April 4, 2020

Predictive Maintenance Market (28.5% CAGR) 2019 to 2027: Global Industry Size, Share, Growth, Trends and Forecast

According to a new market research report published by Credence Research, The global Predictive Maintenance market was valued at US$ 2.9 billion in 2018 and is set to grow with a CAGR of 28.5 per cent during the forecast period 2019 to 2027.

Market Insights

The global market for predictive maintenance is strongly driven by the rapid adoption of conditioning monitoring techniques to maintain machines. Conditioning monitoring enables operators to keep track of the operation of the machine by means of various techniques such as vibration monitoring, electrical insulation, oil analysis, ultrasonic leak detectors, performance tests and others. Increased demand for predictive maintenance among vertical operators is due to various advantages, such as a reduction in the cost of the equipment, such as repairs made prior to failure resulting in a minimized cost of the equipment.

Browse the full report at https://www.credenceresearch.com/report/predictive-maintenance-market

Second, unscheduled downtime is minimized as operators can assess the functionality of the machine, which also results in cost and time savings, increasing production time. In addition, the increasing use of IoT and cloud-based systems is also contributing to the growth of the predictive maintenance market. Cloud deployment with conditioning monitoring systems and devices has made it possible for operators and users to analyze the condition of machines from anywhere in the world, and the techniques have also enabled users to analyze the functionality and performance of the machine. In 2018 November, Software AG launched a next-generation open and enterprise-grade cloud platform. This platform was made for deploying, testing, managing various enterprise, and IoT applications.

Based on End User, the manufacturing segments dominated the market with a market share of 28.6 per cent in 2018. The high demand for conditioning monitoring by the manufacturing industries is a key driver of the predictive maintenance market. The ability of predictive maintenance to predict machine failure allows the manufacturing industry to analyze the functionality of the machine, allowing the user to repair the part of the machine that is affected by the failure during production.

Asia-Pacific is considered to be the fastest-growing region due to the presence of various manufacturing units, growing demand for automobile, transportation, and consumer electronics industries. Moreover, the presence of various key and local vendors in the region such as Ecolibrium Energy, Hitachi and others also contribute in the growth of the market. Moreover, the increasing rules and regulation for safety measurement in the region is a major factor for driving the predictive maintenance market in Asia-Pacific region. However, North America is the dominating region with a market share of 33% in 2018, which is followed by Europe. Both The North America and Europe has various automobile, manufacturing, oil and gas and other industries which are driving the market.

Some of the major companies profiled for predictive maintenance market are IBM Corporation, SAP SE, General Electric, Software AG, Robert Bosch, PTC Inc., Rockwell Automation, Warwick Analytics, Schneider Electric Se, and RapidMiner.

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Report Scope by Segments

By Component Segment

  • Solution
  • Services

By Technique Segment

  • Vibration monitoring
  • Electrical insulation
  • Oil analysis
  • Ultrasonic leak detectors
  • Performance testing
  • Others

By Deployment Segment

  • Cloud
  • On-Premise

By End-User Segment

  • Manufacturing
  • Aerospace & defense
  • Healthcare
  • Automotive
  • Energy and Utilities
  • Government
  • Transportation
  • Others

By Geography Segment

  • North America (U.S., Rest of North America)
  • Europe (U.K., Germany, France, Rest of Europe)
  • Asia Pacific (China, Japan, India, Rest of Asia Pacific)
  • Rest of the World (Middle East & Africa, Latin America)

Credence Research is providing Free Sample Get it here: https://www.credenceresearch.com/sample-request/59778

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