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Predictive Maintenance Market Set for Rapid Growth with IoT Advancements and Expanding Industry Adoption
Predictive Maintenance Market
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IoT-Based Predictive Maintenance Driving Cost Savings
IoT predictive maintenance enables companies to collect and analyze data from machinery and assets, helping identify potential causes of delays and breakdowns. By leveraging this technology, businesses can proactively prevent equipment failure, reducing maintenance costs and improving operational efficiency.
Using data from IoT devices and sensors, predictive maintenance systems provide accurate forecasts on the condition and performance of machinery, allowing organizations to take preventive actions before issues arise. This approach is gaining popularity across various industries as businesses aim to optimize asset management and avoid unexpected downtimes.
Innovative Product Launches Boosting Market Growth
The market is witnessing a wave of new product launches, further fueling its expansion. For example, on May 18, 2022, Sensata Technologies introduced an advanced asset monitoring system for predictive maintenance of rotary equipment. The Sensata IQ platform, featuring the 6VW series IoT sensor, monitors key variables such as vibration, temperature, and humidity, providing plant managers with actionable insights.
Similarly, Nanoprecise Sci Corp launched MachineDoctor™ LUX in September 2023, the world's first light energy-harvesting sensor that operates efficiently both indoors and outdoors. This sensor reduces the need for battery replacements, helping to lower environmental impact while maintaining accurate monitoring.
Rising Demand for Predictive Maintenance in the Maritime Industry
Predictive maintenance is increasingly being adopted in the maritime sector, where the ability to perform corrective maintenance before ships set sail is critical. By equipping marine equipment with sensors, ship operators can monitor parameters like temperature and pressure in real time, helping detect issues early and avoid costly repairs while at sea. Companies like Gelectric have already introduced specialized predictive maintenance solutions for marine electrical systems, offering shipowners valuable data to enhance safety and minimize downtime.
Airlines are also benefiting from predictive maintenance, using the technology to monitor aircraft components and replace or repair them only when necessary, thus extending their lifespan and reducing costs.
Challenges and Market Restraints
While predictive maintenance offers clear benefits, there are some challenges hindering its wider adoption. The high cost of setting up a complete IoT system, including sensors and data transmission, can be prohibitive for smaller businesses. Moreover, misinterpretation of data can lead to unnecessary maintenance, adding to operational costs. For instance, in June 2023, Japan Airlines implemented Collins Aerospace's Ascentia system for its Boeing 787 fleet, which raised concerns over potential misreadings of maintenance data.
Services and Cloud-Based Solutions Lead the Market
The predictive maintenance market is segmented by component into solutions and services. The services segment, which includes maintenance analysis and support, accounted for the largest revenue share in 2022. This growth is driven by the increasing demand for services that help businesses predict and prevent equipment failure, boosting operational efficiency and reducing costs.
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In terms of deployment, cloud-based solutions are expected to witness rapid growth. These systems offer businesses greater accessibility and lower costs, as well as strategic advantages. For example, in September 2022, Bambu launched a cloud-based predictive planning solution for the financial sector, highlighting the broader application of predictive maintenance beyond traditional industries.
Predictive Maintenance Top Companies and Competitive Landscape
The global predictive maintenance market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective predictive maintenance solutions in the market.
Some major players included in the global predictive maintenance market report are:
lBM
General Electric
Siemens
SAP
Microsoft
Schneider Electric
PTC
Honeywell International Inc.
Rockwell Automation
ABB
Bosch Global Software Technologies Private Limited
ai, Inc.
Hitachi, Ltd.
Oracle
Software AG
Uptake Technologies Inc.
Asset Dynamics Group
Dassault Systèmes
SAS Institute Inc.
Infor
Predictive Maintenance Latest Industry Updates
On 16 November 2022, Advantech and Actility announced the launch of a new integrated AI-based solution to assist machine operation teams in realizing machine prognostics and health monitoring. It allows to monitor the state of several machines in one place owing to the real-time and next seven days' machine healthy index, which includes ISO 10816 and deterioration level.
Predictive Maintenance Market Segmentation Analysis
For the purpose of this report, Emergen Research has segmented the global predictive maintenance market on the basis of component, deployment type, technique, organization size, end-use, and region:
Component Outlook (Revenue, USD Billion; 2019-2032)
Solutions
Integrated
Standalone
Services
Managed Services
Professional Services
System Integration
Support and Maintenance
Consulting
Deployment Type Outlook (Revenue, USD Billion; 2019-2032)
Cloud-Based
Public Cloud
Private Cloud
Hybrid Cloud
On-Premises
Technique Outlook (Revenue, USD Billion; 2019-2032)
Vibration Monitoring
Oil Analysis
Infrared Thermography
Ultrasound Testing
Organization Size Outlook (Revenue, USD Billion; 2019-2032)
Large Enterprises
Small and Medium sized Enterprises (SMEs)
End-Use Outlook (Revenue, USD Billion; 2019-2032)
Manufacturing
Energy and Utilities
Transportation
Healthcare
Oil & Gas (O&G)
Others
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Regional Outlook (Revenue, USD Billion; 2019-2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa
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