Global Predictive Maintenance Market, By Component (Service, Solution), By Testing Type (Vibration Analysis, Power System Assessment, Infrared Thermal Inspections, Insulating Fluid Analysis, Circuit Monitoring Analysis, Others), By Deployment (On-Premise, Cloud), By Organization Size (SME, Large Enterprise), By End User (Aerospace and Defense, Energy and Infrastructure, Logistics & Transportation, Manufacturing, Oil and Gas, Automotive, Retail and Ecommerce, Others), By Region, Competition Forecast and Opportunities, 2026
The global predictive maintenance market was valued at USD4.270 billion in 2020 and is projected to grow with a CAGR of 31.85% to reach USD22.429 billion by 2026. Growing development in the transportation and logistics industry, implementation of stringent safety norms by leading authorities and growing use of advanced technologies by manufacturing industries to increase quality and reduce downtime are the primary factors driving the growth of the global predictive maintenance market for the forecast period.
Digitalization of the manufacturing industries and the transformation to Industry 4.0 to enhance the volume productivity is supporting the growth of the global predictive maintenance market. Implementation of predictive maintenance in industries to detect the potential issues at early stages to lower the chances of equipment failure makes the manufacturing process smooth. Predictive maintenance helps in planning the repair schedule in manufacturing industries that improves the utilization of resources. Companies are making use of machine learning and artificial intelligence technology to achieve a higher degree of accuracy, precision, and speed over the conventional business tools to analyze the IoT data. Predictive maintenance helps generate real-time data by continuous monitoring by taking the inputs from sensors and actuators, which help the organizations take quick actions. However, higher upfront costs and rising data security and privacy concerns may hinder the growth of the global predictive maintenance market in the forecast period.
Global predictive maintenance market is divided into component, testing type, deployment, organization size, end user, regional distribution, and competitive landscape. Based on the regional analysis, North America is expected to hold the major market share in the forecast period, 2022-2026. Increasing government support for regulatory compliance, growing presence of market players and high-end investments by organizations for the adoption of advanced technologies like the Internet of Things, machine learning and artificial intelligence are supporting the growth of the global predictive maintenance market in the forecast period.
Schneider Electric SE, Hitachi Technologies Co Ltd, IBM Corp., Siemens AG, Bosch Software Innovations GmbH, Microsoft Corporation, TIBCO Software Inc., C3 Inc., SAP SE, Software AG, PTC Inc., General Electric Company, etc. are some of the major players operating in the global predictive maintenance market.
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Objective of the Study:
- To analyze the historical growth in the market size of the global predictive maintenance market from 2016 to 2020.
- To estimate and forecast the market size of global predictive maintenance market from 2021 to 2026 and growth rate until 2026.
- To classify and forecast the global predictive maintenance market based on component, testing type, deployment, organization size, end user, regional distribution, and competitive landscape.
- To identify the dominant region or segment in the global predictive maintenance market.
- To identify drivers and challenges for the global predictive maintenance market.
- To examine competitive developments such as expansions, new services, mergers & acquisitions, etc., in the global predictive maintenance market.
- To identify and analyze the profiles of leading players operating in the global predictive maintenance market.
- To identify key sustainable strategies adopted by market players in the global predictive maintenance market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of service providers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research was able to include the providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the providers, distribution channels and presence of all major players across the globe.
TechSci Research calculated the market size of the global predictive maintenance market using a top-down approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these services for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Predictive maintenance service providers
- Market research and consulting firms
- Government bodies such as regulating authorities and policy makers
- Organizations, forums, and alliances related to predictive maintenance
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers, partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, the Global Predictive Maintenance Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- Predictive Maintenance Market, By Component:
- Predictive Maintenance Market, By Testing Type:
- Vibration Analysis
- Power System Assessment
- Infrared Thermal Inspections
- Insulating Fluid Analysis
- Circuit Monitoring Analysis
- Predictive Maintenance Market, By Deployment:
- Predictive Maintenance Market, By Organization Size:
- Large Enterprise
- Predictive Maintenance Market, By End User:
- Aerospace and Defense
- Energy and Infrastructure
- Logistics & Transportation
- Oil and Gas
- Retail and Ecommerce
- Predictive Maintenance Market, By Region:
- North America
- United States
- United Kingdom
- South Korea
- Middle East & Africa
- Saudi Arabia
- South Africa
- South America
Company Profiles: Detailed analysis of the major companies present in the Global Predictive Maintenance market.
With the given Market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).
1.Schneider Electric SE
2.Hitachi Technologies Co Ltd
5.Bosch Software Innovations GmbH
7.TIBCO Software Inc.
12.General Electric Company
13.Rockwell Automation Inc.
14.Honeywell International Inc.
15.Fujitsu LtdPlease Note:
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