As per the predictions by Market Research Future (MRFR), the Global Preventive Maintenance (PdM) Market is expected to expand at 25.5% CAGR to reach 23,051.4 million during the forecast period 2018–2024.
Market Drivers and Growth Restraints
The major benefits of predictive maintenance include its ability to reduce the required for maintenance as well as decreasing the cost of maintenance. Backed by the recent surge in demand for the transformation of maintenance and the need to reduce the asset downtime, the market for Predictive Maintenance Market is set to ride high on the back of these factors in the coming years.
Furthermore, the growing dependence on big data along with the emergence of concepts like the Internet of Things (IoT) and the increasing focus of organizations on the reduction of operational cost will further accentuate the lucrative market shape during the forecast period. However, the report also takes note of the lack of training for operators as a factor that could prove to be a major threat to the predictive maintenance market.
But, given the ability of predictive maintenance to specifically predict asset failure that allows enterprises to take the asset out of production before its failure takes place, the production does not get affected in any way. This particular ability of predictive maintenance will make sure that the market not only remain unaffected by the mentioned threat, but also soars higher than its present position in the near future.
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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.
The segmentation analysis of the predictive maintenance market is carried out on the basis of component, technique, deployment, end-user, and region. On the basis of component, the predictive maintenance market is segmented into service and solution. Based on the technique, the predictive maintenance market is segmented into thermo-graphic inspection, vibration monitoring, and oil analysis. On the basis of deployment, the predictive maintenance market is segmented into on-premise and cloud. Based on end-users, the predictive maintenance market is segmented into aerospace & defense, manufacturing, automotive, transportation, healthcare, and government. The regions included in the predictive maintenance market are Asia Pacific, North America, Europe and the rest of the world.
Detailed Regional Analysis
The region wise analysis of predictive maintenance market encompasses regions such as Asia Pacific, North America, Europe and the rest of the world. The analysis of the market for predictive maintenance observes that the North American region would lead the market in the forecast period due to the incidence of a huge number of service and solution vendors. The study also finds that Asia Pacific nations such as Japan, China, South Korea, India, and others are greatly investing to amplify the effectiveness of the production assets. Moreover, the Asia Pacific region is projected to illustrate positive expansion in predictive maintenance market through the forecast period.
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