is segmented into cloud and on-premise. Cloud is expected to remain the largest segment during the forecast period. The cloud segment is growing considerably due to several advantageous characteristics, such as scalability and cost-effectiveness, which are expected to propel the growth of the predictive maintenance market during the forecast period. The growth of this segment can also be attributed to faster data processing and direct IT control, the efficient use of resources, and the cost-effectiveness of cloud models.

The predictive maintenance market is segmented on the basis of component, deployment type, technique, and industry. Based on component, the market is segmented into solutions and services. Based on deployment type, the market is classified into cloud and on-premise. Based on technique, the market is segmented into vibration monitoring, electrical testing, oil analysis, ultrasonic leak detectors, shock pulse, infrared, and others. Based on industry, the market is segmented into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, oil & gas, and others.

Based on geography, the predictive maintenance market is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM). General Electric Co., Hitachi Ltd., IBM Corporation, Microsoft Corporation, PTC, Inc., SAS Institute Inc., Schneider Electric SE, Software AG, Syncron AB, and TOSL Engineering Ltd. are key predictive maintenance market players.

Predictive maintenance market players mainly focus on tailor-made solutions to create customer value.

  • In April, 2022, Wärtsilä Corporation signed an Optimized Maintenance Agreement (OMA) covering two LNG carrier vessels technically managed and operated by the Japanese shipping group MMS Co., Ltd. The agreement is expected to deliver maximized engine uptime and long-term cost predictability while optimizing maintenance for the highest efficiency and lowest carbon footprint. Wärtsilä’s predictive maintenance solution, Expert Insight, is also included in the agreement.
  • In July, 2021, Schneider Electric implemented predictive maintenance for Nestlé’s Dubai South factory. This solution is expected to aid Nestlé’s operations team monitor power management, electrical loads, and temperature settings from all of the factory’s connected assets, so they can address issues proactively, avoid unplanned downtime and mitigate safety risks.

Frequently Asked Questions

The global predictive maintenance market was estimated to be USD 5,316.99 Mn million in 2021 and is expected to grow at a CAGR of 27.4 %, during the forecast period 2022 - 2028.
The increasing need to boost asset uptime and minimize maintenance costs coupled with rise in investments in predictive maintenance owing to IoT adoption are the major factors that propel the predictive maintenance market growth.
The proliferation of IoT and AI technologies is anticipated to play a significant role in conducting predictive maintenance in the coming years. AI can make specific recommendations on what action needs to be taken to maintain the health of the company assets.
The key players, holding majority shares, in predictive maintenance market includes IBM Corporation, General Electric Co., Schneider Electric SE, Microsoft Corporation and Hitachi Ltd.
APAC is anticipated to grow with the highest CAGR over the forecast period.
The country anticipated to grow with the highest CAGR are Canada, Germany and China.
The US held the largest market share in 2021, followed by China.
The cloud segment led the predictive maintenance market with a significant share in 2021 and it is also expected to grow with the highest CAGR.
The predictive maintenance market is expected to reach US$ 26,588.00 Mn by 2028.
The incremental growth, expected to be recorded for the predictive maintenance market during the forecast period, is US$ 20,375.64 million.

The List of Companies - Predictive Maintenance Market

  1. General Electric Company
  2. Hitachi, Ltd.
  3. IBM Corporation
  4. Microsoft Corporation
  5. PTC Inc.
  6. SAS Institute, Inc.
  7. Schneider Electric SE
  8. Software AG
  9. Syncron AB
  10. TOSL Engineering Limited
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