Predictive Maintenance (PdM) Market Growth, Business Overview 2022, and Forecast to 2030
The Predictive Maintenance (PdM) market industry is projected to grow USD 111.30 billion by 2030,exhibiting a CAGR of 26.20% during the forecast period (2022 - 2030).
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Predictive Maintenance (PdM) Market Overview
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 R&D 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 valuation is expected to reach USD 111.30 Billion by 2030, growing at 26.20% CAGR throughout the review 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.
Recent developments in Predictive Maintenance (PdM) have focused on leveraging Machine Learning (ML) and Artificial Intelligence (AI) technologies to improve the accuracy of PdM systems. These systems are now able to analyze large amounts of data, such as sensor readings and historical failure data, to generate more accurate predictions of when equipment will fail. Additionally, the use of PdMaaS (Predictive Maintenance as a Service) has allowed companies to leverage the power of cloud computing to simplify the implementation of PdM systems. Finally, recent advancements in edge computing and IoT technologies have enabled PdM systems to be deployed in remote locations to improve the accuracy and reliability of PdM systems.
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 Market - Regional Analysis
North America holds a significant share in the global predictive maintenance market. The presence of leading solution providers investing heavily in R&D 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.
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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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