Insights on the Predictive Maintenance Global Market to 2027 – Increasing Demand to Decrease Operation and Maintenance Costs are Driving Growth – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Predictive Maintenance Market, By Component, By Deployment Mode, By Technology, By Organization Size, By Industry, Estimation & Forecast, 2017 – 2027” report has been added to ResearchAndMarkets.com’s offering.
The global predictive maintenance market held a market value of USD 4,029.4 Million in 2020 and is projected to reach USD 18,653.2 Million by the year 2027. The market is anticipated to grow at a CAGR of 26.5% from 2021 to 2027.
Predictive maintenances uses the data driven, proactive maintenance methods which are designed for analysing the condition of an equipment and helps to predict when maintenance should be performed. The market is expected to be driven by the rising urbanization coupled with rampant digitalization. Furthermore, growing demand to decrease operation and maintenance cost are also estimated to fuel the market growth.
Despite the driving factors, lack of skilled workforce are anticipated to hinder the market growth. During the COVID-19 pandemic, the supply of hardware slowed down and manufacturing capacity also reduced. Furthermore, the growth of IT infrastructure also slowed down. Therefore, the COVID-19 pandemic negatively impacted the market growth.
Increasing demand to decrease operation and maintenance cost
Various companies are making use of machine learning as well as artificial intelligence technologies for achieving utmost accuracy, speed, and precision for analysing internet of things data. They are choosing these over conventional business intelligence tools. By using predictive maintenance tools, companies can speed up the operations by 20 times and with higher accuracy.
Furthermore, in various industries such as offshore oil & gas and industrial manufacturing, unplanned downtime due to breakdown of equipment can increase the operation as well as maintenance cost. Therefore, use of predictive maintenance can increase the demand to decrease operation and maintenance cost, hence boosting the market growth.
The global predictive maintenance market is segmented into component, deployment mode, technology, organization size, and industry.
- Managed Services
- Professional Services
The solutions segment is expected to hold the largest market share of around 70% owing to wide spectrum of solutions offered to various industries, such as healthcare and government sectors. Within this segment, the standalone sub segment is estimated to surpass a market size of USD 2,200 million by 2024. The services segment is anticipated to witness the fastest growth rate of 29.3%.
By Deployment Mode
- Public Cloud
- Private Cloud
- Hybrid Cloud
The on-premises segment is expected to hold the largest market share owing to its high adoption globally. Within the cloud segment, the private cloud segment is expected to witness a growth rate of 32.4%.
- Vibration Monitoring
- Electrical Testing
- Oil Analysis
- Ultrasonic Detectors
- Shock Pulse
- Thermal/Infrared Monitoring
- Optical (Cameras) Monitoring
- ML Database
The vibration monitoring segment is estimated to hold the largest market share owing to growing demand for this technology in the predictive maintenance field. The shock pulse segment is expected to witness the fastest growth rate of 28.9% owing to various advancements in this segment. The ML database segment is anticipated to cross a market size of USD 350 million by 2024.
By Organization Size
- Large Enterprises
- Small and Medium-Sized Enterprises
The large enterprises segment is anticipated to hold the largest market share owing to increasing adoption of predictive maintenance in these enterprises as they have high operational load and they mostly have large amounts of fund for installing such technologically advanced tools.
- Aerospace and Defence
- Energy and Utilities
- Oil and Gas
- Warehouse and Logistics
- Healthcare and Lifesciences
The energy and utilities segment is anticipated to witness the fastest growth rate owing to growing investments by government to upgrade and expand the production and distribution networks energy resources, such as electricity and gas & oil. The transportation segment is estimated to surpass a market size of around USD 800 million by 2026.
By region, the global predictive maintenance market is divided into Asia Pacific, Europe, North America, Middle East & Africa, and South America.
The North America region accounted for the largest market share of more than 40% owing to the presence of major players in the region and increasing prevalence of skin cancer in the region.
The Asia Pacific region is expected to witness the fastest growth rate of about 30% owing to growing adoption of technologically advanced products in the region. Europe and South America regions are also anticipated to witness significant growth rated during the projected period.
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Laura Wood, Senior Press Manager
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