GLOBAL PREDICTIVE MAINTENANCE MARKET FORECAST 2019-2027

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GLOBAL PREDICTIVE MAINTENANCE MARKET FORECAST 2019-2027

According to the estimations computed by Inkwood Research, the global market for predictive maintenance is set to record an anticipated CAGR of 25.09% during the forecast period, reaching a revenue of $30264. 69 million by 2027. The forecasted period of the market study is 2019-2027, while the base year is 2018. The rise in the investments for the overall market is considered as a major driver for the market. The major players and the new entrants in the market are investing in the predictive maintenance techniques, since it reduces the costs substantially. According to the digital revolution survey, investment in the predictive maintenance technology initiatives produces concrete returns on investment.

GLOBAL PREDICTIVE MAINTENANCE MARKET FORECAST 2019-2027

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According to the estimations computed by Inkwood Research, the global market for predictive maintenance is set to record an anticipated CAGR of 25.09% during the forecast period, reaching a revenue of $30264. 69 million by 2027. The forecasted period of the market study is 2019-2027, while the base year is 2018.

The global predictive maintenance market is driven by:

  • Growing need to reduce machinery breakdown
  • Rising investments for predictive maintenance

The rise in the investments for the overall market is considered as a major driver for the market. The major players and the new entrants in the market are investing in the predictive maintenance techniques, since it reduces the costs substantially. According to the digital revolution survey, investment in the predictive maintenance technology initiatives produces concrete returns on investment. For example, consumers stated data such as 2-5% augmented availability, 5-10% cost reduction, and 10-44% decrease in reactive maintenance. Furthermore, 81% of companies are dedicating time and resources to PdM.  This will increase awareness, thereby driving the demand for the market.

The solution is the leading segment in terms of revenue in the predictive maintenance market, with a market share of 71.27% in 2018.  The PdM solution is commonly used to check the maintenance of in-service equipment needs, and to elude expensive operational interruptions instigated because of equipment failures. The solution enables real time and thorough health analysis for loud equipment, along with failure root-cause analysis, to avoid unscheduled outages and breakdown. The demand for  reducing unplanned downtime with regard to optimized maintenance scheduling and failure prevention is driving the need for solution services. Moreover, the service segment is anticipated to grow at the highest CAGR of around 27.57% during the forecast period. Services are expected to gain traction in the market, owing to their increase in demand, while and after the implantation of PdM solutions.

Further, the rapid changes in technologies, coupled with implementation, have changed the requirement of the worker’s skill set, thereby, increasing the skill gap. There is a lack of incoming young workforce who have the technology-based skills required to complement the expertise of retiring, and still employed legacy workers, thereby restraining the market growth.

Report scope of the global predictive maintenance market covers segmentation analysis of component, deployment, stakeholder, technique, and end user.

Market by Component:

  • Solution
  • Service

Market by Deployment:

  • On-premise
  • Cloud

Market by Stakeholder:

  • MRO
  • Technology Integrators
  • OEM/ODM

Market by Technique:

  • Vibration Monitoring
  • Shock Pulse
  • Oil Analysis
  • Ultrasonic Leak Detectors
  • Electrical Testing
  • Infrared
  • Others

Market by End User:

  • Manufacturing
  • Transportation & Logistics
  • Aerospace & Defense
  • Energy & Utilities
  • Government
  • Healthcare
  • Others

On a geographical basis, the global predictive maintenance market has been segmented into four major regions:

  • North America: the United States and Canada
  • Europe: the United Kingdom, France, Germany, Spain, and the Rest of Europe
  • Asia Pacific: China, Japan, India, Australia, and the rest of Asia Pacific
  • Rest of World: Latin America, the Middle East, and Africa

In terms of geography, North America is the largest market with a market share of 35.15% in the forecast period. The presence of several service vendors and retailers is fueling the demand for PdM in North America. Moreover, the growing alertness towards PdM measures, and timely approval of PdM in the region has contributed to the demand for the market. On the other hand, the Asia Pacific region is anticipated to be the fastest-growing region with a CAGR of 26.63 % during the forecasted period. The growing focus on implementing inventive techniques for attaining the output for the upkeep of resources is likely to impact the predictive maintenance market growth in Asia-Pacific. For instance, one of the Japanese utility company is implementing AI for this technology.

The key players associated with the global predictive maintenance market are:

  • IBM Corporation
  • TIBCO Software Inc.
  • Hitachi Ltd.
  • Others

In June 2019, C3.ai and Baker Hughes, an Oil & Gas service company, announced a joint venture. With this venture, C3.ai, can influence Baker Hughes’s size and reach to balance its business, and Baker Hughes can influence the new IoT/AI solutions. Also, Schneider Electric introduced Schneider Electric Exchange, a cross-industry open ecosystem designed to solve real-world efficiency and sustainability challenges.

Key findings of the global predictive maintenance market:

  • North America leads the global predictive maintenance market by capturing the largest market share of around 35.15 % in 2018.
  • The Asia Pacific predictive maintenance market is estimated to record the highest CAGR of 26.63% during the forecast period of 2019-2027.
  • The growing demand for cloud applications is augmenting the growth of predictive maintenance market for the forecast period.
  • The services segment accounts for the largest share in the predictive maintenance market, and is projected to grow with a CAGR of xx% during the forecasted period.
  1. RESEARCH SCOPE
    • STUDY GOALS
    • SCOPE OF THE MARKET STUDY
    • WHO WILL FIND THIS REPORT USEFUL?
    • STUDY AND FORECASTING YEARS
  2. RESEARCH METHODOLOGY
    • SOURCES OF DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • TOP-DOWN APPROACH
    • BOTTOM-UP APPROACH
    • DATA TRIANGULATION
  3. EXECUTIVE SUMMARY
    • MARKET SUMMARY
    • KEY FINDINGS
      • ASIA PACIFIC DOMINATES THE OVERALL MARKET
      • GROWING DEMAND FOR CLOUD APPLICATIONS
      • RISING INNOVATIONS IN HEALTHCARE SEGMENT
  1. MARKET DYNAMICS
    • MARKET SCOPE & DEFINITION
    • MARKET DRIVERS
      • GROWING NEED TO REDUCE MACHINERY BREAKDOWN
      • RISING INVESTMENTS FOR PREDICTIVE MAINTENANCE
    • MARKET RESTRAINTS
      • SKILL GAP IS THE KEY RESTRAINT TO MARKET GROWTH
      • COMPLICATIONS IN IMPLEMENTATION OF TECHNOLOGY
    • MARKET OPPORTUNITIES
      • HIGH ADOPTION OF MACHINE LEARNING AND IIOT
      • SWELLING DEMAND FOR CONDITION BASED MONITORING
    • MARKET CHALLENGES
      • DATA PRIVACY CONCERNS
  1. MARKET BY COMPONENT
    • SOLUTION
    • SERVICE
  2. MARKET BY DEPLOYMENT
    • ON-PREMISE
    • CLOUD
  3. MARKET BY TECHNIQUE
    • VIBRATION MONITORING
    • ELECTRICAL TESTING
    • OIL ANALYSIS
    • ULTRASONIC LEAK DETECTORS
    • SHOCK PULSE
    • INFRARED
    • OTHERS
  4. MARKET BY STAKEHOLDER
    • MRO
    • OEM/ODM
    • TECHNOLOGY INTEGRATORS
  5. MARKET BY END USER
    • MANUFACTURING
    • ENERGY & UTILITIES
    • AEROSPACE & DEFENSE
    • TRANSPORTATION & LOGISTICS
    • GOVERNMENT
    • HEALTHCARE
    • OTHERS
  6. KEY ANALYTICS
    • PORTER’S FIVE FORCE MODEL
      • THREAT OF NEW ENTRANTS
      • THREAT OF SUBSTITUTE
      • BARGAINING POWER OF SUPPLIERS
      • BARGAINING POWER OF BUYERS
      • THREAT OF COMPETITIVE RIVALRY
    • KEY BUYING CRITERIA
      • COST
      • COMPANY BACKGROUND & EXPERIENCE
      • EASE OF USE
    • OPPORTUNITY MATRIX
    • VENDOR LANDSCAPE
  7. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • UNITED KINGDOM
      • GERMANY
      • FRANCE
      • SPAIN
      • ITALY
      • REST OF EUROPE
    • ASIA PACIFIC
      • CHINA
      • JAPAN
      • INDIA
      • SOUTH KOREA
      • AUSTRALIA
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA
  1. COMPANY PROFILES
    • ASYSTOM
    • ai Inc.
    • SOFTWARE AG
    • SCHNEIDER ELECTRIC SE
    • SAS INSTITUTE INC.
    • SAP SE
    • PTC INC.
    • MICROSOFT CORPORATION
    • IBM CORPORATION
    • HITACHI LTD.
    • GENERAL ELECTRIC
    • UPTAKE TECHNOLOGIES
    • TIBCO SOFTWARE INC.
    • SPARK COGNITION INC.
    • FIIX INC.

LIST OF TABLES

TABLE 1: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY GEOGRAPHY, 2019-2027 (IN $ MILLION)

TABLE 2: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY COMPONENT, 2019-2027 (IN $ MILLION)

TABLE 3: GLOBAL SOLUTION MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 4: GLOBAL SERVICE MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 5: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY DEPLOYMENT, 2019-2027 (IN $ MILLION)

TABLE 6: GLOBAL ON-PREMISE MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 7: GLOBAL CLOUD MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 8: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY TECHNIQUE, 2019-2027 (IN $ MILLION)

TABLE 9: GLOBAL VIBRATION MONITORING MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 10: GLOBAL ELECTRICAL TESTING MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 11: GLOBAL OIL ANALYSIS MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 12: GLOBAL ULTRASONIC LEAK DETECTORS MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 13: GLOBAL SHOCK PULSE MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 14: GLOBAL INFRARED MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 15: GLOBAL OTHERS MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 16: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY STAKEHOLDER, 2019-2027 (IN $ MILLION)

TABLE 17: GLOBAL MRO MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 18: GLOBAL OEM/ODM MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 19: GLOBAL TECHNOLOGY INTEGRATORS MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 20: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY END USER, 2019-2027 (IN $ MILLION)

TABLE 21: GLOBAL MANUFACTURING MARKET, BY REGION, 2019-2027 (IN $ MILLION)’

TABLE 22: GLOBAL ENERGY & UTILITIES MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 23: GLOBAL AEROSPACE & DEFENSE MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 24: GLOBAL TRANSPORTATION & LOGISTICS MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 25: GLOBAL GOVERNMENT MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 26: GLOBAL HEALTHCARE MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 27: GLOBAL OTHERS MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 28: OPPORTUNITY MATRIX

TABLE 29: VENDOR LANDSCAPE

TABLE 30: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY GEOGRAPHY, 2019-2027 (IN $ MILLION)

TABLE 31: NORTH AMERICA PREDICTIVE MAINTENANCE MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

TABLE 32: EUROPE PREDICTIVE MAINTENANCE MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

TABLE 33: ASIA PACIFIC PREDICTIVE MAINTENANCE MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

TABLE 34: REST OF WORLD PREDICTIVE MAINTENANCE MARKET, BY REGION, 2019-2027 (IN $ MILLION)

LIST OF FIGURES

FIGURE 1: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY COMPONENT, 2018 & 2027 (IN %)

FIGURE 2: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY SOLUTION, 2019-2027 (IN $ MILLION)

FIGURE 3: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY SERVICE, 2019-2027 (IN $ MILLION)

FIGURE 4: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY ON-PREMISE, 2019-2027 (IN $ MILLION)

FIGURE 5: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY CLOUD, 2019-2027 (IN $ MILLION)

FIGURE 6: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY VIBRATION MONITORING, 2019-2027 (IN $ MILLION)

FIGURE 7: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY ELECTRICAL TESTING, 2019-2027 (IN $ MILLION)

FIGURE 8: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY OIL ANALYSIS, 2019-2027 (IN $ MILLION)

FIGURE 9: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY ULTRASONIC LEAK DETECTORS, 2019-2027 (IN $ MILLION)

FIGURE 10: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY SHOCK PULSE, 2019-2027 (IN $ MILLION)

FIGURE 11: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY INFRARED, 2019-2027 (IN $ MILLION)

FIGURE 12: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY OTHERS, 2019-2027 (IN $ MILLION)

FIGURE 13: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY MRO, 2019-2027 (IN $ MILLION)

FIGURE 14: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY OEM/ODM, 2019-2027 (IN $ MILLION)

FIGURE 15: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY TECHNOLOGY INTEGRATORS, 2019-2027 (IN $ MILLION)

FIGURE 16: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY MANUFACTURING, 2019-2027 (IN $ MILLION)

FIGURE 17: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY ENERGY & UTILITIES, 2019-2027 (IN $ MILLION)

FIGURE 18: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY AEROSPACE & DEFENSE, 2019-2027 (IN $ MILLION)

FIGURE 19: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY TRANSPORTATION & LOGISTICS, 2019-2027 (IN $ MILLION)

FIGURE 20: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY GOVERNMENT, 2019-2027 (IN $ MILLION)

FIGURE 21: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY HEALTHCARE, 2019-2027 (IN $ MILLION)

FIGURE 22: GLOBAL PREDICTIVE MAINTENANCE MARKET, BY OTHERS, 2019-2027 (IN $ MILLION)

FIGURE 23: PORTER’S FIVE FORCE ANALYSIS

FIGURE 24: KEY BUYING IMPACT ANALYSIS

FIGURE 25: GLOBAL PREDICTIVE MAINTENANCE MARKET, REGIONAL OUTLOOK, 2018 & 2027 (IN %)

FIGURE 26: UNITED STATES PREDICTIVE MAINTENANCE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 27: CANADA PREDICTIVE MAINTENANCE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 28: UNITED KINGDOM PREDICTIVE MAINTENANCE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 29: GERMANY PREDICTIVE MAINTENANCE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 30: FRANCE PREDICTIVE MAINTENANCE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 31: SPAIN PREDICTIVE MAINTENANCE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 32: ITALY PREDICTIVE MAINTENANCE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 33: REST OF EUROPE PREDICTIVE MAINTENANCE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 34: CHINA PREDICTIVE MAINTENANCE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 35: JAPAN PREDICTIVE MAINTENANCE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 36: INDIA PREDICTIVE MAINTENANCE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 37: SOUTH KOREA PREDICTIVE MAINTENANCE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 38: AUSTRALIA PREDICTIVE MAINTENANCE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 39: REST OF ASIA PACIFIC PREDICTIVE MAINTENANCE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 40: LATIN AMERICA PREDICTIVE MAINTENANCE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 41: MIDDLE EAST & AFRICA PREDICTIVE MAINTENANCE MARKET, 2019-2027 (IN $ MILLION)

  1. MARKET BY COMPONENT
    • SOLUTION
    • SERVICE
  2. MARKET BY DEPLOYMENT
    • ON-PREMISE
    • CLOUD
  3. MARKET BY TECHNIQUE
    • VIBRATION MONITORING
    • ELECTRICAL TESTING
    • OIL ANALYSIS
    • ULTRASONIC LEAK DETECTORS
    • SHOCK PULSE
    • INFRARED
    • OTHERS
  4. MARKET BY STAKEHOLDER
    • MRO
    • OEM/ODM
    • TECHNOLOGY INTEGRATORS
  5. MARKET BY END USER
    • MANUFACTURING
    • ENERGY & UTILITIES
    • AEROSPACE & DEFENSE
    • TRANSPORTATION & LOGISTICS
    • GOVERNMENT
    • HEALTHCARE
    • OTHERS
  6. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • UNITED KINGDOM
      • GERMANY
      • FRANCE
      • SPAIN
      • ITALY
      • REST OF EUROPE
    • ASIA PACIFIC
      • CHINA
      • JAPAN
      • INDIA
      • SOUTH KOREA
      • AUSTRALIA
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA

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