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Operational Predictive Maintenance Market to Rear Excessive Growth During 2016 – 2024
Apropos the report, the demand for operational predictive maintenance in North America will remain the highest, compared to other regions. Companies in the US and Canada will account for sales of operational predictive maintenance systems worth over US$ 1,200 million by the end of 2024. However, Asia-Pacific’s operational predictive maintenance market will be rising at an exponential CAGR of 27.3%. The demand for such maintenance systems will also be high in Latin America, while Europe and the Middle East & Africa will show moderate growth in terms of revenues.
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Germany-based Robert Bosch GmbH and Software AG are known for providing advanced operational predictive maintenance systems and services across the globe. The global market for operational predictive maintenance is also witnessing participation for US tech companies such as SAS Institute Inc., PTC Inc., General Electric Company, IBM Corporation, eMaint Enterprises LLC and Rockwell Automation, Inc. Based in France, Schneider Electric SE is also a prominent provider for predictive asset analytics systems in the world.
The report further estimates that global demand for operational predictive maintenance software will remain higher in comparison with services. By the end of 2024, nearly three-fourth of global operational predictive maintenance revenues will accounted by software sales. When it comes to deployment of operational predictive maintenance systems, cloud-based deployment is projected to gain traction by nearly doubling its global revenue share through 2024. On-premise deployment will lose out to cloud-based deployment, but, will continue to be the dominant mode of deploying operational predictive maintenance.
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Rising awareness of maintenance operations and the need to minimize asset downtime are the prime factors driving the growth of the manufacturing segment
Industrial facility managers are continuously working towards improving maintenance processes at manufacturing plants and other operating environments. It is crucial to derive insights to yield maximum benefits from data enabled predictive maintenance solutions. With predictive maintenance, facility managers can avoid ‘virtual downtime’ when an equipment is not operating to its maximum potential. Predictive maintenance systems scan leverage range of data including equipment runtime, energy use, temperature, output, and others to improve decision making and operations at manufacturing plants. This leads to the adoption of operational predictive maintenance solutions at manufacturing facilities, thus driving the growth of the manufacturing end user segment in the global operational predictive maintenance market.
Technology based ERP software solutions are developed by organizations for predictive maintenance and to enhance their efficiency. A number of renewable energy based manufacturing plants have already started deploying operational predictive maintenance solutions and many public sector and manufacturing organizations are increasingly adopting new technologies to predict faults in equipment and minimize losses related to equipment failure. These factors are expected to drive the growth of the manufacturing end user segment of the global operational predictive maintenance market over the forecast period.
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