Global Predictive Maintenance Market is expected to Exhibit a CAGR of 30.3% during the Forecast Period (2018-2026)

According to Coherent Market Insights, the global predictive maintenance market is estimated to be valued at US$ 2,123.8 Mn in 2018, up from US$ 1,639.2 Mn in 2017. By 2026, the market is projected to reach US$ 17,700.8 Mn, exhibiting a CAGR of 30.3% over the forecast period (2018–2026).

Market Dynamics of the Predictive Maintenance Market:

End-use industries such as oil and gas, aerospace, manufacturing, automotive, power generation, and healthcare are majorly focusing on automation and efficient operations and significantly investing for the same. This is owing to the fact that oil and gas industry has fluctuating operation costs, remote monitoring, and requires insightful decision-making.

Therefore, oil and gas industries are rapidly adopting automation. For instance, according to The U.K. Oil and Gas Industry Association Limited, US$ 6 billion was invested in U.K. Continental Shelf (UKCS) assets and acquisitions of oil and gas. The major part of the investment was utilized for automation in oil rigs. According to National Qualification Register (NQR) in 2016, India industrial automation industry is expected to be valued at US$ 3000 million by 2020.

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Moreover, predictive maintenance systems aid in collecting information related to equipment, processes it, and predicts the failure period. This helps in avoiding equipment failure and resulting incidents, thereby offering better asset management. Such advantages are further fuelling adoption of predictive maintenance systems. The predictive maintenance industry requires implementation of big data, analytics, and internet of things. Major concerns of end-use industries such as oil and gas, manufacturing, automotive and others are to reduce asset operation and maintenance cost. Implementation of predictive maintenance solutions through IoT technologies aids organizations in reducing downtime and operational and maintenance cost.

According to Coherent Market Insights’ (CMI) analysis, predictive maintenance using IoT can reduce equipment downtime by up to 40-50 % and reduce equipment capital investment by 4-5 %. For instance, in 2017, Infrabel, a the Belgium state-owned company responsible for Belgian rail infrastructure— implemented predictive maintenance in asset management process for better and cost effective results. Therefore, increasing demand for cost effective maintenance and for improving performance by companies are major factor aiding the market growth.

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Key Market Takeaways:

• Global predictive maintenance market is estimated to be valued at US$ 2,123.8 Mn in 2018, up from US$ 1,639.2 Mn in 2017. By 2026, the market is projected to reach US$ 17,700.8 Mn, exhibiting a CAGR of 30.3% over the forecast period (2018–2026).
• North America held dominant position in the global predictive maintenance market in 2017, and is projected to retain its dominance throughout the forecast period. The market generated revenue of US$ 524.0 Mn in 2017 and by 2026, the market is expected to exhibit a CAGR of xx% over the forecast period.
• In 2017, North America accounted for 32.0% of the total predictive maintenance market globally. Major vendors in North America for predictive maintenance solutions include, Robert Bosch, General Electric, and Rockwell Automation.
• Among applications, the asset maintenance segment accounted for the largest share and was valued at US$ 655.3 Mn in 2017. Asset maintenance solutions or services provide a strong transactional analysis between all maintainable assets. The predictive maintenance process for asset maintenance provides the capability to analyze the working condition of each and every component or sub-component of individual machinery, which helps to determine the errors to the professionals. Predictive maintenance uses condition monitoring equipment to evaluate the real-time performance of the assets and helps to identify the high criticality machineries such as old machinery, which requires periodic maintenance or replacement of parts for efficient running throughout the operations, whereas the machineries with less criticality can be given less attention and can be maintained in run-to-failure strategy.
• Some of the major players operating in the global predictive maintenance industry include, Amiral Technologies, Embitel, General Electric, Honeywell International, Inc., IBM Corporation, Microsoft Corporation, Rockwell Automation, Inc., Senseye Ltd., Softweb Solutions, Inc., Warwick Analytics, SAP SE, Robert Bosch GmbH, Software AG, and Siemens AG.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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