Dublin, June 26, 2023 (GLOBE NEWSWIRE) -- The "Predictive Maintenance for Manufacturing Industry: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Predictive Maintenance for Manufacturing Industry Market to Reach $8.7 Billion by 2030
The global market for Predictive Maintenance for Manufacturing Industry estimated at US$1.7 Billion in the year 2022, is projected to reach a revised size of US$8.7 Billion by 2030, growing at a CAGR of 23.1% over the analysis period 2022-2030.
Software, one of the segments analyzed in the report, is projected to record 21.2% CAGR and reach US$4.4 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Services segment is readjusted to a revised 25.3% CAGR for the next 8-year period.
The U.S. Market is Estimated at $478.3 Million, While China is Forecast to Grow at 27.3% CAGR
The Predictive Maintenance for Manufacturing Industry market in the U.S. is estimated at US$478.3 Million in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$1.6 Billion by the year 2030 trailing a CAGR of 27.3% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 19.9% and 18.7% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 19.9% CAGR.
Looking Ahead to 2023
The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. The uncertainty around how Russia`s war on Ukraine will play out this year and the war`s role in creating global instability means that the trouble on the inflation front is not over yet. Food and fuel inflation will remain a persistent economic problem.
Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession.
Fears of new COVID outbreaks and China's already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year. Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.
Year 2023 is expected to be tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.
What`s New for 2023?
- Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and Research Platform
- Complimentary updates for one year
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 482 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $1.7 Billion |
| Forecasted Market Value (USD) by 2030 | $8.7 Billion |
| Compound Annual Growth Rate | 22.6% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Predictive Maintenance for Manufacturing Industry - Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- Plant Asset Maintenance, the Cornerstone for Achieving Excellence in Manufacturing Productivity
- Why Migrate to Predictive Maintenance? What's In It for Companies?
- With Manufacturing Competitiveness Increasing by the Day, PdM is the Right Step Forward Towards to Higher Value, Smart Manufacturing: Global Manufacturing Competitiveness Index (10-100 Index Score) by Country for the Year 2021
- The Race Between the Virus & Vaccines Intensifies. Amidst this Chaotic Battle, Where is the World Economy Heading in 2021 & Beyond?
- These are Times When Questions Abound & Answers Are Few
- So How Fast Or Slow Are We Moving?
- How & When Will the World Be Vaccinated? Global Number of Annual COVID-19 Vaccine Doses (In Million) for Years 2020 through 2025 by Geographic Region/Country
- Split Scenarios Unfold: The Great Vaccine Divide Emerges
- Vaccine Imbalances to Stretch the Pandemic Further into 2022
- Time is of Essence! What We Know So Far - "Vaccine Efficiency Against New Strains is Decreasing"
- Progress on Vaccinations, Why Should Businesses Care?
- With IMF's Upward Revision of Global GDP Forecasts for 2021, Most Companies Are Bullish About an Economic Comeback Despite a Continuing Pandemic
- A Strong Yet Exceedingly Patchy & Uncertain Recovery Shaped by New Variants Comes Into Play: World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
- Easing Unemployment Levels in 2021 Although Moderate Will Infuse Hope for Industries Reliant on Consumer Discretionary Incomes
- How the Manufacturing Industry Was Impacted by the Pandemic & What's the New Normal?
- Pandemic Catalyzes Manufacturing Automation
- After Biting the Dust in the Year 2020, the Manufacturing Industry Makes a Gradual Comeback to Normalcy
- Predictive Maintenance (PdM): Definition, Scope, Importance, Benefits & Applications
- Recent Market Activity
- Innovations
MARKET TRENDS & DRIVERS
- The Age of Analytics Made More Important by COVID-19 Provides the Cornerstone for the Disruptive Growth of Predictive Maintenance
- Here's How the Rise of "Predictive Analytics" Will Bring the Concept of Predictive Maintenance to Fruition
- Applications of Predictive Analytics Expand from Fraud Detection, Personalized Marketing to Asset Management
- Recovery of the Global Manufacturing Industry from the 2020 Slump Bodes Well for Medium to Long-Term Growth of the Predictive Maintenance Market
- Importance of Industrial Digitization in Post Covid World to Spur Transition from Preventive to Predictive Maintenance
- Industry 4.0 Pushes Up the Effectiveness of Predictive Maintenance
- What Does IIoT Mean for Predictive Maintenance?
- Market to Witness Unconventional Growth as Effectiveness of Predictive Analytics in Predicting Failure & Maintenance Event Improves on the Back of IIoT
- Special Focus on Predictive Maintenance of Bearings
- Sensors Remain a Critical Component of Predictive Maintenance
- Data Communication Systems, the Backbone for Successful Predictive Maintenance
- 5G to Turbocharge Predictive Maintenance Capabilities
- Here's How Artificial Intelligence (AI) Will Revolutionize Predictive Maintenance
- AI Embedded Sensors Vital for Real-Time Fault Detection & Outsmarting Failure
- Growing Investments in AI by Manufacturing Companies Will Promote Innovative Uses of AI in Machine Condition Monitoring
- Harnessing the Power of Cloud Computing Remains Crucial for Effective Predictive Maintenance
- Moving to the Cloud is a Matter of Survival for Companies in the 21st Century
- Here's How Cloud Can Make Predictive Maintenance More Effective & Cheaper
- What Has Blockchain to Offer for Predictive Maintenance?
- Blockchain Rises like a Phoenix from the Ashes of Bitcoin
- Here's How Blockchain Can Advance Predictive Maintenance & Make it More Accessible
- As Blockchain Becomes a Mainstream Technology, Increasing Investments Will be Sunk into the Technology for Enabling Predictive Plant Maintenance
- Edge Computing Emerges to Enhance Performance of & Value Created by Predictive Maintenance
- The Rise of Edge Computing: A Review
- Edge Computing Becomes Indispensable as Effective Predictive Maintenance Needs Distributed Intelligence: Global Opportunity for Edge Computing (In US$ Million) for Years 2021, 2023, 2025 and 2027
- Here's How Edge Computing Helps Unlock the Benefits of Predictive Maintenance
- Digital Twins & Predictive Maintenance: Made for Each Other?
- Growing Popularity of Digital Twins Encourages Convergence of the Technology With Predictive Maintenance
- Going Beyond Predictive: Developments in Prescriptive Analytics Brings Prescriptive Maintenance Into the Spotlight as the Future of Asset Management
FOCUS ON SELECT PLAYERS (Total 115 Featured)
- Accenture Plc
- Cisco Systems, Inc.
- eMaint Enterprises
- General Electric Company
- Hitachi, Ltd.
- Honeywell International Inc.
- International Business Machines Corporation
- Microsoft Corporation
- Mitsubishi Electric Corporation
- Oracle Corporation
- PTC, Inc
- Robert Bosch GmbH
- Rockwell Automation, Inc.
- SAP SE
- SAS Institute Inc.
- Schneider Electric SE
- Siemens AG
- Software AG
For more information about this report visit https://www.researchandmarkets.com/r/jxyj6o
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