Westford,USA, July 24, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Predictive Maintenance Market will attain a value of USD 66.46 billion by 2031, with a CAGR of 31.2% during the forecast period (2024-2031). The predictive maintenance market is a brand-new developed segment under the overlapping industrial and the industrial maintenance. They use big-data analytics, where the company uses machine learning and IoT to predict when specific equipment or devices are likely to fail predictive maintenance using real-time data and historical data for it better to forecast maintenance needs therefore reducing the frequency of downtime thereby reducing the associated costs.
Pioneers in this market include IBM, Microsoft, SAP and General Electric. They provide end-to-end solutions to monitor the status of business assets and provide indicators that these assets require maintenance. The global predictive maintenance market is expected to grow at a higher rate in the coming year primarily driven by increasing demand from manufacturing, energy and transport sectors as they focus on cost savings, overall reliability and efficiency.
Download a detailed overview:
https://www.skyquestt.com/sample-request/predictive-maintenance-market
Browse in-depth TOC on " Predictive Maintenance Market "
- Pages – 197
- Tables - 59
- Figures – 77
Predictive Maintenance Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 7.57 billion |
| Estimated Value by 2031 | USD 66.46 billion |
| Growth Rate | Poised to grow at a CAGR of 31.2% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Technology, Technique, Organisation Size, Vertical and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Impact of 5G Networks on Various Sectors and Market Growth |
| Key Market Drivers | Cost Efficiency and Savings |
Solution Segment to Dominate Due to the Rising Use of Software or Technologies that Apply Analytics and Data
By 2023, the solution segment will contribute to 80% of the market size. Consumers spent 6% of total revenue on organizational purchases. Smart maintenance processes use software or technology that uses analytics and data in maintenance tasks. This approach uses AI algorithms to generate models and analyze past data to find patterns that will help the system forecast device failures or maintenance. Cheaper preventive solutions than rush preparing yourself until equipment failure or catastrophic failure Paying attention helps save money, time, avoid expensive repairs, and manage resources and assets more efficiently.
Vibration Monitoring Segment to Drive Market Due to Specifically Suitable for Detecting Degradation of Equipment
The growth will be moderate in terms of revenue generation for the vibration monitoring segment over the forecast period. Vibration monitoring can be categorized as one of the most popular techniques currently used in preventive maintenance. It is especially useful for damaged and potentially cut equipment or premature production breakdown. With the right tools, it is also helpful to provide evidence of the dominant cause of the emerging problem, especially in units where multiple factors are occurring
North America is Dominating Due to Numerous End-user Services
The global predictive maintenance market was dominated by North America in terms of revenue share by 2023 due to the availability of numerous end-user services and superior corporate training in new and advanced technologies that can benefit organizations for significant savings and increased efficiency. That includes many fighters, bombers, tankers, transports and helicopters that make up the PAF inventory. Other figures from the Air Force alone exceed 5,400 aircraft.
According to market capitalization, the growth rate in the European region is expected to moderate over the forecast period. Some of the key factors that can drive the revenue growth of the predictive maintenance market in Europe are, should reduce maintenance frequency and downtime and improved knowledge on the value of predictive maintenance. For example, European military many security organizations use predictive maintenance to ensure that the new Being available in optimal quantities, which is essential for fleet management. This has helped to break down logistical issues, financial risk as well as financial resources, making the supply chain for aircraft maintenance faster and cheaper.
Request Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/predictive-maintenance-market
Drivers
- Advancements in AI and IoT Technologies
- High-Cost Efficiency and Savings
- Increasing Use of Emerging Technologies to Gain Valuable Insights
Restraints
- High Initial Implementation Costs
- Data Privacy and Security Concerns
- Lack of Skilled Workforce
Prominent Players in Predictive Maintenance Market
- Uptake Technologies Inc. (USA)
- Microsoft Corporation (USA)
- ABB Ltd. (Switzerland)
- Rockwell Automation, Inc. (USA)
- Siemens AG (Germany)
- Emerson Electric Co. (USA)
- Oracle Corporation (USA)
- Bosch Software Innovations GmbH (Germany)
- Senseye Ltd. (UK)
- Fluke Corporation (USA)
- SKF AB (Sweden)
- Honeywell International Inc. (USA)
- Infor, Inc. (USA)
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/predictive-maintenance-market
Key Questions Answered in Predictive Maintenance Market Report
- What are restraints of the Global Predictive Maintenance Market?
- What is the growth rate of Global Predictive Maintenance Market size?
- Who are the key players in the Global Predictive Maintenance Market?
This report provides the following insights:
- Analysis of key drivers (advancements in AI and IoT technologies), opportunities (impact of 5G networks on various sectors and market growth), influencing the growth of Predictive Maintenance Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Predictive Maintenance Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Predictive Maintenance Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
Related Reports:
Industry 4.0 Market
Industry 5.0 Market
Industrial automation Market
Digital twin Market
Industrial internet of things (iiot) market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
