The predictive maintenance market is forecasted to grow at a high rate owing to the need to expand the life span of deteriorating industrial machineries
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.
Predictive maintenance is an equipment performance and condition monitoring system that is used to monitor the machinery performance, and anticipate the failure in the machinery during normal operation. The global predictive maintenance market is boosting at a significant pace as the standard for predictive maintenance at a workplace has increased.
Enterprises are leveraging artificial intelligence and machine learning technologies to analyze 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 AIPowered 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.
Moreover, costs can be sustained owing to unplanned downtime due to equipment failures in various end-user industries such as industrial manufacturing & oil and gas industries. Pipelines leakages are common in oil and gas industries. These leakages can incur millions of expenses and fines to the company causing huge loss of resources. Some of the companies providing predictive maintenance solutions are coming up with innovative technological advancements to solve organization’s problems. For instance, Rayven, a predictive maintenance IoT solutions provider, provides AI ad IoT-based pipeline monitoring and leak detections to save extra expenses to the oil and gas companies.
Global Predictive Maintenance Market by Region Outlook (Revenue, USD Million, 2021-2027)
In terms of geography, the North American region was accounted to hold the largest market share in the year 2020. The dominance is owing to the extensive presence of market players and heavy investments for predictive maintenance market. The key market companies like IBM, AWS, and Microsoft are present in the region with significant advancements in predictive maintenance. For instance, in April 2021, Amazon Web Services, Inc. announced the launch of a predictive maintenance service, ‘Amazon Lookout for Equipment’ which uses machine learning to assists scheduling maintenance work for the machineries using sensors. It collects data from sensors installed in manufacturing equipment and analyzes it to detect early warning signals that can cause a machine to fail or operate at less than 100%.
The Global Predictive Maintenance Market Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the global predictive maintenance market are: