USD 5.77 billion
Predictive Maintenance Market Size, Share, Growth Analysis, By Component(Hardware, Solutions (Integrated, Standalone), Solution by Deployment Mode (Cloud [Public), By Technology(Analytics & Data Management, Artificial Intelligence, IoT Platform, Sensors & Other Devices), By Technique(Vibration Analysis (Test Component Alignment, Detect Imbalances, Resonance Identification, Gear Failure Detection), By Organisation Size(Large Enterprises, Small and Medium-Sized Enterprises), By Vertical(Energy & Utilities, Manufacturing, Automotive & Transportation, Aerospace & Defense), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2137 |
Region:
Global |
Published Date: August, 2024
Pages:
197
|Tables:
59
|Figures:
77
Predictive Maintenance Market Insights
Global Predictive Maintenance Market size was valued at USD 5.77 Billion in 2022 and is poised to grow from USD 7.57 Billion in 2023 to USD 66.46 Billion by 2031, at a CAGR of 31.2% over the forecast period (2024–2031).
The Predictive Maintenance market has progressed remarkably over the past years supported by the rise of biosimilars and biologics and innovations like smart packaging. Biosimilars and biologics mostly need specialized packaging to maintain efficiency and stability, thereby propelling the Predictive Maintenance market. Furthermore, the emergence of smart packaging with features like sensors and RFID tags improves the monitoring, tracking, and management of pharmaceutical products, impacting market growth. Nonetheless, strict regulatory compliances that increase cost and complexity of packaging solutions are hampering the market growth. Moreover, high priced advanced packaging solutions is another restraining factor for the market growth. Yet, growth in the developing markets and progress of smart packaging solutions are favorable to the market growth.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
Solutions
Fastest Growth
Solution
Growth Rate
31.2% CAGR
Global Predictive Maintenance Market ($ Bn)
Country Share for North America Region (%)
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Predictive Maintenance Market Segmental Analysis
Global Predictive Maintenance Market is segmented by Component, Technology, Technique, Organisation Size, and Vertical, and Region. Based on Component, the market is segmented into Hardware, Solutions (Integrated, Standalone), Solution by Deployment Mode (Cloud [Public, Private, Hybrid], On-Premises), Services (Professional Services [System Integration, Support & Maintenance, Consulting], Managed Services). Based on Technology, the market is segmented into Analytics & Data Management, Artificial Intelligence, IoT Platform, Sensors & Other Devices. Based on Technique, the market is segmented into Vibration Analysis (Test Component Alignment, Detect Imbalances, Resonance Identification, Gear Failure Detection, Others), Infrared Thermography (Monitoring, Pipeline Monitoring, Condenser Evaluation, Vacuum System Monitoring, Fan Health Assessment, Air Compressor Monitoring, Others), Oil Analysis (Turbine maintenance, Hydraulic system maintenance, Engine evaluation, Transmission assessment, Gear lubricant level monitoring, Others), Motor Circuit Analysis (Assess engine degradation, Shaft and rotor alignment, Insulation evaluation, Gear assessment, Scan for short circuits, Others), and Other Techniques. Based on Organisation Size, the market is segmented into Large Enterprises, Small and Medium-Sized Enterprises. Based on Vertical, the market is segmented into Energy & Utilities, Manufacturing, Automotive & Transportation, Aerospace & Defense, Construction & Mining, Healthcare, Telecommunications, and Other Verticals. By Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Component
Based on component, the Predictive Maintenance market is categorized into Hardware, Solutions, and Services. The solution segment is projected to lead the market owing to better technology integration and improved operational efficiency. Predictive maintenance usually comprises modernized technologies like data analytics platforms, IoT sensors, AI-enabled tools, and machine learning algorithms. They offer exhaustive capabilities for analyzing, monitoring, and predicting failures and make them useful for businesses. The segment growth is also impacted by better operational efficiency offered by solution providers that allow monitoring, predictive analytics, and diagnostics in real-time.
On the other hand, the services segment is expected to grow considerably in the coming years due to the expertise and customization offered. Services offer specialized proficiency for integration, deployment, and customization of predictive maintenance services, resolving certain needs and difficulties of diverse industries. Moreover, services comprise support and maintenance for predictive maintenance systems to ensure that they are updated, impacting the segment growth.
Analysis by Technique
Based on technique, the infrared thermography segment is expected to register major market share due to the benefits offered like early detection of problems and wide applicability. Infrared thermography enables early identification of temperature irregularities in the system, which may signal possible problems like electrical faults, overheating, or mechanical failures, and more before they are intensified. Moreover, versatility of infrared thermography that expands its applicability in different industries is impacting the growth of the segment.
On the other hand, the vibration analysis segment is expected to progress steadily owing to exhaustive diagnostics and well-established technology. The said technique offers comprehensive insights on the status of rotating and reciprocating the equipment. It can efficiently diagnose different issues by studying the vibration patterns and offers an overall understanding of the health of the machine. Vibration analysis is a widely adopted tool in predictive maintenance and is a trustworthy technique for monitoring condition, thus driving its growth.
Global Predivtive Maintenance Market Size By Component
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Predictive Maintenance Market Regional Insights
Geographically, North America is expected to lead over the forecast period owing to speedy adoption of advanced technology and strong industrial base. Well-developed nations like Canada and the United States are the leading adopters of the latest technologies including machine learning, AI and more, which are important for efficient predictive maintenance. Moreover, North America holds strong base for industrial infrastructure comprising energy, manufacturing, and transport sectors, which are key users of the said solutions to decrease downtime and enhance their operations. These factors are helping the market growth in the region. The leading companies operating in the region include GE Company, IBM, Microsoft, Siemens, Schneider Electric, and more.
Europe is expected to be the fastest growing region due to several factors like strong research and development network, industrial modernization and expertise, high-tech production base, and more. Europe is base for several advanced producing and industrial enterprises that adopt predictive maintenance technologies at a speedy pace, supported by the need for reliability and efficiency. The region is also a leading investor in R&D, aiding modernization in predictive maintenance practices and technologies. These factors along with numerous government initiatives for digital transformation are fueling the market in the region.
Global Predictive Maintenance Market Size By Geography
- Largest
- Fastest
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Predictive Maintenance Market Dynamics
Drivers
Improvements in IoT and Sensor Technology
- Increased proliferation of sensors and IoT devices allow monitoring in real-time and collection of data from the system, which is important for predictive maintenance, thus driving the market. Moreover, machine learning algorithms and enhanced data analytics aid in predicting machine failures by studying huge data volumes, resulting in better actionable insights and higher accuracy, impacting the growth of the market.
Cost Savings and Regulatory Compliance
- With predictive maintenance, businesses can lower maintenance costs, extend their assets’ life, and prevent unplanned downtime, fueling the adoption in diverse industries, impacting the market growth. The market is also impacted by standards and strict regulations in industries like energy and manufacturing that force the implementation of reliable maintenance approaches, driving the need for predictive maintenance.
Restraints
Significant Initial Costs and Lack of Skilled Labor
- The cost of implementing predictive maintenance solutions is significantly high comprising high upfront funding in sensors, technology, and software, posing barrier for the medium and small enterprises. Also, lack of skilled experts for proper management and study of predictive maintenance systems may hamper market growth.
Issues with Data Security and Data Quality and Management
- Since predictive maintenance is highly dependent on data gathering and sampling, the concerns for data security and cybersecurity rises with businesses handling confidential and sensitive data. In addition, accuracy is dependent on data collection quality. Insufficient or poor data management methods might adversely impact prediction reliability.
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Predictive Maintenance Market Competitive Landscape
Predictive maintenance market providers need to focus on maximizing their business scope by reaching into new markets and developing predictive maintenance for different industrial and personal uses. Raising new capital to fund their R&D and business expansion efforts will be essential for new predictive maintenance companies going forward. The development of custom robots for specific applications across different industry verticals will also help companies expand their sales potential in the future.
Top Player’s Company Profiles
- IBM Corporation (USA)
- SAP SE (Germany)
- General Electric (USA)
- Schneider Electric (France)
- Hitachi, Ltd. (Japan)
- PTC, Inc. (USA)
- Software AG (Germany)
- SAS Institute, Inc. (USA)
- C3.ai, Inc. (USA)
- Uptake Technologies Inc. (USA)
- Microsoft Corporation (USA)
- ABB Ltd. (Switzerland)
- Rockwell Automation, Inc. (USA)
- Siemens AG (Germany)
- Emerson Electric Co. (USA)
- Oracle Corporation (USA)
- Bosch Software Innovations GmbH (Germany)
- Fluke Corporation (USA)
- SKF AB (Sweden)
- Honeywell International Inc. (USA)
Recent Developments
- In February 2024, Siemens launches generative AI into predictive maintenance to offer tangible advantages for producers. It promotes sustainability, increases productivity, and fast-tracks digital transformation by allowing easier and faster maintenance plans. This approach also resolves issues like lack of skilled labor by resurfacing skilled knowledge from the senior workforce, authorizing the new or less-experienced employees.
- In July 2024, GE Aerospace increases the scope of AI support. The company is focusing on the use of generative AI for highly programmatic short-term services, such as assisting software developers to generate codes. These solutions have shown great results with increasing personal productivity and accelerating software development lifecycle.
- In April 2023, Microsoft and Siemens are joining the collaborative strengths of generative AI to assist industrial businesses power efficiency and innovation in engineering, design, production, and operational lifecycle of goods.
Predictive Maintenance Key Market Trends
-
Launch of Predictive Maintenance-as-a-Service: Currently, the introduction of (PdMaaS) Predictive Maintenance as a Service is transforming maintenance practices. The cloud-enabled services democratize access to technologies and expertise of predictive maintenance, enabling businesses to join the advantages of predictive algorithms and advanced analytics. Organizations of all sizes can simplify operations, concentrate on core competencies, and reduce costs by outsourcing funcitons of predictive maintenance to expert service providers.
Predictive Maintenance Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the predictive maintenance market is driven by major improvements in sensor technology and IoT and increasing adoption of industry 4.0. Nonetheless, complexity of integration with the present infrastructure and concerns with data security are hindering the growth of the market. North America is expected to register major market share owing to strong industrial base, skilled workforce, and higher emphasis on digital transformation. Moreover, growth of cloud-based solutions and increasing number of partnerships and alliance are among the many opportunities seen in the market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 5.77 Billion |
| Market size value in 2031 | USD 66.46 Billion |
| Growth Rate | 31.2% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Predictive Maintenance Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Predictive Maintenance Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Predictive Maintenance Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Predictive Maintenance Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Predictive Maintenance Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Predictive Maintenance Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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