South America 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, Ultrason

South America 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 SAM predictive maintenance market is expected to grow from US$ 371.50 million in 2022 to US$ 1,478.29 million by 2028. It is estimated to grow at a CAGR of 25.9% from 2022 to 2028.

Automation through Incorporation of AI and ML

The proliferation of IoT and AI technologies is anticipated to play a significant role in the ease of conducting predictive maintenance in the coming years. Throughout the machine's lifecycle, IoT sensors collect any relevant data and store it on the cloud. AI can make specific recommendations on what actions need be taken to maintain the health of the company assets. On many devices or machines, these recommendations are often warnings of actions that a technician should take. This can be from a simple request to perform a software update or lubricating a few wheels to complex repairs. AI and ML advancements can significantly change the working of these predictive maintenance tasks. In the future, there will be an exponential rise in automation as improvement in processes and efficiency will be the major focus of the companies. Industries across the region are already incorporating advanced machineries, with IoT enabled sensors, to aid them in continuous monitoring of machine health. Additionally, drone-based monitoring of equipment is growing rapidly in the conventional and renewable energy sectors. Drones, fitted with thermal imaging equipment, are assisting industries in remotely monitoring the health of power lines and other equipment. Major service providers of predictive maintenance are increasingly adopting this technology, despite incidents of drone crashes and property loss. With advancements of drone technology and capabilities, it can be touted as the future of remote predictive maintenance. Such trends are expected to boost the demand for predictive maintenance solutions and services across the region in the coming years.

Market Overview

Economies in SAM have progressed at a faster rate on average than the economies of developed countries in the last 15 years, but they still lag in terms of technological advancements. The lack of skilled labor, decreasing productivity, and a high dependency on exports are among the major constraints faced by the economies in SAM. However, rising investment in predictive maintenance gained momentum in 2021. In addition, companies in SAM have realized the importance of using predictive maintenance technology as a steppingstone to gain competitive advantages, including increased customer satisfaction and new business models as-a-service. As per the study conducted by Roland Berger, VDMA, and Deutsche Messe AG, 81% of companies currently dedicate time and resources to industrial predictive maintenance. In May 2019, ANDRITZ was awarded by Enel Green Power to provide hydropower plants in Latin America with a digital platform for predictive maintenance. The contract applies to 44 hydropower plants above 50 MW located in Brazil, Argentina, Chile, Peru, and Colombia for a total installed capacity of around 9,900 MW. The growing need to maintain production equipment, such as industrial robots, machinery, elevators, and pumps, to reduce overall downtimes drives the adoption of predictive maintenance solutions and services in the manufacturing industry. The growing advancement in technology is leveraging the market growth. For instance, in September 2020, ONYX InSight, a leading predictive analytics and engineering firm in the global wind-energy industry, introduced predictive maintenance solutions and advanced sensing technology into the Brazilian market through a long-term monitoring deal with Rio Energy, one of the fastest growing energy producers in Brazil. Thus, such technological developments are expected to drive the demand for predictive maintenance, augmenting the market growth over the forecast period.

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

SAM Predictive Maintenance Market Segmentation

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

Based on component, the SAM predictive maintenance market is bifurcated into solutions and services. The solutions segment held a larger market share in 2022.

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

Based on technique, the SAM 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 SAM 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 SAM predictive maintenance market has been categorized into Brazil, Argentina, and the Rest of SAM. Our regional analysis states that Brazil 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; Syncron AB; and TOSL Engineering Limited are the leading companies operating in the SAM predictive maintenance market.

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