USD 5.77 billion
Predictive Maintenance Market Size, Share, Growth Analysis, By Component(Hardware, Solutions (by Type (Integrated, Standalone), Solution by Deployment Mode (Cloud [Public), By Technology(Analytics & Data Management, Artificial Intelligence, IoT Platform, Sensors & Other Devices), By Technique(Vibration Analysis (Test Component Alignment, Detect Imbalances, Resonance Identification, Gear Failure Detection), By Organisation Size(Large Enterprises, Small and Medium-Sized Enterprises), By Vertical(Energy & Utilities, Manufacturing, Automotive & Transportation, Aerospace & Defense), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2137 |
Region:
Global |
Published Date: June, 2024
Pages:
197
|Tables:
59
|Figures:
77
Predictive Maintenance Market Insights
Global Predictive Maintenance Market size was valued at USD 5.77 Billion in 2022 and is poised to grow from USD 7.57 Billion in 2023 to USD 66.46 Billion by 2031, at a CAGR of 31.2% during the forecast period (2024-2031).
The factors driving the growth of the predictive maintenance market involve the growing trend towards utilizing novel technologies for acquiring useful data, the availability of machine learning and artificial intelligence, as well as the need to reduce maintenance costs and avoid equipment breakdowns.
The predictive maintenance market is quite a newly developing field that falls under the convergence envelope of technology and industrial maintenance. They use big data analytics, wherein the company makes use of machine learning and IoT to forecast when specific equipment or machinery is most likely to fail. Using real-time information and historical trends, predictive upkeep makes it possible to predict the need for maintenance thus reducing operation downtime and costs commonly associated with it.
Some of the pioneers in this market are IBM, Microsoft, SAP and General Electric. They provide end to-end solutions for tracking the state of business assets as well as signs that the maintenance of these assets is needed. Global predictive maintenance market is projected to move on an upward growth in coming year mainly due to increasing demand from manufacturing, energy and transportation sectors as they focuses on the cost savings, reliability and overall operational efficiency.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Solutions
Fastest Growth
Solution
Growth Rate
31.2% CAGR
Global Predictive Maintenance Market ($ Bn)
Country Share for North America Region (%)
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Predictive Maintenance Market Segmental Analysis
Global Predictive Maintenance Market is segmented based on Component, Technology, Technique, Organization Size, Vertical, and region. Based on Component, the market is segmented into Hardware, Solutions (Integrated, Standalone), Solution by Deployment Mode (Cloud [Public, Private, Hybrid], On-Premises), Services (Professional Services, System Integration, Support & Maintenance, Consulting), Managed Services. Based on Technology, the market is segmented Analytics & Data Management, Artificial Intelligence, IOT platform, Sensors & Other Devices, Other Technologies. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Sized Enterprises. Based on Technique, the market is segmented into Vibration Analysis (Test Component Alignment, Detect Imbalances, Resonance Identification, Gear Failure Detection, Others), Infrared Thermography (Monitoring, Pipeline Monitoring, Condenser Evaluation, Vacuum System Monitoring, Fan Health Assessment, Air Compressor Monitoring, Others), Oil Analysis (Turbine Maintenance, Hydraulic System Maintenance, Engine Evaluation, Transmission assessment, Gear lubricant level monitoring, Others), Motor Circuit Analysis (Assess engine degradation, Shaft and rotor alignment, Insulation Evaluation, Gear Assessment, Scan For Short Circuits, Others), Other Techniques. Based on Vertical, the market is segmented into Energy & Utilities, Manufacturing, Automotive & Transportation, Aerospace & Defense, Construction & Mining, Healthcare, Telecommunications, Other Verticals. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Component
In 2023, the solution segment contributes to the market size of 80%. Customers spent 6% of the total revenue on purchasing the products from the organisation. Smart maintenance processes entail the use of software or technologies that apply analytics and data to the maintenance job. This method involves using AI algorithms to develop models and analyze the past data to find patterns that will help the system to foresee equipment failure or maintenance issues. The solutions assist in saving money, time, and avoiding costly repairs through focusing on inexpensive preventive maintenance instead of rushing to repair equipment until it fails or causes significant damage, and in managing spare parts and assets more efficiently.
From 2023 to 2031, the services segment is expected to grow at the highest CAGR. Predictive maintenance service providers analyze data from the device’s log, sensor, and service records. The numerical analysis is employed in the creation of the prediction models concerning equipment failures and maintenance requirements. Service providers use sophisticated business analytics, artificial intelligence, and machine learning algorithms to pattern, trend, deviation, and system failure.
Analysis by Techniques Analysis
Over the anticipated period, it is believed that infrared thermography segment will be recording steady revenues. Several ways that manufacturers can benefit from thermographic testing include the following: thermographic testing, therefore, can be very advantageous to manufacturers, particularly when it is combined with a comprehensive maintenance schedule. Thermographic testing assists to significantly reduce costly unscheduled shutdowns and it contributes to the business bottom line in the aspect of usage in the operational schedule for repairs, at times when the impact to productivity is anticipated to be minimal.
However, during the forecast period, the growth rate in terms of revenue for the segment related to vibration monitoring will be moderate. Vibration monitoring can be categorized as one of the most popular methods used in preventive maintenance presently. It is specifically suitable for detecting degradation of equipment and possible breakdowns or degradation of processes before they occur. With the right tools it is also helpful in giving evidence of the prevailing cause of an impending trouble especially in the units with many elements in motion.
Global Predictive Maintenance Market Size By Component (%)
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Predictive Maintenance Market Regional Insights
The global predictive maintenance market was dominated by North America in terms of revenue share in 2023 due to the presence of many end use industries and higher company indoctrination on the new advanced technologies that can help organizations to make great savings and increase their efficiency. This had to be done to maintain the many fighters, bomber, tanker, transport, and helicopter aircraft which compose the PAF’s inventory. Other estimates for only the Air Force exceed 5,400 planes.
According to the market revenue, in the forecast period the growth rate is expected to be moderate in the Europe region. Some of the main drivers that can be attributed to the increase in revenue in the predictive maintenance market in Europe are the need to minimize the frequencies of maintenance and the downtime as well as advancement of knowledge concerning the value of predictive maintenance. For instance, several European military defense organizations utilize predictive maintenance to ensure that spare component is available at optimum levels, necessary for fleet management. This helped in dissecting of logistic factors, finance risk as well as the economic factors and made the line of supply for repairs of aircraft fast and cheap.
Global Predictive Maintenance Market Size By Geography
- Largest
- Fastest
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Predictive Maintenance Market Dynamics
Predictive Maintenance Market Drivers
Cost Efficiency and Savings
- Basically, predictive maintenance reduces the amount of time that equipment is off and increases its longevity because problems can be seen before they become dire. This translates to measurable savings since the flow of resources and spare parts is well managed and overall maintenance is proactive rather than reactive.
Advancements in AI and IoT Technologies
- Artificial intelligence and Internet of Things (IoT) technologies complement the features of the applications of the predictive maintenance solutions. These technologies enable constant observation, measurement, and reliable forecasting and prediction, making predictive maintenance applicable in numerous industries.
Restraints
High Initial Implementation Costs
- Implementation of predictive maintenance requires huge capital expenditure in technologies, software and staff Induction. Perhaps the most obvious is that the high initial costs, which many organisations especially small and medium enterprises may consider expensive to incur.
Data Privacy and Security Concerns
- Predictive maintenance involves ongoing monitoring and analyzing detailed and sometimes sensitive data from the equipment and the processes. There is definitely some concern with regards to data confidentiality and integrity since broad use of such solutions have an effect on leakage of large amount of data or scores being viewed by unauthorized personnel or third parties.
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Predictive Maintenance Market Competitive Landscape
The global predictive maintenance market is moderately fragmented, as the industry is represented by some major players who operate on the international and local levels. Large firms are increasingly spending on research and development and testing of strategies and collaborations for bringing more diverse and differentiated innovational products and related devices.
Predictive Maintenance Market Top Player’s Company Profiles
- IBM Corporation (USA)
- SAP SE (Germany)
- General Electric (USA)
- Schneider Electric (France)
- Hitachi, Ltd. (Japan)
- PTC, Inc. (USA)
- Software AG (Germany)
- SAS Institute, Inc. (USA)
- C3.ai, Inc. (USA)
- Uptake Technologies Inc. (USA)
- Microsoft Corporation (USA)
- ABB Ltd. (Switzerland)
- Rockwell Automation, Inc. (USA)
- Siemens AG (Germany)
- Emerson Electric Co. (USA)
- Oracle Corporation (USA)
- Bosch Software Innovations GmbH (Germany)
- Senseye Ltd. (UK)
- Fluke Corporation (USA)
- SKF AB (Sweden)
- Honeywell International Inc. (USA)
- Infor, Inc. (USA)
Predictive Maintenance Market Recent Developments
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In January 2024, the company expanded the strategic as-a-service partnership with Siemens to simplify the adoption of generative AI for businesses of all industries and scales. They appreciate long-term cooperation that will enable specialists in engineering, manufacturing, logistics, insurance, or banking to create the most effective new generative AI solutions or improve the existing ones.
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In December 2023, ABB released a newer version of the ABB Ability™ Field Information Manager (FIM 3)
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In June 2023, Qatar Airways has signed partnership deal with Google Cloud to provide data and artificial intelligence solution for the airline industry. This symbiosis will primarily concern such areas as predictive maintenance, passengers’ satisfaction, and cargo, as these are the goals that may be effective in increasing efficiency of the customer-oriented processes in the airline business.
Predictive Maintenance Key Market Trends
- Impact of 5G Networks on Various Sectors and Market Growth: One market trend that has to be considered is the growth in the use of 5G networks in several sectors. 5G is basically the fifth generation of the Internet communication technology that boasts of faster data transfer speeds as well as lower latency. It also adds impetus to advances made in fields such as IoT, virtual reality, self-driving cars among others. In addition, it serves as basis for the connection of health care services manufacturing industries not forgetting entertainment industry through which other areas are enhanced through remote services provision and data analysis. The global 5G market is likely to experience massive growth as the corporate world and individuals look towards reaping from the high-speed and low latency that 5G provides for an overlay of applications thus defining the future of the digital world.
Predictive Maintenance Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the growth of market is also related to the increasing popularity of cloud-based solutions for predictive maintenance, as they allow to control the process in real time from any location and provide greater scalability. However, the rising integration of predictive maintenance solutions with the enterprise asset management (EAM) systems is also contributing to market growth as it helps the organization to get a better understanding of the maintenance activities with better planning of the maintenance schedules. Hence, the predictive maintenance market size indicates that it is gradually expanding in the global market in the years to come as a result of the rising demand for Industry 4. No technologies, such as cloud-based solutions and online EAM systems, and the application of predictive maintenance in the operation of EAM systems. The market is also being driven by the latest trends such as the application of AR and VR in predictive maintenance, extending the product into various verticals, and customer focus towards sustainability and environment concerns.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 5.77 Billion |
| Market size value in 2031 | USD 66.46 Billion |
| Growth Rate | 31.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Predictive Maintenance Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Predictive Maintenance Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Predictive Maintenance Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Predictive Maintenance Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Predictive Maintenance Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Predictive Maintenance Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Predictive Maintenance Market Report Snapshots
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