Predictive Maintenance Market By Component (Solution, Services) , By Technique (Vibration Monitoring, Electrical Testing, Oil Analysis, Ultrasonic Leak Detectors, Shock Pulse, Infrared, Others) By Deployment Mode (On-premise, Cloud) By End User (Manufacturing, Energy and Utilities,, Aerospace and Defense, Transportation and Logistics, Government, Healthcare, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Predictive Maintenance Market
The predictive maintenance market was valued at $10.1 billion in 2023 and is projected to reach $162.1 billion by 2033, growing at a CAGR of 32.2% from 2024 to 2033.
Predictive maintenance is a technique that uses data & analytics strategies to proactively determine the health and performance of equipment. The technique utilizes the Internet of Things (IoT) sensors and AI algorithm to identify potential problems in a system by analyzing data in real time. Predictive maintenance approach is crucial to eliminate equipment failure, reduce unexpected breakdown periods, and enhance cost savings for stakeholders.
Advancements in machinery owing to surge in the deployment of technological innovations such as AI & ML have boosted the popularity of predictive maintenance capabilities, thereby driving the market growth. In addition, rise in the adoption of automation & smart technology in residential and industrial application augments the development of the market. A notable trend gaining significance in the market currently is the formation of digital twins of physical equipment for predictive maintenance. The twins imitate the operating conditions of equipment, providing critical information regarding system performance in real time and enabling potential failure identification remotely.
However, the installation of predictive maintenance infrastructure is an intricate and capital-intensive procedure that hampers the growth of the market. Furthermore, concerns pertaining to unauthorized access to system information and data breaches deters several individuals & organizations from investing in the technique, restraining the market growth significantly. On the contrary, the adoption of predictive maintenance approach is witnessing a notable surge as industries are striving to enhance their productivity at low costs. This is projected to present lucrative opportunities for the market development. According to Deloitte, an inadequate maintenance approach reduces the productivity of a facility by 5-20%. Moreover, it leads to approximately 40% of the operational budget being spent on poor maintenance schedules. Hence, rise in adoption of predictive maintenance techniques indicates a bright future for the market.
Segment ReviewThe predictive maintenance market is segmented into component, technique, deployment mode, end user, and region. On the basis of component, it is bifurcated into solution and services. Depending on technique, it is divided into vibration monitoring, electrical testing, oil analysis, ultrasonic leak detectors, shock pulse, infrared, and others. As per deployment mode, it is classified into on-premise and cloud. By end user, it is categorized into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, government, healthcare, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Key FindingsOn the basis of component, the solution segment held the largest share in the market for 2023.
Depending on technique, the vibration monitoring segment dominated the market share in 2023.
As per deployment mode, the cloud segment is expected to exhibit the highest market share during the forecast period.
By end user, the energy & utilities segment is projected to be the highest shareholder by 2033.Region wise, North America was the highest revenue generator in 2023.
Competition AnalysisThe leading players operating in the global predictive maintenance market include IBM Corporation, ABB Ltd., Amazon Web Services, Inc., Google LLC, Microsoft Corporation, Hitachi, Ltd., SAP SE, SAS Institute Inc., Software AG, and Schneider Electric SE. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy ComponentSolution
Services
By TechniqueVibration Monitoring
Electrical Testing
Oil Analysis
Ultrasonic Leak Detectors
Shock Pulse
Infrared
Others
By Deployment ModeOn-premise
Cloud
By End UserManufacturing
Energy and Utilities,
Aerospace and Defense
Transportation and Logistics
Government
Healthcare
Others
By RegionNorth America
U.S.
Canada
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Middle East and Africa
GCC Countries
South Africa
Rest of Middle East and Africa
Key Market PlayersIBM Corporation
ABB Ltd
Amazon Web Services, Inc.
Google LLC
Microsoft Corporation
Hitachi, Ltd.
SAP SE
SAS Institute Inc.
Software AG
Schneider Electric SE