Predictive maintenance industry is accelerating due adoption of technology
Published on : Friday 29-10-2021
Predictive Maintenance Market is expected to reach USD 21.2 Bn by 2027
October 2021 – The predictive maintenance market is accounted to grow at a significant rate in the forecast period. The growth is attributed to the need to increase uptime of assets and minimise maintenance costs. The Occupational Health and Safety Administration (OSHA), a government agency, has a set of stringent rules, regulations, and guidelines to be followed regarding the predictive maintenance in the industrial manufacturing plants. Therefore, predictive maintenance is a crucial thing to apply in a workplace.
Increasing prevalence of sensors in machinery, vehicles, production plants, among other hard equipment spaces are boosting up the global predictive maintenance market. The Global Predictive Maintenance Market was valued at USD 4.1Bn in 2020 and is expected to reach USD 21.2 Bn by 2027, with a growing CAGR of 26.1% during the forecast period.
Enterprises are leveraging artificial intelligence and machine learning technologies to analyse IoT data with incredible accuracy and speed compared to existing business intelligence tools. With the emergence of predictive maintenance, enterprises can make motion predictions up to 20 times faster and more accurately than threshold-based monitoring systems. For instance, in August 2021, in Seattle, Tignis, an AI Powered process control solution provider company announced the launch of the ‘PAICe product suite’, a new set of AI and machine learning analytics tools for manufacturing and process control that puts the power of machine learning into the hands of non-data scientists. This includes the ability to leverage surrogate machine learning models by Tignis that are up to a million times faster than today's physics-based simulations.
The Global Predictive Maintenance Market Segmentation is done on the basis of: component, deployment type, technique, and end user industry.
The key players operating in the global predictive maintenance market are:
Bosch Software Innovations GmbH, IBM Corporation, Honeywell International, Microsoft, Hitachi Ltd, Software AG, General Electric, Engineering Consultants Group, Software AG, Expert Microsystems, Rockwell Automation, Google, C3 IoT, Uptake, Softweb Solutions and TIBCO Software Inc., among others.
Geographically, the North American region was accounted to hold the largest market share in the year 2020. The reason behind North America being the largest market segment is the extensive presence of energy & utility and manufacturing sectoral plants leading to an increased usage of predictive maintenance solutions and services in the region.
The impact of Covid-19 has greatly affected the predictive maintenance market. The global ICT spending was estimated to decline by 4%-5% owing to covid-19 impact. The hardware sector is predicted to have the most impact.
Read More: https://www.alltheresearch.com/report/764/predictive-maintenance-market
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