Predictive Maintenance Market, By Component (Service and Solution), By Organization Size (Small & Me

Published Date: | Report Code : IT1950424

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Factors such as lack of trust in predictive maintenance techniques are expected to drive the growth of the Predictive Maintenance Market during the forecast period. This has resulted in some of the key developments by companies operating in the market to consolidate their market positions and look for further niche opportunities.

Predictive maintenance checks the performance and condition of equipment during normal operation to reduce the chances of failures. The purpose of predictive maintenance is to forecast when the equipment failure may happen and to avoid the event of the failure by carrying out maintenance activities. Checking for future failure enables support to be arranged before the failure occurs. Preferably, predictive maintenance allows the maintenance frequency to be as low as possible to prevent unplanned reactive maintenance without incurring costs associated with much of preventive maintenance.

Predictive maintenance uses condition monitoring equipment to analyze an asset’s performance in actual time. A key component in this procedure is the Internet of Things (IoT). IoT depends on predictive maintenance sensors to catch data, understand it, and recognize if any area needs attention. Predictive maintenance uses techniques such as vibration analysis, oil analysis, visual inspection, thermal imaging, equipment observation, signature analysis, etc.

The global predictive maintenance market is rising with the increase in demand for transforming maintenance and reducing asset downtime. The rising dependence on Big Data and emerging concepts, such as the IoT is boosting the global predictive maintenance market. Additionally, the focus of organizations on reducing the operational cost is fueling the growth of the global predictive maintenance market.

Key Factors Impacting Market Growth:

  • Ensures that equipment requires maintenance
  • Reduces downtime and cost spent on maintaining equipment
  • Real-time condition monitoring assist in taking prompt actions
  • Big Data and IoT driving the market
  • Lack of skilled workforce
  • Lack of trust in predictive maintenance techniques 

Key Developments:

  • On September 25, 2018, Grundfos (Denmark), a world siphon and water innovation organization, and Augury (US), an AI-based mechanical diagnostics supplier, collaborated to change the manner in which the world accesses water, empowering progressively more solid and supportable water administrations to their customers.
  • On November 11, 2015, C3 Energy (US) declared that its C3 Predictive Maintenance cloud-based programming application has been perceived in the 2015 Fierce Innovation Awards.
  • On November 5, 2015, Enel SpA (Italy) won the Global Smart Energy Elites 2015 Digital Utility Transformation Award for utilizing C3 Energy’s C3 Predictive Maintenance programming application to propel arrange constancy and control organized upkeep costs.
  • On April 16, 2019, Downer EDI Limited (Australia) sent a Microsoft Azure AI-based intelligent solution that ingests sensor information from Sydney’s fleet of Waratah trains to permit predictive maintenance and information-driven decision-making that it believes will enhance passenger well-being, help public transport dependability, and keep tight control of expenses 

Regional Analysis:

By region, the predictive maintenance market is estimated to be dominated by North America, Western Europe, and the Asia Pacific during the forecast period. With technological advancements and a cluster of global companies operating in these regions, these regions hold key to the growth and development of the predictive maintenance market during the forecast period. Most of the leading companies have operations in these regions to cater to the potential end-users in the respective region. The North America predictive maintenance market is further segmented by the US, Canada, and Mexico, whereas Germany, UK, France, Italy are estimated to be some of the major markets in Western Europe. Asia Pacific region is segmented by China, Japan, South Korea, India, and Australia. The Middle East and Eastern Europe are estimated to be potential markets with growing demand during the forecast period. Major countries in these regions include Russia, UAE, Saudi Arabia, Israel, and others.

Companies Covered: Microsoft , TIBCO, Uptake, Asystom, Ecolibrium Energy, Fiix, OPEX Group, Dingo, Sigma Industrial Precision, Augury, Bosch Software Innovations GmbH, C3 IoT, Dell Inc., Fluke Corporation, General Electric, Hitachi, Ltd., Honeywell International Inc., IBM Corporation, PTC, RapidMiner, Inc., Rockwell Automation, Inc., SAP SE, SAS Institute, Inc., Schneider Electric, Senseye Ltd, SKF, Software AG,  eMaint Enterprises, Softweb Solutions Inc., T-Systems International GmbH, and Warwick Analytics 

Market Segmentation:

By Component:

  • Service
    • Support & Maintenance
    • System Integration
    • Consulting
  • Solution

By Organization Size:

  • Small & Medium Enterprises (SMEs)
  • Large Enterprises

By Technique:

  • Vibration Monitoring
  • Oil Analysis
  • Visual Inspection
  • Shock Pulse
  • Ultrasonic Leak Detectors
  • Electrical Insulation
  • Performance Testing
  • Wear & Dimensional Measurements
  • Signature Analysis
  • Time & Frequency Domain
  • Non-Destructive Testing
  • Others 

By Deployment Type:

  • Cloud
  • On-premise 

By End User:

  • Manufacturing
  • Aerospace & Defense
  • Healthcare
  • Automotive
  • Transportation
  • Government

By Region:

  • North America
    • By Country (US, Canada, Mexico)
    • By Component
    • By Organization Size
    • By Technique
    • By Deployment Type
    • By End-User
  • Western Europe
    • By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
    • By Component
    • By Organization Size
    • By Technique
    • By Deployment Type
    • By End-User
  • Eastern Europe
    • By Country (Russia, Turkey, Rest of Eastern Europe)
    • By Component
    • By Organization Size
    • By Technique
    • By Deployment Type
    • By End-User
  • Asia Pacific
    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
    • By Component
    • By Organization Size
    • By Technique
    • By Deployment Type
    • By End-User
  • Middle East
    • By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
    • By Component
    • By Organization Size
    • By Technique
    • By Deployment Type
    • By End-User
  • Rest of the World
    • By Region (South America, Africa)
    • By Component
    • By Organization Size
    • By Technique
    • By Deployment Type
    • By End-User

Reasons to Buy This Report:

  • Market size estimation of the global predictive maintenance market on a regional and global basis
  • The unique research design for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market

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