Predictive maintenance market to reach $26.5 billion

Published
November 24, 2023 - 08:15am
Predictive maintenance market expected to reach $26.5 billion by 2028

A recent market study shows that the predictive maintenance market is expected to grow from $5.3 billion in 2021 to $26.5 billion by 2028. The market is anticipated to grow at a CAGR of 27.4% from 2022 to 2028. 

The study, "Predictive Maintenance Market Forecast to 2028,” finds that Industry 4.0 is revolutionizing how companies make, improve, and sell their products. 

Aerospace, defense, transportation, and many other industries are implementing the latest technologies, including the Internet of Things (IoT), cloud computing and analytics, artificial intelligence (AI), and machine learning (ML), to improve processes and overall operations. Companies in the oil & gas industry are significantly adopting technologies, such as IoT and advanced analytics to enhance operational efficiencies, cut costs, and optimize manual processes. Oil and gas companies experience several unplanned incidences, such as pipe leakage and energy grid failure, which cost millions to them.

Predictive maintenance enables these companies to rely on Industrial Internet of Things (IIoT)-)-enabled technologies, such as sensor data, and use predictive analytics for real-time equipment inspections, which helps reduce maintenance costs and unplanned equipment downtime. These factors are collectively driving the growth of the predictive maintenance market size globally.

The Asia Pacific predictive maintenance market is segmented into Australia, China, India, Japan, and South Korea. The increased uptake of advanced technologies in Asia Pacific across various industrial applications is expected to drive the predictive maintenance market growth over the coming years. Every industry vertical needs improved asset management, boosting the demand for predictive maintenance solutions. Solution providers equipped with machine learning (ML) and artificial intelligence (AI) can achieve meaningful insights from the vast amount of customer-related data generated by IoT and other connected devices. Additionally, Chinese firms have been one of the keenest adopters of technology in APAC as they seek to gain a competitive edge through digitalization and innovation. Similar trends are being witnessed across other nations in the region, such as India and Singapore. Such factors will likely drive APAC’s predictive maintenance market size during the forecast period.

The ecosystem of the global predictive maintenance market comprises the following stakeholders: Hardware suppliers, software providers, predictive maintenance service providers, and end users. Hardware suppliers provide IoT-enabled sensors and other equipment enabling data collection for predictive maintenance. Software providers offer solutions, which are often customized as per customer requirements. Solutions collect, disseminate, and analyze data gathered from different equipment requiring predictive maintenance. Service providers of predictive maintenance are some of the major customers of hardware and software providers. Various offerings of service providers comprise acoustic analysis, vibration analysis, and infrared analysis alerts. End users can also avail hardware and software directly from suppliers without engaging any service provider.

The predictive maintenance market is analyzed based on component, deployment type, technique, and industry. Based on components, the market is segmented into solutions and services. Based on deployment type, the market is bifurcated into cloud and on-premise. Based on technique, the market is segmented into vibration monitoring, electrical testing, oil analysis, ultrasonic leak detectors, shock pulse, infrared, and others. Based on industry, the predictive maintenance market is segmented into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, oil & gas, and others.

INDUSTRY NEWS

02/19/2024
Music was in the air at the press conference Fritz Studer AG held at its headquarters in…

02/13/2024
WFL Millturn supports the Tools for Life program that is dedicated to helping people in four key…

02/12/2024
The Ontario government is investing over $62.9 million in two of the province’s foundational…