MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Predictive Maintenance Market.
Predictive Maintenance Market – Overview
The increasing emphasis on operating efficiency of machines and engines is expected to increase the reliance on predictive maintenance. Market reports related to the information and communication industry have been presented by Market Research Future which prepares reports on other industry verticals that plan to research the current market scenarios better. The market is anticipated to accomplish revenues worth USD 6334 million while increasing at a 27% CAGR in the forecast period.
The need to maintain optimal efficiency in the operating condition of machines is expected to create new opportunities for the progress of the market in the forecast period. The popularity of efficiency and productivity tools that can reduce loss from damages or shorten downtimes is anticipated to inspire the development of the predictive maintenance market favorably. The rise in the adoption of big data and concepts like the Internet of Things (IoT) is expected to encourage the development of the predictive maintenance market.
The segmentation analysis of the predictive maintenance market is carried out on the basis of component, technique, deployment, end-user, and region. On the basis of component, the predictive maintenance market is segmented into service and solution. Based on the technique, the predictive maintenance market is segmented into thermo-graphic inspection, vibration monitoring, and oil analysis. On the basis of deployment, the predictive maintenance market is segmented into on-premise and cloud. Based on end-users, the predictive maintenance market is segmented into aerospace & defense, manufacturing, automotive, transportation, healthcare, and government. The regions included in the predictive maintenance market are Asia Pacific, North America, Europe and the rest of the world.
The region wise analysis of predictive maintenance market encompasses regions such as Asia Pacific, North America, Europe and the rest of the world. The analysis of the market for predictive maintenance observes that the North American region would lead the market in the forecast period due to the incidence of a huge number of service and solution vendors. The study also finds that Asia Pacific nations such as Japan, China, South Korea, India, and others are greatly investing to amplify the effectiveness of the production assets. Moreover, the Asia Pacific region is projected to illustrate positive expansion in predictive maintenance market through the forecast period.
The advances in the market are expected to be encouraged by the escalation in investments and product developments. The market contestants find themselves in a favorable place with the ability to deal with the speed of change. The competitors are avidly tackling the challenges to development and are making strategies that can lead to an advantageous overall effect on the market's growth. The perceived tendency for the market’s advance has enhanced following the improved approachability to encouraging aspects of the market. The chances for growth in the market are demonstrating ample area for progress in the forecast period. The competitive viewpoint for the market is expected to expand considerably in the approaching period. The market pros are making efforts to establish strong value chains that can bring in amplified profits.
The well-known competitors in the predictive maintenance market globally are SAP SE (Germany), Software AG (Germany), IBM (U.S.), Robert Bosch (Germany), Rockwell Automation (U.S.), Warwick Analytics (U.K.), Schneider Electric SE (France), RapidMiner (U.S.), PTC (U.S.), eMaint Enterprises, LLC (U.S.) General Electric (U.S.), and SKF (Sweden) among others.
Feb 2019 Mann+Hummel have recently chosen Sierra Wireless’ Smart SIMs and AirVantage IoT Platform to join and handle global deployments of Senzit, the company’s latest predictive maintenance platform for agricultural and industrial fleets. Senzit makes use of IoT connectivity services from Sierra Wireless to provide fleet managers visibility of dust load, equipment location and engine hours. The real-time monitoring capability will enable fleet managers to schedule maintenance only when vehicles need it and also avoid downtime due to engine damage.