Predictive Maintenance Market worth USD 31,965.49 million by 2027

The Market Statsville Group (MSG) publishes the new report on the "Predictive Maintenance Market by Component (Solution and Services), by Deployment (Cloud and On-Premises.), by Technique (Vibration Monitoring, Electrical Testing Oil Analysis, Ultrasonic Leak Detectors, Shock Pulse, Infrared, Others), by Stakeholder (MRO, OEM/ODM, Technology Integrators), by Industry Vertical (Manufacturing, Energy & Utilities, Aerospace & Defense, Transportation & Logistics, Government, Healthcare, Others), and Region - Global Trends, Market Share, and Forecast to 2027". The global predictive maintenance market is expected to grow from USD 5,443.04 million in 2020 to USD 31,965.49 million by 2027, at a CAGR of 28.8% from 2021 to 2027. Predictive maintenance (PdM) is used to monitor equipment during an operation to identify any deterioration. It helps to plan maintenance schedules and reduce operational costs. In addition, data about previous breakdowns is used as a model when failures are likely to occur. Predictive maintenance solutions can decrease the number of unnecessary scheduled maintenance procedures, as it does not depend on periodic, average lifetime maintenance intervals. The total number of maintenance activities could be reduced over the lifetime of a machine. In addition, with the help of predictive maintenance solutions, slow response to critical red flags about equipment health can be avoided, assisting the company in avoiding essential breakdowns of equipment and affecting manufacturing operations. As per a survey published in the research journal ScienceDirect in 2017, more than 500 different industrial plants that implemented predictive maintenance, the average useful operating life of plant machinery increased by 30% as a result of prevention of catastrophic failures and early detection of incipient machine and system problems by using predictive maintenance.

Global Predictive Maintenance Market Segmentation

The predictive maintenance market has been segmented into components, deployment, technique, stakeholders, and regions.

• By Component (Solution and Services)
• By Deployment (Cloud and On-Premises.)
• By Technique (Vibration Monitoring, Electrical Testing Oil Analysis, Ultrasonic Leak Detectors, Shock Pulse, Infrared, Others)
• By Stakeholder (MRO, OEM/ODM, Technology Integrators)
• By Industry Vertical (Manufacturing, Energy & Utilities, Aerospace & Defense, Transportation & Logistics, Government, Healthcare, Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Vibration monitoring, by technique, is estimated to hold the largest market share during the forecast period

On the basis of technique, the predictive maintenance market is segmented into vibration monitoring, electrical testing, oil analysis, ultrasonic leak detectors, shock pulse, infrared, and others. Predictive maintenance (PM) techniques have progressed to check mechanical health by generating information on machine conditions. The vibration monitoring segment generated the highest revenue share of 23.18% in 2020, and it is expected to register a CAGR of 26.2% from 2021 to 2027. Commercial users widely use electric drills for efficient drilling operations in industries.

The need for parts to be ordered more effectively, minimizing inventory items, and scheduling manpower, thereby increasing efficiency and reducing overtime costs, influence the demand for this vibration monitoring technique. Dynamic vibration analysis or process vibration alarms are expected to provide a proven technology to predict catastrophes in rotating machinery and enhance machine reliability, which primarily drives this segment's growth. However, the important disadvantage of this technique is that, in the early stages of a bearing defect, the vibration is usually low compared with other vibration sources. Hence, it is easily influenced. Thus, any changes in bearing conditions are difficult to detect.

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North America accounts for the largest market share during the forecast period in the predictive maintenance market

Based on the regions, the global predictive maintenance market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America accounted for the highest market share of 35.06% in the global predictive maintenance market. It was anticipated to maintain its dominance throughout the forecast period, followed by Europe having a market share of 28.98% and the Asia Pacific having a market share of 26.27%. North America is dominating the global predictive maintenance market with the largest market share due to many solution and service vendors in this region. In addition, great awareness regarding predictive maintenance measures, their importance, and early adoption of technology in this region has also contributed toward the demand for predictive maintenance in this region.

For instance, Enel’s US renewable subsidiary, Enel Green Power North America Inc., and NarrativeWave, a U.S. company specialized in Software-as-a-Service and Internet of Things, announced an agreement under which Enel Green Power North America will install predictive maintenance software by NarrativeWave to optimize field operations at its geothermal facilities. Similarly, U.S. based oil giant Chevron Corporation partnered with Microsoft Corporation to set up predictive maintenance solutions in their oil rigs and refineries.

The report analyzes profiles of key players operating in the market. These include IBM Corporations, Microsoft, SAP SE, General Electric, Schneider Electric, Hitachi, PTC, Software AG, SAS, Engineering Consultants Group, Inc., Expert Microsystems, Inc., SparkCognition, C3 IoT, Uptake Technologies Inc., Fiix Inc., Operational Excellence (Opex) Group Ltd, TIBCO Software Inc., Asystom, and Sigma Industrial Precision.

Browse complete report: https://www.marketstatsville.com/predictive-maintenance-market

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