Advances in Sensor Technology likely to Drive the Predictive Maintenance (PdM) Market to Reach USD 111.30 Billion by 2030

Market Research Future has Published a Cooked Research Report on the Global Preventive Maintenance (PdM) Market.

Overview

The Global Preventive Maintenance (PdM) Market is expected to reach USD 111.30 Billion by 2030, growing at a CAGR of 26.20% during the forecast period (2022-2030). The growth of sensor technology has helped boost the preventive maintenance market. Over the past few years, sensors have created a revolutionary impact on the industrial sectors. Sensors enable seamless communication between machinery and allow real-time data transfer; this streamlines the entire process from procurement of raw materials to the final production. Deploying sensors increases efficiency and the rate of production through automation and reduces human errors. Smart factories use smart devices, machines, sensors, and measurement and testing equipment to monitor and analyze the manufacturing processes. Currently, the integration of the IoT technology and on-premise computing power have resulted in the substitution of ordinary sensors with smart sensors, allowing them to gather and provide precise data in the maintenance of assets and perform necessary operations. Sensors can be installed with predictive maintenance platforms to act as a preventive mechanism at critical points in the machinery. If a smart sensor functions properly in conjunction with predictive maintenance software, it sends alerts not only to determine what the problem is, but also to order the parts and schedule necessary repairs. Ideally, this warning would also provide the luxury to schedule the maintenance during a planned outage rather than at an inopportune time.

The preventive maintenance market has faced some challenges due to which the solutions have been slow to gain widespread adoption. The reason has mostly been the difficulty in integration of said systems with the existing IT infrastructure. Most organizations still run legacy systems which do not offer integration capabilities across devices. This is because predictive maintenance tools are typically deployed as standalone tools, which means users have to switch from their primary business application over to the predictive analytics solution in order to use it. Traditional predictive tools are hard to scale and deploy, which makes updating them a tedious process.

Segmental Analysis

The predictive maintenance market has been segmented based on component, deployment, technique, end users, and region.

Based on the component, the predictive maintenance market has been segmented into hardware, solution, and services. The hardware segment accounted for the largest market share with a market value of USD 111.30 Billion in 2030; it is expected to dominate the market during the forecast period. The services segment is projected to grow at a significant CAGR during the forecast period as it covers customized solutions, maintenance, and other support services.

Source: Company Websites, Annual Reports, Secondary Research, Press Releases, Paid Database, Expert Interviews, White Papers, Journals, Case Studies, and MRFR Analysis

By testing type, the PdM market has been segmented into vibration monitoring, electrical insulation, infrared thermography, temperature monitoring, ultrasonic leak detector, oil analysis. The vibration monitoring segment accounted for the largest market share in 2018, whereas the oil analysis is expected to register the highest CAGR of 26.20%.

By deployment, the PdM market has been segmented into cloud and on-premise. The on-premise segment accounted for the larger market share in 2030, whereas the cloud segment is expected to register the higher CAGR of 26.20% during the forecast period.

By technique, the market has been categorized as traditional and advanced techniques. The traditional techniques segment accounted for the larger market share in 2030, whereas the advanced techniques segment is expected to register the higher CAGR of 26.20%.

Based on industry vertical, the market has been segmented into manufacturing, healthcare, energy & utility, automotive, aerospace & defense, transportation, and others. The manufacturing segment accounted for the largest market share in 2030, whereas the energy & utility segment is expected to register the highest CAGR.

Competitive Analysis

The key players of the global preventive maintenance market are Microsoft Corporation (US), Axiomtek Co. Ltd (Taiwan), XMPro (US), SAP SE (Germany), C3 IoT (US), Oracle Corporation (US), IBM Corporation (US), RapidMiner (US), Hitachi, Ltd (Japan), Comtrade (Ireland), and Software AG (Germany).

Apart from these, some other companies that offer solution include ABB, Bentley Systems, General Electric (General Digital), Schneider Electric, Senseye, and Uptake Technologies

Regional Analysis

The regional analysis of the device as a service market has been conducted for North America, Europe, Asia-Pacific (APAC), and the Middle East & Africa, and South America.

The market in North America accounted for the largest market share in 2030, and it is expected to dominate the market during the forecast period. Advances in industrial technology, expansion of IoT connectivity, and rapid adoption of advanced technologies, particularly machine learning, are some of the factors responsible for the growth of the predictive maintenance market in the region.

The market in Asia-Pacific is expected to grow at the highest CAGR of 26.20% during the forecast period. For the purpose of analysis, Asia-Pacific has been categorized into China, Japan, South Korea, the rest of Asia-Pacific. Governments of countries such as China, Japan, and India are focused on the development of its manufacturing and oil & gas industries and advancements in digital technology, which can boost the growth of the market during the assessment period.

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