Predictive Maintenance Market in North America Types and Applications, Drivers, Ongoing Trends, Future Demand, Challenges, Top Companies & Forecast 2028

The North America predictive maintenance market is expected to grow from US$ 2.077 billion in 2022 to US$ 8.98143 billion by 2028. It is estimated to grow at a CAGR of 27.6% from 2022 to 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. 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.

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Top Key Players Listed in the North America Predictive Maintenance Market 2022 - 2028 Report Are:

General Electric Company; Hitachi, Ltd.; IBM Corporation; Microsoft Corporation; PTC Inc.; SAS Institute, Inc.; Schneider Electric SE; Software AG; Syncron AB; and TOSL Engineering Limited are the leading companies operating in the North America predictive maintenance market.

North America Predictive Maintenance Market Segmentation

The North America predictive maintenance market is segmented based on component, deployment type, technique, industry, and country.

• Based on component, the North America predictive maintenance market is bifurcated into solutions and services. The solutions segment held a larger market share in 2022.
• Based on deployment type, the North America predictive maintenance market is bifurcated into cloud and on-premise. The cloud segment held a larger market share in 2022.
• Based on technique, the North America predictive maintenance market is segmented into vibration monitoring, electrical testing, oil analysis, ultrasonic leak detectors, shock pulse, infrared, and others. The vibration monitoring segment held the largest market share in 2022.
• Based on industry, the North America predictive maintenance market is segmented into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, oil & gas, and others. The manufacturing segment held the largest market share in 2022.
• Based on country, the North America predictive maintenance market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US dominated the market share in 2022.

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.

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On the contrary, high installation cost hurdles the growth of North America predictive maintenance market.

• Based on component, the North America predictive maintenance market is bifurcated into solutions and services. The solutions segment held 60.3% market share in 2022, amassing US$ 1,252.11 million. It is projected to garner US$ 5,477.12 million by 2028 to expand at 27.9% CAGR during 2022-2028.
• Based on deployment type, the North America predictive maintenance market is bifurcated into cloud and on-premise. The cloud segment held 65.9% market share in 2022, amassing US$ 1,369.04 million. It is projected to garner US$ 6,097.07 million by 2028 to expand at 28.3% CAGR during 2022-2028.
• Based on technique, the North America predictive maintenance market is segmented into vibration monitoring, electrical testing, oil analysis, ultrasonic leak detectors, shock pulse, infrared, and others. The vibration monitoring segment held 29.8% market share in 2022, amassing US$ 618.42 million. It is projected to garner US$ 2,775.08 million by 2028 to expand at 28.4% CAGR during 2022-2028.
• Based on industry, the North America predictive maintenance market is segmented into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, oil & gas, and others. The manufacturing segment held 32.8% market share in 2022, amassing US$ 681.92 million. It is projected to garner US$ 3,036.03 million by 2028 to expand at 28.3% CAGR during 2022-2028.
• Based on country, the North America predictive maintenance market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 86.3% market share in 2022. It was assessed at US$ 1,791.76 million in 2022 and is likely to hit US$ 7,785.10 million by 2028, exhibiting a CAGR of 27.7% during the forecast period.
• In 2022, Questar Auto Technologies announced that it had demonstrated its advanced predictive maintenance capabilities in collaboration with Microsoft and DSA at the TMC Annual Meeting in Orlando, Florida. This collaboration will help Microsoft to enhance and advanced predictive maintenance solution capabilities.
• In 2021, Energy technology firms Baker Hughes and Schneider Electric have backed a US$180 million series E funding round for Augury, a developer of machine learning software for predicting and preventing machine breakdowns through predictive maintenance solution.

The North America Predictive Maintenance Market 2022 - 2028 Competitive Viewpoint:

This analysis is a useful resource for investors, shareholders, industry planners, and new and existing businesses trying to broaden their reach within the current Market situation. While focusing on top companies and their corporate strategies, market presence, operative segmentation, aggressive outlook, geographical growth, pricing and price structures, the study painstakingly takes into consideration the market analysis.

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• Understand the Current and future of the North America Predictive Maintenance Market in both Established and rising markets.
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• The latest developments within the North America Predictive Maintenance market and details of the industry leaders alongside their market share and methods.
• It looks into vital developments like extensions, agreements, new product launches, and acquisitions on the horizon.
• Analysis the market's potential, preferred position, opportunity, difficulty, restrictions, and hazards on a world and regional level.

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