The predictive maintenance (PdM) market is garnering substantial traction. The market growth attributes to the rising adoption of PdM solutions in the rapidly growing manufacturing, energy utilities, healthcare, automotive, aerospace defense, transportation sectors.
Besides, the growing implementations of the Internet of Things (IoT) across end-user verticals worldwide drive the market growth, allowing different assets systems to connect, synchronize, share, analyze, and act on the data. With substantial RD investments in the development of PdM solutions, the market is projected to garner vast gains during the next few years.
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In this regard, Market Research Future (MRFR) states that the global predictive maintenance (PdM) market industry is projected to grow from USD21.83 Billion in 2022 to USD 111.30 billion by 2030,exhibiting a compound annual growth rate (CAGR) of 26.20% during the forecast period (2022 - 2030).
The smart revolution is impacting industries exponentially, allowing data-driven research. Industries leverage the analytical capabilities of PdM to thrive in continually rising volumes, types, and complexities of data. Utilities are increasingly implementing PdM solutions to target market strategic framework, impacting the market growth positively.
Predictive maintenance (PdM) is a type of condition-based maintenance that uses sensor devices to monitor the condition of assets in real-time. This data is then used to predict when an asset will need maintenance and prevent equipment failure, resulting in improved reliability and cost savings for businesses.
The benefits of predictive maintenance are numerous: it reduces downtime, extends the life cycle of assets, increases safety levels by reducing risk factors associated with unexpected breakdowns or malfunctions, improves customer satisfaction due to fewer disruptions or delays caused by mechanical problems; and lowers costs associated with preventive repairs.
In addition to these advantages, PdM also helps companies save on energy consumption as well as labor costs since there's no longer a need for manual inspections or regular checkups on equipment performance. Furthermore, because sensors provide real-time information about how an asset functions throughout its lifecycle – from initial installation all the way through eventual decommissioning – organizations can use this data for better forecasting purposes such as anticipating future demand patterns more accurately than ever before possible.
Overall Predictive Maintenance offers many benefits that make it worth considering if you're looking into ways your business can improve operational efficiency while cutting down on unnecessary expenses related to maintaining your machinery over time - making it one smart investment choice!
Global Predictive Maintenance Market - Segments
The report is segmented into components, testing types, deployments, techniques, verticals, and regions. The component segment is sub-segmented into hardware, solutions, and services (consulting, support maintenance, system integration, others).
The testing type segment is sub-segmented into vibration monitoring, electrical insulation, infrared thermography, temperature monitoring, ultrasonic leak detector, oil analysis, and others. The deployment segment is sub-segmented into on-cloud and on-premise.
The technique segment is sub-segmented into traditional and advanced techniques. The vertical segment is sub-segmented into manufacturing, healthcare, energy utility, automotive, aerospace defense, transportation, and others. By regions, the market is sub-segmented into North America, Europe, APAC, and the rest of the world.
Predictive Maintenance (PdM) Component Outlook
Hardware
Solution
Services
Predictive Maintenance (PdM) Testing Type Outlook
Vibration Monitoring
Electrical Insulation
Infrared Thermography
Temperature Monitoring
Ultrasonic Leak Detector
Oil Analysis
Predictive Maintenance (PdM) Deployment Mode Outlook
Cloud
On-premise
Predictive Maintenance (PdM) Technique Outlook
Traditional Technique
Advanced Technique
Predictive Maintenance Market - Regional Analysis
North America holds a significant share in the global predictive maintenance market. The presence of leading solution providers investing heavily in RD to enhance the capabilities and operational efficiency of their solutions drives the market growth.
Besides, the growing adoption of advanced technologies in manufacturing industries across the region to halve unplanned downtime and maintenance costs boost the market size. Moreover, the increasing demand from energy utilities, alongside government initiatives utility-scale policy, increases the region's market shares.
Global PdM Market - Competitive Landscape
Highly competitive, the PdM market appears to be fragmented due to the presence of several well-established industry players. These players initiate strategic approaches such as mergers acquisitions, collaboration, expansion, and technology launch to gain a larger competitive advantage.
Major Players:
Players leading the global PdM market are Oracle Corporation (US), Axiomtek Co. Ltd (Taiwan), Microsoft Corporation (US), IBM Corporation (US), XMPro (US), RapidMiner (US), SAP SE (Germany), Hitachi, Ltd (Japan), Comtrade (Ireland), Software AG (Germany), and C3 IoT (US), among others.
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Industry/Innovation/Related News:
Feb. 16, 2021 --- Senseye, a leading machine health management company, announced the collaboration with PTC to accelerate the adoption of its predictive maintenance technology, making it available for PTC's ThingWorx Industrial IoT (IIoT) Solutions Platform. Senseye PdM can allow users to monitor assets automatically and even anticipate future machine failures by applying Senseye's proprietary algorithms and AI technology.
1 Executive Summary
2 Market Introduction
2.1 Definition 18
2.2 Scope Of The Study 18
2.3 Market Structure 19
3 Research Methodology
3.1 Research Process 20
3.2 Primary Research 21
3.3 Secondary Research 22
3.4 Market Size Estimation 22
3.5 Forecast Model 23
3.6 List Of Assumptions 24
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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