The global predictive maintenance market reached a value of US$ 5.95 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 28.44 Billion by 2027, exhibiting a CAGR of 27.60% during 2022-2027.
Predictive maintenance refers to the solution that allows businesses to forecast equipment breakdowns ahead of time. It uses condition-monitoring tools and devices to keep track of equipment functioning during an operation. Predictive maintenance reduces the risk of failure under normal operating conditions, maximizes the life of an asset, and minimizes maintenance costs. It constantly monitors equipment behavior to collect real-time data and uses advanced neural networks and artificial techniques to decide and raise alerts during imminent system failure. Nowadays, predictive maintenance solutions are gaining popularity owing to the growing consciousness of the rising maintenance costs and downtime effects of unexpected machinery failures.
Base Year: 2021
Forecast Year: 2022-2027
Predictive Maintenance Market Trends and Drivers:
The global predictive maintenance market is primarily driven by its extensive applications in the manufacturing, aerospace, transportation and logistics, defense, energy and utilities, and healthcare industries.
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The increasing use of artificial intelligence (AI) to transform a large volume of data into meaningful insights is also fueling market growth. In addition, various organizations are extensively investing in predictive maintenance to lengthen the lifespan of aging industrial machinery, thus facilitating its demand worldwide.
Furthermore, the growing adoption of advanced technologies, such as machine learning and the Industrial Internet of Things (IIoT), and the rising use of real-time streaming analytics, are expected to create positive opportunities for the market players in the upcoming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Predictive Maintenance Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Asystom, C3.ai Inc., General Electric Company, Google LLC (Alphabet Inc.), Hitachi Ltd., International Business Machines Corporation, Microsoft Corporation, PTC Inc., SAP SE, Software AG, Tibco Software Inc. and Uptake Technologies Inc.
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The report has segmented the market on the basis of region, component, technique, deployment type, organization size and industry vertical.
Breakup by Component:
Breakup by Technique:
- Vibration Monitoring
- Electrical Testing
- Oil Analysis
- Ultrasonic Leak Detectors
- Shock Pulse
Breakup by Deployment Type:
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Industry Vertical:
- Energy and Utilities
- Aerospace and Defense
- Transportation and Logistics
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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