Benefits such as increase in uptime, reduction in maintenance costs, and decrease in repair and overhaul time drive the growth of the global predictive maintenance market.
New York, Aug. 24, 2022 (GLOBE NEWSWIRE) -- According to the report published by Next Move Strategy Consulting, the global predictive maintenance market generated USD 5.66 billion in 2021, and is expected to reach USD 64.25 billion by 2030, witnessing a CAGR of 27.4% from 2022 to 2030. The report also provides an extensive analysis of changing market dynamics along with detailed segmentation of the market. In addition, the report highlights the competitive scenario.
Covering an extensive scenario of the market into 241 pages along with 190 tables and 164 figures, the research provides a detailed analysis of each and every aspect of the predictive maintenance industry. The report also analyzes the Covid-19 pandemic impact on the market to help market players and investors in adapting the strategies to be adopted post-pandemic to achieve growth.
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Component, Deployment Model, Technique, Stakeholder, Industry Vertical, and Geography.
Benefits such as increase in uptime, reduction in maintenance costs, and decrease in repair and overhaul time
Ability to extend lifetime of aging assets
Emergence of industrial internet of things (IIoT) and utilization of machine learning
Rise in demand for predictive maintenance software for predicting embryonic assets failure and prevent loss
The report provides a detailed analysis of changing market dynamics with the help of driving forces, restrains, and opportunities in the coming years. Benefits such as increase in uptime, reduction in maintenance costs, and decrease in repair and overhaul time drive the growth of the global predictive maintenance market. In addition, ability to extend lifetime of aging assets supplements the market growth. However, high cost related to installation and misinterpretation of the data that may lead to discrepancies restrain the market growth.
Outlining the opportunities that enable leading players to expand their predictive maintenance market share in the coming years, the Lead Analyst for the ICT & Media at Next Move Strategy Consulting, highlighted, “The emergence of industrial internet of things (IIoT) and utilization of machine learning presents new opportunities. In addition, rise in demand for predictive maintenance software for predicting embryonic assets failure and prevent loss create new avenues in the coming years.”
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The report offers a detailed segmentation of the global predictive maintenance market based on component, deployment model, technique, stakeholder, industry vertical, and region. Based on component, the research bifurcates the market into solution and service. Based on deployment model, the research classifies the market into cloud and on-premise. By technique, the report further divides the market into vibration monitoring, oil analysis, electrical testing, shock pulse, ultrasonic leak detectors, infrared, and others.
On the basis of stakeholder, the report further segments the market into MRO, OEM/ODM, and technology integrators. By industry vertical, the report classifies the market into manufacturing, aerospace & defense, energy & utilities, government, transportation & logistics, and others.
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Based on geography, the report further classifies the global predictive maintenance market into North America, Europe, Asia-Pacific, and RoW. Based on report, North America contributed to the largest share in 2021, and will maintain its dominance during the forecast period. This is attributed to the presence of huge number of service vendors, technological advancements, and surge in awareness about predictive maintenance. Contrarily, Asia-Pacific is projected to grow steadily throughout the forecast period, owing to adoption of technological innovations to achieve maximum output.
The report analyzes each segment and sub-segment based on these regions and their respective countries. This analysis helps market players in determining the steps to be taken to devise strategies and gain the competitive edge in the global predictive maintenance market.
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The report provides a detailed analysis of leading players of the global predictive maintenance market. The market players analyzed in the research include Asystom, Engineering Consultants Group, Inc., C3.ai, Inc., Fiix, Inc., Expert Microsystems, Inc., Sigma Industrial Precision, Operational Excellence (OPEX) Group Ltd., TIBCO Software, Inc., Spark Cognition, General Electric, Hitachi, Ltd., Uptake Technologies, Inc., Microsoft Corporation, International Business Machines Corporation (IBM), PTC, Inc. The research provides top strategies and developments, business performance, product portfolio, and sales value of each player.
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