North America Predictive Maintenance Market Report 2022: An $8.9 Billion Market by 2028 – Automation through Incorporation of AI and ML and Growing Industrialization – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “North America Predictive Maintenance Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component, Deployment Type, Technique, and Industry” report has been added to ResearchAndMarkets.com’s offering.
The North America predictive maintenance market is expected to grow from US$ 2,077.00 million in 2022 to US$ 8,981.43 million by 2028. It is estimated to grow at a CAGR of 27.6% from 2022 to 2028.
Increasing Focus on Energy Inspections across Industries
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.
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 adoption of different analytical tools. This is due to the growing need for better insight into usage and performance patterns to make better decisions. 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.
Several companies are continuously adopting predictive maintenance models to operate their assets efficiently. Hence, the rising awareness regarding the benefits associated with the energy auditing coupled with the growing renewable energy projects boost the demand for predictive maintenance across the region.
Market Overview
North America predictive maintenance market is segmented into major economies such as the US, Canada, and Mexico. The growing adoption of advanced technology such as machine learning, Internet of Things (IoT), acoustic monitoring, temperature technology, vibration analysis, motor circuit analysis, and other technologies is accelerating the growth of the predictive maintenance market.
In addition, many players providing predictive maintenance solutions are strongly competing in pricing and offerings, which is anticipated to drive the market growth over the forecast period.
It includes General Electric, Microsoft Corporation, IBM, Intel Corporation, Cisco, Honeywell, Dell Technologies Inc., Rockwell Automation Inc., C3.ai, Inc., Magneto Electric, Artesis, Embitel, Advanced Technology Services, Inc., TEKSUN INC., and Aspen Technology Inc.
The growing initiatives for integrating artificial intelligence for predictive maintenance of critical assets into oil & gas applications are expected to drive market growth.
The leading oil & gas companies such as ALGO8, Inc., Shell, ExxonMobil, and BP are approaching to have predictive maintenance for refineries, especially for the critical equipment, which would help in deciding using a system of processing and analyzing data for equipment health, operational data, process data and maintenance data.
Key Market Dynamics
Market Drivers
Rising Prevalence of Industry 4.0
- Increasing Focus on Energy Inspections across Industries
Market Restraints
- High Installation Cost
Market Opportunities
- Growing Industrialization Across the Region
Future Trends
- Automation through Incorporation of AI and ML
Leading companies operating in the North America predictive maintenance market.
- General Electric Company
- Hitachi, Ltd.
- IBM Corporation
- Microsoft Corporation
- PTC Inc.
- SAS Institute, Inc.
- Schneider Electric SE
- Software AG
- Syncron AB
- TOSL Engineering Limited
For more information about this report visit https://www.researchandmarkets.com/r/8buosx-america?w=4
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