North America Predictive Maintenance Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component (Solutions and Services), Deployment Type (Cloud and On-Premise), Technique (Vibration Monitoring, Electrical Testing, Oil Analysis, Ultrasonic Leak Detectors, Shock Pulse, Infrared, and Others), and Industry (Manufacturing, Energy & Utilities, Aerospace & Defense, Transportation & Logistics, Oil & Gas, and Others)
The North America predictive maintenance market is expected to grow from US$ 2,077.00 million in 2022 to US$ 8,981.43 million by 2028. It is estimated to grow at a CAGR of 27.6% from 2022 to 2028.
Increasing Focus on Energy Inspections across Industries
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. 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.
North America predictive maintenance market is segmented into major economies such as the US, Canada, and Mexico. The growing adoption of advanced technology such as machine learning, Internet of Things (IoT), acoustic monitoring, temperature technology, vibration analysis, motor circuit analysis, and other technologies is accelerating the growth of the predictive maintenance market. In addition, many players providing predictive maintenance solutions are strongly competing in pricing and offerings, which is anticipated to drive the market growth over the forecast period. It includes General Electric, Microsoft Corporation, IBM, Intel Corporation, Cisco, Honeywell, Dell Technologies Inc., Rockwell Automation Inc., C3.ai, Inc., Magneto Electric, Artesis, Embitel, Advanced Technology Services, Inc., TEKSUN INC., and Aspen Technology Inc. The growing initiatives for integrating artificial intelligence for predictive maintenance of critical assets into oil & gas applications are expected to drive market growth. The leading oil & gas companies such as ALGO8, Inc., Shell, ExxonMobil, and BP are approaching to have predictive maintenance for refineries, especially for the critical equipment, which would help in deciding using a system of processing and analyzing data for equipment health, operational data, process data and maintenance data. For instance, in May 2021, XTO Energy, a subsidiary of ExxonMobil, digitalized its Permian operations by using Microsoft Azure IoT technologies to collect data electronically and then using Azure solutions and Microsoft Dynamics 365 to analyze the data as a predictive maintenance strategy. Also, in March 2022, Software company C3 AI announced that Shell had scaled its predictive-maintenance program to monitor and maintain more than 10,000 pieces of equipment. As per the contract between the two companies, Artificial-intelligence (AI) predictive maintenance will be utilized to identify equipment degradation and failures.
North America Predictive Maintenance Market Revenue and Forecast to 2028 (US$ Million)
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. 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.
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