Predictive Maintenance Market Size, Emerging Technologies, Analytical Overview, Development Strategy, Competitive Landscape, Future Plans and Industry Growth with 27% of CAGR by Forecast 2022

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Market Research Future published a research report on “Predictive Maintenance Market Research Report- Forecast to 2022” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.

Market Scenario:

Predictive maintenance is regular monitoring of the actual mechanical condition, operating efficiency, and other indicators of the operating condition of machines and process systems will provide the data required to ensure the maximum interval between repairs and minimize the number and cost of unscheduled outages created by the failures. Predictive maintenance actually means to improve productivity, product quality, and overall effectiveness of manufacturing and production plants. Predictive maintenance is a condition-driven preventive maintenance program. Predictive maintenance uses direct monitoring of the mechanical condition, system efficiency, and other indicators to determine the actual mean-time-to-failure or the loss of efficiency for each machine and system in the plant. The main reasons for implementing predictive maintenance would be it can be used as- a maintenance tool, a plant optimizing tool and a reliability improvement tool.

Predictive maintenance major benefits are, it reduces time required for maintenance and reduces the costs of maintenance. Recently there has been a rise in demand for transforming maintenance and reducing asset downtime, these are the key market drivers for predictive maintenance market. The rising dependence on big data and emerging concepts such as the Internet of Things (IoT) and the rising focus of organizations on reducing the operational cost is further expected to influence the growth of predictive maintenance market during the forecast period. The study indicates that lack of training for operators and lack of trust in predictive maintenance technology is a major threat for the predictive maintenance market.

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Predictive maintenance has the ability to specifically predict asset failure, enabling enterprises to take the asset out of production just before it is to fail, thus it ensures that the production is not hampered in any way due to the failure of the asset. This ability of predictive maintenance is the major driving force for the predictive maintenance market.

The global Predictive Maintenance Market is expected to grow at USD ~6334 Million by 2022, at 27% of CAGR between 2016 and 2022.

Industry News

Sep, 12, 2017 – International Business Machines Corporation has announced Faurecia, the market leader of automotive suppliers got selected IBM Cloud as a support of a major digital business transformation. With this announcement, the company is providing data lake which is built with IBM’s Cloud platform. This platform enables to capture and store data from its 24×7 worldwide manufacturing environment.

April 24, 2017 – Huawei Technologies Co. Ltd. and General Electric has unveiled industrial cloud-based predictive maintenance solution across the world. Industrial Internet cloud platform which allows rapid end-to-end connectivity between industrial assets and cloud applications. The organization are using cloud-based predictive maintenance solution that are allowing real-time machine health monitoring, data analysis and perception, and smart maintenance decision-making.

June 15, 2016 – Software AG and Dell has revealed new Internet of Things architecture which enables to perform real time  streaming analytics at the edge of the network, close to digital devices and sensors to the organizations. With this, the companies are aiming on Preventative and Predictive Maintenance, with IoT use case solutions in the coming years

Key Players

The prominent players in the Predictive Maintenance Market are – IBM (U.S.), SAP SE (Germany), Software AG (Germany), General Electric (U.S.), Robert Bosch (Germany), Rockwell Automation (U.S.), PTC (U.S.), Warwick Analytics (U.K.), RapidMiner (U.S.), Schneider Electric SE (France), eMaint Enterprises, LLC (U.S.) and SKF (Sweden) among others.

Predictive Maintenance Global Market   – Segmentation

The Predictive Maintenance Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;

  • Segmentation by Solution: Comprises Service (Support and Maintenance, System integration, Consulting), Predictive Maintenance by Techniques (Vibration monitoring, Oil analysis, Visual inspection, Shock pulse, Ultrasonic leak detectors, Electrical insulation, Performance testing, Wear and dimensional measurements, Signature analysis, time and frequency domain, Non-destructive testing) and others.
  • Segmentation by Deployment Type: Comprises Cloud, and on premise.
  • Segmentation by End Users: Comprises Manufacturing, Aerospace & defence, Healthcare, Automotive, Transportation, and Government.
  • Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.

Predictive Maintenance Global Market- Regional Analysis

The regional analysis of Predictive Maintenance market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. The study indicates that North America region would dominate the Predictive Maintenance market by the forecast period owing to the presence of a large number of solution and service vendors. The study indicates that Asia-Pacific countries like China, Japan, South Korea, India and others are highly investing to increase the efficiency of production assets. The study reveals that Asia-Pacific region would show a positive growth in predictive maintenance market by the forecast period.

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Intended Audience

  • Predictive maintenance vendors
  • Resellers and distributors
  • Technology investors
  • System Integrators
  • Government  Organizations
  • Research/Consultancy firms

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