The Predictive Maintenance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Predictive Maintenance Global Market Report 2024, The predictive maintenance market size has grown exponentially in recent years. It will grow from $7.36 billion in 2023 to $9.49 billion in 2024 at a compound annual growth rate (CAGR) of 28.8%. The growth in the historic period can be attributed to equipment downtime reduction, cost savings, regulatory compliance and safety standards.
The predictive maintenance market size is expected to see exponential growth in the next few years. It will grow to $25.68 billion in 2028 at a compound annual growth rate (CAGR) of 28.3%. The growth in the forecast period can be attributed to integration with enterprise systems, predictive analytics for complex systems, focus on proactive maintenance strategies. Major trends in the forecast period include digital twin technology, cross-industry collaboration, advancements in sensor technologies, advanced analytics and machine learning, cloud-based solutions.
The growing demand to reduce maintenance costs, equipment failure and downtime is significantly contributing to the growth of the predictive maintenance market. Equipment downtime refers to the duration in which particular equipment is not in operation due to unplanned equipment failure. Frequent equipment failure and unplanned downtime of large equipment are hampering the business operations due to a temporary halt of production activities, idle staff time, financial penalties, and others. For instance, according to the study published in Senseye Ltd., a UK-based provider of AI-driven predictive maintenance software, in June 2021, each production plant is losing $172 million per annum due to unplanned downtime. Thus, these manufacturing units are investing in advanced technologies to mitigate the probable unprecedented downtime of machinery in the plant. Therefore, growing demand to reduce maintenance costs, equipment failure, and downtime is expected to boost demand for predictive maintenance during the forecast period.
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The predictive maintenance market covered in this report is segmented –
1) By Component: Solutions, Service
2) By Deployment Mode: On-premises, Cloud
3) By Stakeholder: MRO, OEM/ODM, Technology Integrators
4) By Application: Heavy Machinery, Small Machinery, Other Applications
5) By End User: Aerospace & Defense, Automotive & Transportation, Energy & Utilities, Healthcare, IT & Telecommunication, Manufacturing, Oil & Gas, Other End Users
Major companies operating in the predictive maintenance market are increasing their focus on introducing advanced solutions, such as the Asset Risk Predictor, to gain a competitive edge in the market. Asset Risk Predictor is a predictive maintenance solution that uses advanced analytics to assess and forecast the risk of equipment failure, helping industrial organizations optimize maintenance strategies and minimize downtime. For instance, in September 2023, Rockwell Automation Inc., a US-based automation company, launched its first artificial intelligence (AI) predictive maintenance software, Asset Risk Predictor. It uses artificial intelligence (AI) sensor data, machine recipes, and operational environments to predict asset health, which helps users spot and eliminate failures before they happen. The tool is capable of learning the signs of equipment failure and can predict breakdowns up to days in advance, allowing users to react to potential failures faster by automatically creating work orders in their computerized maintenance management system (CMMS).
The predictive maintenance market report table of contents includes:
1. Executive Summary
- Predictive Maintenance Market Characteristics
- Predictive Maintenance Market Trends And Strategies
- Predictive Maintenance Market – Macro Economic Scenario
- Global Predictive Maintenance Market Size and Growth
. - Global Predictive Maintenance Market Competitive Benchmarking
- Global Predictive Maintenance Market Competitive Dashboard
- Key Mergers And Acquisitions In The Predictive Maintenance Market
- Predictive Maintenance Market Future Outlook and Potential Analysis
- Appendix
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