Predictive Maintenance Market to Surpass 38.63 Billion by 2030 Drives Due to offering PdMaaSSolutions that Deliver Substantial Benefits
SkyQuest projects that the predictive maintenance market will attain a value of USD 38.63 billion by 2030, with a CAGR of 31.2% over the forecast period (2023-2030). Predictive maintenance is a crucial technique employed to monitor the real-time performance of critical machine components, all to minimize the downtime required for repairs. This proactive strategy is invaluable to enterprise owners as it provides valuable insights into their equipment and machinery working conditions in the predictive maintenance market.
Westford,USA, Jan. 03, 2024 (GLOBE NEWSWIRE) — According to SkyQuest, AI-based preventive maintenance solutions encompass IoT hardware components and sophisticated analytics platforms, forming a proactive approach to preventing equipment failures and eliminating unplanned downtime. IoT sensors are strategically integrated into physical assets, enabling them to gather a wide array of data, ranging from environmental conditions to real-time manufacturing operation metrics in the predictive maintenance market.
Browse in-depth TOC on the “Predictive Maintenance Market”
- Pages – 157
- Tables – 59
- Figures – 77
Predictive maintenance as a service (PdMaaS) has emerged as a game-changing approach by providing convenient and cost-effective access to manufacturing plant optimization. Many startups have entered the market, offering PdMaaS solutions that deliver substantial benefits in the predictive maintenance market.
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Prominent Players in Predictive Maintenance Market
- IBM Corporation
- SAP SE
- General Electric
- Schneider Electric
- Hitachi, Ltd.
- PTC, Inc.
- Software AG
- SAS Institute, Inc.
- C3.ai, Inc.
- Uptake Technologies Inc.
- Microsoft Corporation
- ABB Ltd.
- Rockwell Automation, Inc.
- Siemens AG
- Emerson Electric Co.
- Oracle Corporation
- Bosch Software Innovations GmbH
- Senseye Ltd.
- Fluke Corporation
- SKF AB
Infrared Thermography Segment is Expected to Dominate the Market Due to Detect Potential Issues and Anomalies in Equipment
Infrared thermography segment is poised for continuous and robust revenue growth in the predictive maintenance market. Manufacturers stand to benefit immensely from the integration of thermographic testing into their comprehensive maintenance plans. This advanced technology enables them to detect potential issues and anomalies in equipment and machinery that might otherwise go unnoticed, preventing costly breakdowns and downtime.
The market in North America emerged as the dominant force in the global predictive maintenance market, boasting the largest revenue share. This achievement can be attributed to the region’s wealth of well-established end-use industries and corporate awareness regarding the advantages of embracing advanced technologies.
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Vibration Monitoring Segment is Expected to Grow the Market Due to the Indispensable Preventive Maintenance Techniques
Vibration monitoring segment is projected to undergo a steady and moderate growth in predictive maintenance market. Vibration monitoring has emerged as one of the most prevalent and indispensable preventive maintenance techniques in various industries. Its effectiveness lies in its ability to detect and pinpoint the early signs of equipment wear and potential failures or process deterioration.
Regional markets in Europe are expected to maintain a steady revenue growth trajectory in the predictive maintenance market. Several pivotal factors contribute to this positive outlook. There is a growing emphasis on minimizing maintenance frequencies and reducing downtime across European industries.
A comprehensive analysis of the major players in the predictive maintenancemarket has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Predictive Maintenance Market
- In 2022, Valmet made a significant stride in enhancing machinery tracking by introducing a new application. This innovative program is a pivotal component of Valmet Industrial Internet’s comprehensive portfolio, specifically designed to offer solutions for preventive maintenance and root cause analysis across various machinery in the paper and pulp sectors. Valmet aims to empower industries with advanced tools to track and maintain their machinery effectively, ultimately improving operational efficiency and reducing downtime.
- In 2022, Siemens Digital Industries demonstrated its commitment to staying at the forefront of predictive maintenance and asset intelligence solutions. The company announced its strategic acquisition of the Southampton-based machine data company Senseye.
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Key Questions Answered in Predictive Maintenance Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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