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Predictive Maintenance Market Trends Reports, Share Analysis 2024-2033
Predictive Maintenance Market
As per the report, the predictive maintenance market size has grown exponentially in recent years. It will grow from $7.36 billion in 2023 to $9.49 billion in 2024 at a compound annual growth rate (CAGR) of 28.8%. The predictive maintenance market size is expected to see exponential growth in the next few years. It will grow to $25.68 billion in 2028 at a compound annual growth rate (CAGR) of 28.3%.
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Rising Focus On Predictive Maintenance To Minimize Equipment Downtime And Cut Maintenance Costs
The growing demand to reduce maintenance costs, equipment failure and downtime is significantly contributing to the growth of the predictive maintenance market. Equipment downtime refers to the duration in which particular equipment is not in operation due to unplanned equipment failure. Frequent equipment failure and unplanned downtime of large equipment are hampering the business operations due to a temporary halt of production activities, idle staff time, financial penalties, and others. For instance, according to the study published in Senseye Ltd., a UK-based provider of AI-driven predictive maintenance software, in June 2021, each production plant is losing $172 million per annum due to unplanned downtime. Thus, these manufacturing units are investing in advanced technologies to mitigate the probable unprecedented downtime of machinery in the plant. Therefore, growing demand to reduce maintenance costs, equipment failure, and downtime is expected to boost demand for predictive maintenance during the forecast period.
Pioneering The Predictive Maintenance Landscape With Advanced Technologies
The adoption of advanced technology is a key trend gaining popularity in the predictive maintenance market. Major companies operating in the predictive maintenance market are focused on providing technologically advanced predictive maintenance solutions to meet the technical demands of end customers and strengthen their market position. These companies are implementing next-generation technologies into their services such as IoT, AI (artificial intelligence), ML (machine learning), thermography, cloud computing, and others to match the market demand for better maintenance. For instance, in December 2021, Avanseus, a Singapore-based predictive maintenance, and intelligent monitoring solutions company introduced an AI-based predictive maintenance solution across the operations of Bharti Airtel, an Indian premier communications company. The predictive maintenance solution uses machine learning algorithms and artificial intelligence (AI) to support the move towards zero-fault, zero-touch networks by proactively predicting and preventing incidents in the network.
The predictive maintenance market covered in this report is segmented -
1) By Component: Solutions, Service
2) By Deployment Mode: On-premises, Cloud
3) By Stakeholder: MRO, OEM/ODM, Technology Integrators
4) By Application: Heavy Machinery, Small Machinery, Other Applications
5) By End User: Aerospace & Defense, Automotive & Transportation, Energy & Utilities, Healthcare, IT & Telecommunication, Manufacturing, Oil & Gas, Other End Users
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Major companies operating in the predictive maintenance market report are Google LLC, Microsoft Corporation, Hitachi Ltd., Amazon Web Services Inc., Siemens AG, General Electric Company, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Schneider Electric SE, OPEX Group Ltd., SAP SE, Hewlett Packard Enterprise Company, SAS Institute Inc., Splunk Inc., Larsen & Toubro Infotech Limited, PTC Inc., TIBCO Software Inc., Fluke Corporation, Software AG, Banner Engineering Corporation, Altair Engineering Inc., C3.ai Inc., Axiomtek Co Ltd., SparkCognition Inc., Uptake Technologies Inc., RapidMiner Inc., Dingo Inc., Factory Five Racing Inc., Senseye Ltd., Aspen Technology Inc., Dassault Systèmes SE, Rockwell Automation Inc., Honeywell International Inc.
Contents of the report:
1. Executive Summary
2. Predictive Maintenance Market Report Structure
3. Predictive Maintenance Market Trends And Strategies
4. Predictive Maintenance Market - Macro Economic Scenario
5. Predictive Maintenance Market Size And Growth
…..
27. Predictive Maintenance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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