Predictive Maintenance Global Market – Overview
The global predictive maintenance market is growing with the rapid pace is mainly as it reduces time and cost required for maintenance. The rising dependence on big data and emerging concepts such as the Internet of Things (IoT) is boosting the growth of predictive maintenance market. According to a recent study report published by the Market Research Future, The global market of Predictive Maintenance is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2016 – 2022).
The global Predictive Maintenance Market is driven by the rising focus of organizations on reducing the operational cost. On the other hand, the lack of training for operators and lack of trust in predictive maintenance technology are some of the factors hindering the growth of predictive maintenance market. The predictive maintenance market is highly competitive due to its ability to specifically predict asset failure before its implementation thereby benefitting the organizations in monitor their operations efficiently.
Key Players
The prominent players in the Predictive Maintenance Market are – IBM (U.S.), SAP SE (Germany), Software AG (Germany), General Electric (U.S.), Robert Bosch (Germany), Rockwell Automation (U.S.), PTC (U.S.), Warwick Analytics (U.K.), RapidMiner (U.S.), Schneider Electric SE (France), eMaint Enterprises, LLC (U.S.) and SKF (Sweden) among others.
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Industry News
Sep, 12, 2017 – International Business Machines Corporation has announced Faurecia, the market leader of automotive suppliers got selected IBM Cloud as a support of a major digital business transformation. With this announcement, the company is providing data lake which is built with IBM’s Cloud platform. This platform enables to capture and store data from its 24×7 worldwide manufacturing environment.
April 24, 2017 – Huawei Technologies Co. Ltd. and General Electric has unveiled industrial cloud-based predictive maintenance solution across the world. Industrial Internet cloud platform which allows rapid end-to-end connectivity between industrial assets and cloud applications. The organization are using cloud-based predictive maintenance solution that are allowing real-time machine health monitoring, data analysis and perception, and smart maintenance decision-making.
June 15, 2016 – Software AG and Dell has revealed new Internet of Things architecture which enables to perform real time streaming analytics at the edge of the network, close to digital devices and sensors to the organizations. With this, the companies are aiming on Preventative and Predictive Maintenance, with IoT use case solutions in the coming years
Predictive Maintenance Global Market – Segmentation
The Predictive Maintenance Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
- Segmentation by Solution: Comprises Service (Support and Maintenance, System integration, Consulting), Predictive Maintenance by Techniques (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, Non-destructive testing) and others.
- Segmentation by Deployment Type: Comprises Cloud, and on premise.
- Segmentation by End Users: Comprises Manufacturing, Aerospace & defence, Healthcare, Automotive, Transportation, and Government.
- Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Predictive Maintenance Global Market- Regional Analysis
North-America is dominating the Global Predictive Maintenance Market with the largest market share is due to the presence of a large number of solution and service vendors in this region and is expected to grow over its previous growth records by 2022. Predictive Maintenance Market in Asia-Pacific market is expected to grow at a substantial CAGR during 2016 to 2022 due to rapid technological advancements and expansion of internet connectivity in this region. The European market for Predictive Maintenance Market is expected to grow at a considerable CAGR (2016-2022).
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