August 31, 2022 14:59 ET | Source: STRATEGIC MARKET RESEARCH LLP STRATEGIC MARKET RESEARCH LLP
Sambalpur, INDIA
New York, USA, Aug. 31, 2022 (GLOBE NEWSWIRE) — The Global Predictive Maintenance Market value was USD 4.33 Billion in 2021 and will reach USD 45.78 Billion in 2030 with a 29.94% CAGR. Predictive Maintenance is regarded as a technique used to monitor the performance efficacy of a particular equipment or structure through various condition monitoring tools like Vibration Analysis, Infrared Analysis, etc. This maintenance approach is much more cost-effective as compared to preventive maintenance. Some notable factors stimulating the market growth are the rise in usage of analytical techniques, an increase in the need for reduction in maintenance costs of various structures/equipments, etc.
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Predictive Maintenance Market Insights:
Factors driving the Predictive Maintenance Market growth:
(Rise in the usage of analytical techniques, an increase in need for reduction in maintenance costs of various structures/equipments, etc. are propelling the market growth worldwide)
Predictive Maintenance Market: A thorough Segmentation Analysis
The worldwide Predictive Maintenance Market segmentation has been performed based on Deployment Mode, Component, Service, End-User & Geography.
For Deployment Mode:
For Component
For Service
For End-User
For Geography
North America
· United States
· Canada
· Mexico
· Rest part of North-America
Asia Pacific
· Japan
· Australia
· Vietnam
· China
· Singapore
· South Korea
· India
· Rest of Asia-Pacific
Europe Continent
· Poland
· Greece
· UK
· Italy
· Portugal
· Finland
· Germany
· Netherlands
· France
· Russia
· Rest of the Europe
Rest of the World
· Kuwait
· Saudi Arab
· South Africa
· Brazil
· South Africa
· Algeria
· Qatar
· Argentina
· UAE
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The On-premises segment significantly held the maximum market share of 75.12% for the Deployment Mode sector. SMR’s research reported that predictive maintenance solutions over on-premise platforms had been preferred by almost 80% of organizations worldwide. Since most organizations have data centres and servers to run their external and internal softwares, the on-premise operation mode is mostly preferred.
The Integrated segment of the Solution section dominated with a share of 60.98% because of the rise in need for customized maintenance solutions. Vibration Guys is regarded as one of the most efficient programs in USA that provide customized solutions for electric motor efficacy evaluation. It consists of a plethora of monitoring techniques like Modal Analysis, Bump Tests, ODS, etc., thereby fuelling the growth of this segment.
For the Service section, the Deployment segment significantly dominated with a 28.33% market share. Over the forecast period, there is expected to be an increase in demand for cloud-based deployment for the provision of maintenance solutions from a variety of industry verticals, including automotive and transportation, aerospace and defence, and energy utilities, which in turn is fostering market expansion. In SMR’s survey, it was discovered that more than 65% of manufacturing companies require cloud-based solutions for the predictive maintenance of their machineries and equipments.
For the End-User sector, the Manufacturing segment held the maximum share of 35.1%. An exponential rise in the need for adequate maintenance at the manufacturing industries due to the advent of industrial robots, elevators, machineries, etc., are propelling the market growth. As per ScienceDirect, the German government introduced a highly advanced predictive maintenance tool called Industry4.0 that provides highly effective solutions for maintenance in the manufacturing industries worldwide.
For the Regional section, North America dominated with a 45.22% market share. The presence of a large number of maintenance service providers, rise in investments of the US government in IoT, AI, and machine learning are significantly augmenting the growth of this region. SMR’s research figured out that United States itself provides around 61.96% of predictive maintenance solutions in North America as of 2022.
Key players of the Predictive Maintenance Market:
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Recent Developments
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