This Predictive Maintenance market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Predictive Maintenance market.
Predictive maintenance is a method to predict the future breakdown point of in-service equipment to estimate when the maintenance are required, so that the components/parts can be replaced before it fails. Predictive maintenance can be used in many ways depending on available data.
Predictive maintenance technologies include vibration analysis, infrared testing, sound level measurements, oil analysis, ultrasonic leak detection, and thermography testing to improves plant operations and improves safety and regulatory compliance through better asset utilization.
Predictive maintenance helps organizations to reduce human judgment with diagnosing error using monitoring tools like image analytics, and sensors. The increase in the need to improve the maintenance cost reduction and uptime of equipment and increasing expenditure in predictive maintenance is expected to impact the market growth.
Impact of COVID-19 Pandemic Outbreak on Predictive Maintenance Market
The COVID-19 virus pandemic continues to impact businesses across the world. The increment percentage of the COVID-19 across the manufacturing industries has negatively impacted the demand for predictive maintenance during the lockdown in many countries.
Due to the COVID-19 outbreak, the companies are not investing in a new manufacturing technology due to the low return of investment and the market is projected to decline by nearly 200-250 BPS, in Q1-Q2, 2020.
Due to the impact COVID- 19 across all regions, major manufacturing companies are shutdown, which would again impact the market growth. According to an estimate, the COVID-19 pandemic situation gets controlled during Q3-Q4 2020, the market would recover to a steady growth.
Predictive maintenance Market: Dynamics
Recent advancements in technology have made predictive maintenance solutions more affordable and easily available for manufacturers. As IoT connects every industry such as manufacturing, transportation and logistics, automotive, and utility, many organizations prefer predictive maintenance solutions to reduce downtime and maximize efficiency allowing more key vendors to invest in the predictive maintenance market for innovation in services.
For instance, in 2019, PTC announced the latest version of its award-winning ThingWorx Industrial IoT solution platform. The company offers new capabilities, including designed to improve the productivity of industry workers by clarifying the way important operational information is delivered, collected, and synthesized.
With predictive maintenance, department managers can avoid virtual downtime when the equipment is not operating to its maximum potential. Predictive maintenance systems can leverage a range of data, which includes equipment run time, energy usage, temperature, output, and others, to improve decision making and operations at manufacturing units and manufacturing plants.
Predictive maintenance Market: Competition Landscape
Some of the prominent players in the predictive maintenance market are
- Schneider Electric
- Software AG
Predictive maintenance Market: Regional overview
North America is expected to be the leading region in terms of developing and adopting predictive maintenance. The increasing investments in developing technologies such as IoT, artificial intelligence, and machine learning for process manufacturing industries and increasing presence of predictive maintenance vendors are the main factors to contribute to the market growth during the forecast period. South Asia Pacific region has recorded an increasing focus on the new solutions to optimize the output for the maintenance of assets, which helps in the market growth of the region.
The predictive maintenance market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on Predictive maintenance market segments and geographies.
The report covers exhaustive analysis on:
- Predictive Maintenance Market Segments
- Predictive Maintenance Market Dynamics
- Predictive Maintenance Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Technology Landscape
- Value Chain of the Predictive maintenance Market
- Predictive maintenance Market Drivers and Restraints
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, & Rest of Latin America)
- Europe (Germany, Italy, U.K, Spain, France, BENELUX, & Russia)
- East Asia (China, South Korea, and Japan)
- South Asia & Pacific (India, ASEAN, and Australia & New Zealand)
- Middle East and Africa (GCC Countries, Turkey & South Africa)
- Detailed overview of parent Predictive maintenance market
- Changing Predictive maintenance market dynamics in the industry
- In-depth Predictive maintenance market segmentation
- Historical, current, and projected Predictive maintenance market size in terms of value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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Predictive maintenance Market: Segmentation
The Predictive maintenance market has been segmented on the basis of solution, development, end user and region.
The Predictive maintenance market is segmented on the basis of solution:
- Implementation and Integration
- Support & Maintenance
The Predictive maintenance market is segmented on the basis of development:
The Predictive maintenance market is segmented on the basis of end user:
- Energy & Utility
Frequently Asked Questions
What research methodology is used to develop the Predictive Maintenance Market report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Predictive Maintenance Market. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
What else does FMI offer apart from Predictive Maintenance Market report?
In addition to up-to-date market figures and customized of the Predictive Maintenance Market, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.
How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.