"Growing need to decrease the maintenance cost is primarily driving the growth of Predictive Maintenance market"

Globally, the predictive maintenance market is expected to grow with a CAGR of 28.5% during the forecast period from 2021 to 2029, starting from US$2.9Bn in 2020. The predictive maintenance is a method, which is used for monitoring of the equipment and devices. These methods enable the user to find the mechanical conditions of the machine and predict the failure of the machine. Moreover, predictive maintenance allows the user to make the maintenance time to time to reduce the downtime of the production. The predictive maintenance uses conditioning monitoring equipments and devices to evaluate the functionality and performance of the machines in real-time. Some of the benefits of predictive monitoring is that it reduces the maintenance time of the equipment which results in reducing the downtime for the maintenance. Moreover, it allows the machine operators to maintain the machine, which also results in the reduction of cost for spare parts, and supplies, thus, these factors drive the market. However, the cost for conditioning monitoring equipment is high which hampers the growth of the market.  

"Predictive Maintenance with Solution in its Component Segment to Continue Dominating the Market"

By component, the solution segment dominates the predictive maintenance, followed by the service segment. However, the service segment accounts to be the fastest-growing segment during the forecast period. The predictive maintenance offers various types of solution software that allows the operator to visualize the condition of the machine, allowing the user to make changes and perform the maintenance process to reduce the downtime for the process.  The increasing awareness among the individuals and organization about the benefits of predictive maintenance is contributing in the growth of the market.

"North America Dominates the Predictive Maintenance Market"

Predictive Maintenance market is led by North America. In 2020, this regional segment accounted for approximately 33% of the global predictive maintenance market. The presence of various key players such as Rockwell Automation, IBM Corporation, RapidMiner and others in the North America is a major factor driving the predictive maintenance market. Moreover, the early adoption of conditioning monitoring technology in the region also fuels the market growth. The US is the dominating country in North America followed by Canada and Mexico. The US is dominating country due to the presence of various manufacturing, automotive, healthcare, food & beverages and other industries. The US predictive maintenance market is rising due to increasing complexity in production, the requirement to reduce the downtime and improve the functioning quality.

Some of the prominent players operating in the predictive maintenance market include IBM Corporation, SAP SE, General Electric, Software AG, Robert Bosch, PTC Inc., Rockwell Automation, Warwick Analytics, Schneider Electric Se, and RapidMiner.

Historical & Forecast Period

This study report represents analysis of each segment from 2023 to 2033 considering 2024 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2025 to 2033.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Predictive Maintenance market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Predictive Maintenance market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Predictive Maintenance market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2033.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Predictive Maintenance market?
• Which is the largest regional market for Predictive Maintenance market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Predictive Maintenance market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Predictive Maintenance market worldwide?