Press release
Predictive Maintenance Market Poised for 29.5 % Growth, Set to Hit $187.04 Billion by 2029
Predictive Maintenance
The expanding necessity to decrease maintenance expenses, equipment malfunction, and downtime is noticeably enhancing the acceleration of the predictive maintenance market. The term equipment downtime refers to the period for which a specific equipment is unable to function due to unforeseen equipment breakdown. Recurrent equipment malfunctions and unexpected large equipment downtime are disrupting business operations due to temporary cessation of production tasks, idle worker hours, financial fines, among others. For example, the National Center for Biotechnology Information claimed in February 2023 that maintenance expenditures for manufacturing machinery in the US are calculated to fluctuate from 15% to 70% of the total production costs. Thereby, the escalating necessity to cut down maintenance expenses, equipment malfunction, and downtime is presumed to propel the demand for predictive maintenance in the forthcoming period.
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What Is the projected market size and growth rate for the predictive maintenance market?
The market size of predictive maintenance has seen a substantial increase over the recent years. The market will expand from $9.3 billion in 2024 to $11.88 billion in 2025, witnessing a compound annual growth rate (CAGR) of 27.6%. The remarkable expansion during the historic period can be attributed to reduced equipment downtime, cost efficiency, adherence to regulations, and maintenance of safety standards.
It's anticipated that the predictive maintenance market will experience an outstanding surge in size in the upcoming years, escalating to $33.36 billion by 2029 with a compound annual growth rate (CAGR) of 29.5%. This anticipated growth during the forecast period can be ascribed to several factors such as enterprise system integration, utilization of predictive analytics for intricate systems, and emphasis on proactive maintenance strategies. The forecast period is expected to spotlight trends such as digital twin technology, collaboration across diverse industries, the evolution of sensor technologies, advanced analytics, machine learning, and the widespread adoption of cloud-based solutions.
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What new trends are reshaping the predictive maintenance market and its opportunities?
Leading organizations in the predictive maintenance market are focusing on forming strategic alliances to augment their services, take advantage of synergistic technologies, and improve customer results. These strategic partnerships in the predictive maintenance sector streamline the incorporation of cutting-edge technology and specialization, allowing companies to boost their solutions, improve equipment performance, and minimize downtime through advanced data analysis and novel techniques. For instance, in July 2023, NTPC, a power generation company from India, collaborated with the International Institute of Information Technology-Naya Raipur, a state-funded institute in India, to create the IIITNR-COE on Predictive Maintenance. This center of excellence is dedicated to researching and developing predictive maintenance equipment and systems, utilising field data provided by NTPC and providing scientific insights into up-to-date technologies.
What major market segments define the scope and growth of the predictive maintenance market?
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
Subsegments:
1) By Solutions: Software Platforms, Predictive Analytics Tools, Machine Learning Models, IoT Sensors And Devices
2) By Service: Consulting Services, Integration And Implementation, Support And Maintenance, Training And Education
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Which region dominates the predictive maintenance market?
North America was the largest region in the predictive maintenance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the predictive maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the predictive maintenance industry growth?
Major companies operating in the predictive maintenance market include 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., Senseye Ltd., Aspen Technology Inc., Dassault Systèmes SE, Rockwell Automation Inc., Honeywell International Inc.
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What Is Covered In The Predictive Maintenance Global Market Report?
•Market Size Forecast: Examine the predictive maintenance market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the predictive maintenance market for a structured understanding.
•Key Players Overview: Analyze major players in the predictive maintenance market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the predictive maintenance market.
•Segment Contributions: Evaluate how different segments drive overall growth in the predictive maintenance market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the predictive maintenance market.
•Industry Challenges: Identify potential risks and obstacles affecting the predictive maintenance market.
•Competitive Landscape: Review strategic developments in the predictive maintenance market, including expansions, agreements, and new product launches.
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