Predictive Maintenance Market Overview and Forecast by 2031
The predictive maintenance market size is projected to reach US$ 59.81 billion by 2031 from US$ 6.76 billion in 2023. The market is expected to register a CAGR of 27.4% during 2023–2031. The investment in predictive maintenance solutions to reduce costs and downtime is likely to remain a key trend in the market.
Predictive Maintenance Market Analysis
In recent decades, the high demand to reduce increasingly expensive energy costs and shift toward a sustainable future have made energy audits important. As energy expenditure is a major concern for industries, companies are continuously checking energy consumption and significantly aiming to minimize it.
Predictive Maintenance Market Overview
Predictive maintenance improves equipment performance by merging Internet of Things sensors, artificial intelligence, and data science. It entails employing cloud-enabled technology to monitor and estimate maintenance requirements based on asset status, as well as identifying abnormalities that might lead to unexpected breakdowns. As a consequence, manufacturers profit significantly from forecasting equipment maintenance requirements in order to save costs and increase uptime. The core approach used to monitor industrial assets in real time is Condition Based Monitoring. Advanced IIoT sensors record complicated machine health data such as vibration, acoustics, temperature, and RPM, among others. The collected data is then evaluated to identify any variances in asset performance or problems that would be hard to detect with traditional equipment.
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Predictive Maintenance Market: Strategic Insights
Market Size Value in US$ 5,316.99 Million in 2021 Market Size Value by US$ 26,588.00 Million by 2028 Growth rate CAGR of 27.4% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Predictive Maintenance Market: Strategic Insights
| Market Size Value in | US$ 5,316.99 Million in 2021 |
| Market Size Value by | US$ 26,588.00 Million by 2028 |
| Growth rate | CAGR of 27.4% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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Predictive Maintenance Market Drivers and Opportunities
Minimizing Maintenance Costs and Downtime to Favor Market
Organizations now face an increasing desire to reduce maintenance expenses, equipment failures, and downtimes. Predictive maintenance is an excellent method for addressing these difficulties. Predictive maintenance systems use data analytics and machine learning to identify possible flaws in equipment before they occur, allowing for proactive maintenance interventions. Predicting equipment breakdowns early allows firms to arrange repair during planned downtime, reducing interruptions to operations and maximizing equipment uptime.
Use of AI and ML-based predictive maintenance
AI-based predictive maintenance has a wide range of applications in manufacturing. It employs powerful machine learning algorithms to evaluate huge amounts of data collected during production, providing key insights into achieving manufacturing excellence. In addition, machine learning algorithms utilize massive amounts of historical data to simulate various situations and predict what will go wrong and when. Advanced artificial intelligence algorithms recognize a machine's typical data behavior and use it as a baseline to detect and warn of variations in real-time.
Predictive Maintenance Market Report Segmentation Analysis
Key segments that contributed to the derivation of the predictive maintenance market analysis are component, deployment type, technique and industry.
- Based on component, the market is segmented by solutions and services. The solutions segment held a significant market share in 2023.
- Based on deployment type, the market is segmented into cloud and on-premises. The cloud segment held the largest share of the market in 2023.
- Based on technique, the market is segmented into vibration monitoring, electrical testing, oil analysis, ultrasonic leak detectors, shock pulse, infrared and others. The vibration monitoring segment held the largest share of the market in 2023.
- Based on industry, the market is segmented into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, oil & gas, and others. The manufacturing segment held the largest share of the market in 2023.
Predictive Maintenance Market Share Analysis by Geography
The geographic scope of the predictive maintenance market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America dominated the market in 2023. The use of modern technologies such as Machine Learning (ML), acoustic monitoring, Artificial Intelligence (AI), and the Internet of Things (IoT), as well as the expansion of customer channels and growing concerns about asset maintenance and operating expenses, have all contributed to growth. Furthermore, the adoption of IoT-connected devices in consumer electronics and M2M applications, rising demand for connected automobiles in the automotive industry, and a growing desire for innovative consumer electronics are propelling market expansion.
Predictive Maintenance Market Report Scope
Predictive Maintenance Market News and Recent Developments
The predictive maintenance market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the predictive maintenance market are listed below:
- Accenture plc acquired Nextira, an Amazon Web Services (AWS) Premier Partner that uses AWS services to provide predictive analytics, cloud-native innovations, and an immersive experience to its clients. These AWS services and solutions enable Accenture Cloud First to improve its technical skills while also providing clients with full-scale cloud capabilities. Nextira provides cloud-based services that use cutting-edge artificial intelligence, machine learning, engineering expertise, and data analytics to help users construct, design, launch, and optimize high-performance computing environments. (Source: Accenture plc, Press Release, June 2023)
- GE Vernova’s Gas Power business announced it has signed a multi-year agreement for an 876-megawatt (MW) plant in Al Ahmadi, Kuwait. Multi-year agreement includes the supply of parts, repairs, field services, advanced predictive maintenance, and digital solutions. (Source: GE Vernova, Press Release, December 2023)
Predictive Maintenance Market Report Coverage and Deliverables
The “Predictive Maintenance Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Predictive Maintenance market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Predictive Maintenance market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Predictive Maintenance market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the superconductor market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Deployment Type, Technique, and Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, UAE, UK, US
Frequently Asked Questions
The high demand to reduce increasingly expensive energy costs and shift toward a sustainable future is driving the market.
North America dominated the predictive maintenance market in 2023.
The investment in predictive maintenance solutions to reduce costs and downtime is likely to remain a key trend in the market.
General Electric Co., Hitachi Ltd., IBM Corporation, Microsoft Corporation, and PTC, Inc. are among the leading players in the predictive maintenance market.
The estimated value of the Predictive Maintenance market is expected to reach US$ 59.81 billion by 2031.
The market is expected to grow at a CAGR of 27.4% over the forecast period.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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