Asia-Pacific Predictive Maintenance Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component (Solutions and Services), Deployment Type (Cloud and On-Premise), Technique (Vibration Monitoring, Electrical Testing, Oil Analysis, Ultraso

Asia-Pacific Predictive Maintenance Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component (Solutions and Services), Deployment Type (Cloud and On-Premise), Technique (Vibration Monitoring, Electrical Testing, Oil Analysis, Ultrasonic Leak Detectors, Shock Pulse, Infrared, and Others), and Industry (Manufacturing, Energy & Utilities, Aerospace & Defense, Transportation & Logistics, Oil & Gas, and Others)

The APAC predictive maintenance market is expected to grow from US$ 1,656.84 million in 2022 to US$ 7,378.17 million by 2028. It is estimated to grow at a CAGR of 28.3% from 2022 to 2028.

Growing Industrialization Across APAC

Predictive maintenance will be as important as enterprise resource planning (ERP) to industrial organizations in the future due to the growing equipment performance commensurate with demonstrating best practices, adhering to industry standards, and generating a competitive advantage over the others. Currently, Asia Pacific is leading the race of industrialization. China, India, and other major countries in the region are leading the way to become the next manufacturing hub across the world. The recent Production Linked Incentives (PLIs) are attracting reputed global manufacturers for long-term investment in India. Under these PLIs, market vendors can manufacture for domestic and international markets. The Indian government applied these incentives to 14 sectors, from which telecoms, electronic equipment, and automobiles are already benefiting. It gives local and global predictive maintenance vendors an opportunity to scale up and introduce cost-effective innovation. Additionally, several countries across the region have been focusing on increasing their industrial output to reduce their dependency on imports from other countries. Hence, the growing industrialization coupled with increasing government initiatives is expected to create lucrative opportunities for the predictive maintenance vendors across the region during the forecast period.

Market Overview

The APAC constitutes major countries such as Australia, China, India, Japan, South Korea, and the Rest of APAC. The growing boom for adopting advanced technology in APAC region across various industrial applications is expected to drive the market growth over the coming years. Every vertical industry needs improved asset management, boosting the demand for predictive maintenance solutions. Solution providers equipped with machine learning (ML) and artificial intelligence (AI) can achieve meaningful insights from the vast amount of customer-related data generated by IoT and other connected devices. The key players in the market are engaged in providing advanced technology integrated with IoT and AI for providing predictive maintenance. For instance, in January 2022, Nanoprecise Sci Corp, an end-to-end predictive maintenance solutions provider, announced its new distribution partnership agreement with Dynelec, an engineering & reliability company that supports the Australian mining and industrial & utility segments. Nanoprecise Sci Corp facilitates the implementation of AI-based Predictive & Prescriptive Maintenance Solutions. Similarly, in March 2022, Wabtec Corporation was awarded a contract from the Central Organization for Modernization of Workshops (COFMOW), Indian Railways, for its Online Monitoring of Rolling Stock (OMRS) project. It supports the 'Smart Yard' initiative, which will showcase the next generation of condition-based predictive maintenance technologies. The growing advancement in technology is further augmenting the number of contracts for predictive maintenance, which is significantly helpful for improving the efficiency and operation across various industries that drive the market growth.

APAC Predictive Maintenance Market Revenue and Forecast to 2028 (US$ Million)

APAC Predictive Maintenance Market Segmentation

The APAC predictive maintenance market is segmented based on component, deployment type, technique, industry, and country.

Based on component, the APAC predictive maintenance market is bifurcated into solutions and services. The solutions segment held a larger market share in 2022. Based on deployment type, the APAC predictive maintenance market is bifurcated into cloud and on-premise. The cloud segment held a larger market share in 2022.

Based on technique, the APAC predictive maintenance 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 market share in 2022. Based on industry, the APAC predictive maintenance market is segmented into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, oil & gas, and others. The manufacturing segment held the largest market share in 2022. Based on country, the APAC predictive maintenance market has been categorized into China, India, Japan, South Korea, Australia, and the Rest of APAC. Our regional analysis states that China dominated the market share in 2022. General Electric Company; Hitachi, Ltd.; IBM Corporation; Microsoft Corporation; PTC Inc.; SAS Institute, Inc.; Schneider Electric SE; Software AG; and Syncron AB are the leading companies operating in the APAC predictive maintenance market.

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