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Predictive Maintenance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
Report Format: PDF+Excel | Report ID: SR112023A5342
Market Overview:
The global predictive maintenance market reached a value of US$ 5.95 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 28.44 Billion by 2027, exhibiting a CAGR of 27.60% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Predictive maintenance is a technology that relies on condition-monitoring tools and devices to track the functioning of equipment during an operation. It has sensors for recording a wide range of data, such as temperature, vibrations, and conductivity, which enables an engineer to predict the failure of an asset while allowing it to be repaired or replaced in advance. It helps maximize the life of an asset and reduce maintenance costs and equipment downtime. As a result, predictive maintenance finds extensive applications in the manufacturing, energy and utilities, aerospace, defense, transportation and logistics, and healthcare industries worldwide.
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Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Predictive Maintenance Market Trends:
At present, there is a rise in the utilization of machine-to-machine (M2M) communication and cloud technology to investigate the information derived from industrial assets across the globe. This, along with the growing employment of artificial intelligence (AI) technology to transform a considerable volume of data produced by various components of the internet of things (IoT) ecosystem into meaningful insights, represents one of the key factors driving the market. Besides this, increasing investments in predictive maintenance to extend the lifespan of aging industrial machinery is propelling the growth of the market around the world. In addition, the rising demand for predictive maintenance to track remote working and asset management is offering lucrative growth opportunities to industry investors and key market players. Moreover, the growing applications of predictive maintenance in X-ray, tomography and mammography to improve decision-making capabilities and operational efficiencies are positively influencing the market. Apart from this, the increasing adoption of real-time streaming analytics technology in various organizations to process and analyze data records continuously is bolstering the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global predictive maintenance market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, technique, deployment type, organization size and industry vertical.
Breakup by Component:
- Solution
- Service
Breakup by Technique:
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- Vibration Monitoring
- Electrical Testing
- Oil Analysis
- Ultrasonic Leak Detectors
- Shock Pulse
- Infrared
- Others
Breakup by Deployment Type:
- Cloud-based
- On-premises
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Industry Vertical:
- Manufacturing
- Energy and Utilities
- Aerospace and Defense
- Transportation and Logistics
- Government
- Healthcare
- Others
Breakup by Region:
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- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Asystom, C3.ai Inc., General Electric Company, Google LLC (Alphabet Inc.), Hitachi Ltd., International Business Machines Corporation, Microsoft Corporation, PTC Inc., SAP SE, Software AG, Tibco Software Inc. and Uptake Technologies Inc.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2021 |
| Historical Period | 2016-2021 |
| Forecast Period | 2022-2027 |
| Units | US$ Billion |
| Segment Coverage | Component, Technique, Deployment Type, Organization Size, Industry Vertical, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | Asystom, C3.ai Inc., General Electric Company, Google LLC (Alphabet Inc.), Hitachi Ltd., International Business Machines Corporation, Microsoft Corporation, PTC Inc., SAP SE, Software AG, Tibco Software Inc. and Uptake Technologies Inc. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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