Predictive Maintenance Solution Market

Predictive maintenance is the process of directly monitoring the condition and performance of equipment during regular operation to decrease the chance of failure. It tries to save money by minimizing the frequency of maintenance chores, avoiding unforeseen failures, and removing superfluous preventative maintenance.

The global Predictive Maintenance Solution market is anticipated to increase at a 27.4% CAGR to reach value USD 64.25 billion in 2030

Covid-19 Impact on the global predictive maintenance solution market

During the COVID-19 pandemic, the manufacturing and industrial sectors were severely impacted, and I.T. spending was reduced by 3 to 4%. As a result, the predictive maintenance industry has suffered. However, demand for predictive maintenance market solutions from the healthcare, energy cloud , and utility sectors is likely to rise throughout the projection period.

The corporations were advised to take special care of their production equipment and machinery to enhance output because of a lack of staff and people, worldwide supply chain disruption, and increased demand for various items. As a result, there has been a boom in demand for predictive maintenance solutions worldwide.

Many companies have begun to install advanced artificial intelligence systems,  sophisticated sensors, and other Industry Internet of Things (IIoT) solutions to track the health and performance of critical equipment utilised in their manufacturing process in order to reduce costly production downtimes.

Because predictive maintenance systems can perform periodic monitoring, minor machinery troubleshooting, and other activities, they have helped businesses compensate for staff's decreased availability during the COVID-19 epidemic.

The solution segment is accounted for highest segment in 2020

The predictive maintenance market is divided into two components: solution and service. Professional service and managed service are sub-segments of the service segment. In 2020, the solution segment accounted for 71.35 percent of the worldwide predictive maintenance market and increased at a 27.6 percent CAGR. Sensor networks, gateway hardware and software, data processing algorithms, and online or mobile interfaces are standard components of predictive maintenance solutions. Companies want an all-in-one development solution that incorporates hardware sensor boards and software environments explicitly designed for predictive maintenance needs. Using such integrated solutions, developers may quickly analyze predictive maintenance, improve their apps, and produce more advanced predictive maintenance capabilities using cloud-based machine learning resources resulting in high demand of predictive maintenance solutions. Furthermore, the market for standalone predictive maintenance solutions is expected to grow due to increased demand for sophisticated and industry vertical specific predictive maintenance capabilities.

The manufacturing industry segment is accounted for highest segment

In 2019, the manufacturing industry segment led the worldwide predictive maintenance market share. Manufacturing equipment maintenance such as machines, cloud robotics machiner face several issues that have incraesded the need for adopting predictive maintenance solution driving the predictive maintenance solution market. Also, healthcare equipment like X-Ray machines, MRI machines, etc face several issues aloowing healthcare firms to adopt predictive maintenance of healthcare equipment for improving decision-making capabilities and increasing operational efficiencies which is also boosting the healthcare industry’s market share in global predictive maintenance solution market.

The Asia Pacific region holds highest market share

The global predictive maintenance market has been divided into five regions: North America, Asia-Pacific, Europe, South America, and the Middle East and Africa. Asia Pacific is the fastest-growing region, with a market revenue share of 26.27 percent in 2020 and a CAGR of 30.3 over the projected period 2021-2027. The APAC countries such as China and Japan held a sizable share of this market in 2020, but India and South Korea are predicted to develop rapidly over the forecast period.

Manufacturers can carefully monitor machinery using predictive maintenance solutions that include sensors and actuators built in the equipment.

This predictive maintenance solution may more correctly forecast equipment breakdowns and dispatch maintenance services only when required by using streaming analytics to continuously analyze sensor data and combine it with previous information.

The global predictive maintenance market was worth $4.45 billion in 2018 and is expected to increase at a CAGR of 31.0 percent from 2018 to 2028, reaching $64.25 billion by 2028. Predictive maintenance software is used for monitoring the performance and condition of any machine or equipment while it is in operation. The program watches the equipment using innovative methodologies, allowing the machinery's maintenance to be arranged before any problem occurs. Predictive maintenance software is used to detect three-phase power imbalances caused by harmonic distortion, identify motor amperage spikes, overheating caused by faulty bearings, insulation failures, and locate possible overloads or deterioration in electrical panels.

Recent Developments

• Uptake Technologies teamed with Wipro Technologies in February 2021 to deliver sophisticated analytics for the heavy processing and energy industries. These two organizations assure customer data integrity, allowing maintenance and dependability to benefit from Industrial A.I.
• In February 2021, OPEX Group joined forces with Dana Petroleum to combine their experience in software development, data science, and oil and gas with the X-PASTM platform to help clients make better use of their data and achieve cleaner, more efficient, and lower-cost operations.
• In December 2020, Software AG and Re'flekt announced a collaboration to merge RE'FLEKT's interactive A.R. visualizations with Cumulocity IoT platform's real-time machine data. Companies will benefit from dramatically better first-time repair rates and significantly prolonged maintenance cycles due to the collaboration.
• In November 2020, Fiix Inc. and Optimum Fleet Health announced a collaboration to assist firms track the performance and health of fleet vehicles in real time, establish a predictive maintenance programme that can recognise and avoid failure before it happens, and optimise resources across operations and maintenance teams.

Predictive Maintenance Solution Market Scope

Key Segments

Component Overview, (USD Billion)

• Solution
• Service

Deployment Outlook Overview, (USD Billion)

• Cloud-based
• On-Premises

Industry Outlook Overview, (USD Billion)

• Manufacturing
• Healthcare
• Transportation
• Government
• Others

Regional Overview, (USD Billion)

North America

• U.S
• Canada

Europe

• Germany
• France
• UK
• Rest of Europe

Asia Pacific

• China
• India
• Japan
• Rest of Asia Pacific

South America

• Mexico
• Brazil
• Rest of South America

Middle East and South Africa