Predictive Maintenance Market by Component (Solution and Service), by Deployment (Cloud and On-premises), by Technique (Vibration Monitoring, Electrical Testing, Oil Analysis, Ultrasonic Leak Detectors, Shock Pulse, Infrared, and Others), by Stakeholder (MRO, OEM/ODM, and Technology Integrators), by Industry Vertical (Manufacturing, Energy & Utilities, Aerospace & Defense, Transportation & Logistics, Government, Healthcare, and Others) – Global Opportunity Analysis and Industry Forecast, 2024–2030
Predictive Maintenance Market
Domain – ICT & Media
Sub Domain – Software & Solutions
The Predictive Maintenance Market size was valued at USD 5.93 billion in 2023, and is predicted to reach USD 8.35 billion by 2030, with a CAGR of 27.4% during the forecast period, 2024–2030.
Predictive maintenance is revolutionizing the maintenance strategies by using the Internet of Things (IoT) sensors, artificial intelligence (AI)-driven analytics, and machine learning. These strategies predict when equipment needs maintenance, reducing unplanned downtime and extending equipment lifespan. Challenges include initial investment and model accuracy. Advancements in IoT, AI, and analytics are expected to propel the growth and innovation of this industry.
The increasing significance of predictive maintenance across industries such as manufacturing, oil and gas, aerospace, defense, and transportation is a substantial driver for the growth of the predictive maintenance market. With the launch of a new predictive maintenance system called IKON for executive jets of Embraer S.A., the demand of predictive maintenance is shifting. It uses Amazon Web Services cloud and a set of analytics services to identify data patterns and pinpoint potential aircraft issues. It helps airlines and customers implement digital predictive maintenance on its E-Jet or Embraer Executive Jets fleets. The company utilizes data to reduce response time and aircraft downtime.
However, the implementation of predictive maintenance systems requires a significant upfront investment in technology, such as sensors and software. This can be a barrier for small and medium size enterprises (SMEs). This factor is restraining the market growth. On the contrary, the integration of advanced technologies such as edge computing, 5G, AI, and Remaining Useful Life (RUL) is expected to create ample growth opportunities for the market in the coming years.
Segment OverviewThe global predictive maintenance industry is segmented on the basis of component, deployment, technique, end user, and region.
By component, the market is bifurcated into solution and service.
By deployment, the market is segmented into cloud and on-premises.
By technique, the market is classified into vibration monitoring, electrical testing, oil analysis, ultrasonic leak detectors, shock pulse, and infrared.
By end user, the market is categorized into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, government, healthcare, and others.
By region, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world (RoW).
Regional AnalysisNorth America holds the dominant market share
North America holds the largest share of the predictive maintenance market, and is poised to maintain its leadership throughout the forecast period. This is driven by well-established industrial sectors and the rapid adoption of advanced technologies for enhancing operations and reducing downtime. Additionally, the presence of industry giants including IBM Corporation, Microsoft Corporation, and Oracle Corporation significantly contributes to the growth of the predictive maintenance market. In the U.S., the collaboration between Microsoft Corporation and The Procter & Gamble Company (P&G) fuels the market growth. This partnership seeks to elevate P&G's digital manufacturing platform through the integration of advanced technologies. They will optimize quality control, maintenance, product release, touchless operations, and sustainability.
Key Market Players
The key players in the global predictive maintenance market include:• IBM
• General Electric
• Schneider Electric
• Siemens AG
• Honeywell International, Inc.
• Microsoft Corporation
• SAP SE
• PTC, Inc.
• Bosch Software Innovations GmbH
• Software AG
• SAS Institute, Inc.
• Rockwell Automation, Inc.
• Oracle Corporation
• Hitachi, Ltd.
• Altair Engineering, Inc.
Recent DevelopmentsMay 2023
IBM Watson plans to integrate with SAP, bringing AI-driven insights and automation to enhance user experiences. This collaboration aims to boost productivity and provide predictive insights, benefiting retail, manufacturing, and utilities sectors.
March 2023
Honeywell Versatilis Transmitters enable condition-based monitoring of rotating equipment such as pumps, motors, compressors, fans, blowers, and gearboxes by measuring vibration, surface temperature, and acoustics. This facilitates predictive maintenance by anticipating equipment anomalies before they occur, reducing unplanned downtime. By integrating Honeywell Versatilis Transmitters into their operations, companies can leverage data-driven insights to optimize rotating equipment performance and achieve optimal asset utilization.
November 2022
Advantech collaborated with Actility SAS to launch a new AI-based smart predictive maintenance IoT solution for rotating machinery. Through this launch, the company aims to provide one-stop multi-machinery monitoring and a seven-day health index of the machines.
June 2022
Microsoft and P&G partnered to make manufacturing smarter using Microsoft Azure, AI, and the Industrial Internet of Things (IIoT) to enable scalable predictive quality, predictive maintenance, controlled release, touchless operations, and manufacturing sustainability optimization. This partnership will fuel P&G's growth and business transformation by leveraging digital technology to seamlessly connect people, assets, workflows, and business processes, fostering resilience and agility.
KEY BENEFITS• The report provides quantitative analysis and estimations of the predictive maintenance market from 2024 to 2030. This analysis assists in identifying the prevailing market opportunities to capitalize on.
• The study comprises a detailed analysis of the predictive maintenance market trends, including the current and future trends to depict the prevalent investment pockets in the market.
• The information related to key drivers, restraints, and opportunities and their impact on the predictive maintenance market is provided in the report.
• The competitive analysis of the market players along with their market share in the predictive maintenance market is provided in the report.
• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
• The value chain analysis in the market study provides a clear picture of the roles of stakeholders.