Predictive Maintenance Market 2020: Size, Share, Trends, Forecast to 2024
Posted by Eshu Gupta on December 30th, 2020
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.
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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.
The market for predictive maintenance is segmented on the basis of service, technique, deployment and end user.
The report states that the market, on the basis of service, caters to support and maintenance, system integration and consulting. Out of these, the support and maintenance service segment will be leading the global predictive maintenance market, with the system integration service and consulting ducts anticipated to depict a considerable increase in the global market.
The various techniques outlined in the report are 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 and nondestructive testing.
Deployment-wise, the market is considered for cloud and on-premise, wherein the cloud based predictive maintenance market is slated to showcase a lucrative growth rate during the forecast period, based on its high adoption among numerous industries around the world.
The end-users of predictive maintenance are manufacturing, aerospace & defense, healthcare, automotive, transportation, government and others.
The geographical distribution of the global predictive maintenance market is among the regions of Asia pacific, Europe, North America, and the Rest of the World.
The regional analysis done for the global predictive maintenance market predicts North America to be the dominating regional market, as a result of the presence of a large number of solution and service manufacturers. Striking expansion of various verticals across industries like aerospace & defense, government, manufacturing, energy & utilities, transportation & logistics and healthcare boost the position of the regional market.
Moreover, the data analysts also observe that the countries in Asia Pacific such as India, Japan, China, South Korea, will be making massive investments in a bid to increase the efficiency of production assets. On this basis, the Asia Pacific region is set to depict a positive growth pattern in the global predictive maintenance market over the next few years. The region also notes an increasing demand for big data and Internet of Things (IoT), a factor that could prove to be highly profitable for the growth of the predictive maintenance market in the region in the upcoming years.
Owing to the perceived benefits of mastering predictive maintenance for the market of the future, it has become a supremely important industry in the region of Europe. The countless benefits provided by predictive maintenance has done wonders for the regional market, elevating its mass appeal and helping the expansion of the market size in general.
PTC (U.S.), Software AG (Germany), Robert Bosch (Germany), IBM (U.S.), Warwick Analytics (U.K.), SAP SE (Germany), General Electric (U.S.), Schneider Electric SE (France), RapidMiner (U.S.), Rockwell Automation (U.S.), eMaint Enterprises, LLC (U.S.), SKF (Sweden), are among some of the strongest contenders in the global predictive maintenance market.
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About the AuthorEshu Gupta
Joined: July 8th, 2020
Articles Posted: 58
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