July 23 2020
Market Research Future published a research report on “Predictive Maintenance Market Research Report - Global Forecast till 2024” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2024.
The global preventive maintenance (PdM) market is expected to obtain a CAGR of 25.5% during the forecast period (2017-2024), estimates Market Research Future (MRFR). The market has the potential to touch a valuation of USD 23,051.4 million by 2024.
Primary Drivers and Top Challenges
Predictive maintenance systems help collect information that is related to the equipment, and then helps processes it, and predicts the failure period. This process helps avoid equipment failure and consequent incidents, thus providing asset management. These advantages are boosting the demand for predictive maintenance systems across the globe, stimulating market growth.
The Predictive Maintenance Market requires the implementation of massive data, analytics and the internet of things. Most of the end-use industries like manufacturing, automotive, oil and gas, and others are concerned with issues like high maintenance cost as well as asset operation. Effective use of predictive maintenance solutions backed by IoT technologies assist these organizations in reducing the downtime and operations as well as maintenance cost.
The predictive maintenance market is progressing at a remarkable pace, on account of advancing the use of latest technologies to garner valuable insights, coupled with the rising need to bring down maintenance cost and downtime.
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SKF Group (Stockholm) is in the process of acquiring Haifa-based predictive maintenance company Presenso Ltd. this year. Presenso’s employees are expected to be integrated into SKF, following the acquisition.
The prominent players in the Predictive Maintenance (PdM) Industry are – IBM (U.S.), SAP SE (Germany), Software AG (Germany), General Electric (U.S.), Robert Bosch (Germany), Rockwell Automation (U.S.), PTC (U.S.), Warwick Analytics (U.K.), RapidMiner (U.S.), Schneider Electric SE (France), eMaint Enterprises, LLC (U.S.) and SKF (Sweden) among others.
The segmentation analysis of the Predictive Maintenance (PdM) Industry is carried out on the basis of component, technique, deployment, end-user, and region. On the basis of component, the predictive maintenance market is segmented into service and solution. Based on the technique, the predictive maintenance market is segmented into thermo-graphic inspection, vibration monitoring, and oil analysis. On the basis of deployment, the predictive maintenance market is segmented into on-premise and cloud. Based on end-users, the predictive maintenance market is segmented into aerospace & defense, manufacturing, automotive, transportation, healthcare, and government. The regions included in the predictive maintenance market are Asia Pacific, North America, Europe and the rest of the world.
Predictive Maintenance Global Market- Regional Analysis
The region wise analysis of predictive maintenance market encompasses regions such as Asia Pacific, North America, Europe and the rest of the world. The analysis of the market for predictive maintenance observes that the North American region would lead the market in the forecast period due to the incidence of a huge number of service and solution vendors. The study also finds that Asia Pacific nations such as Japan, China, South Korea, India, and others are greatly investing to amplify the effectiveness of the production assets. Moreover, the Asia Pacific region is projected to illustrate positive expansion in predictive maintenance market through the forecast period.
Feb 2019 Mann+Hummel have recently chosen Sierra Wireless’ Smart SIMs and AirVantage IoT Platform to join and handle global deployments of Senzit, the company’s latest predictive maintenance platform for agricultural and industrial fleets. Senzit makes use of IoT connectivity services from Sierra Wireless to provide fleet managers visibility of dust load, equipment location and engine hours. The real-time monitoring capability will enable fleet managers to schedule maintenance only when vehicles need it and also avoid downtime due to engine damage.
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TABLE OF CONTENTS
List of Figures
Figure 1 Market Synopsis 17
Figure 2 Global Predictive Maintenance (Pdm) Market: Market Structure 19
Figure 3 Research Process Of Mrfr 20
Figure 4 Top Down & Bottom Up Approach 23
Figure 5 Global Market Size & Market Share By Region (2018 Vs 2024) 25
Figure 6 North America Market Size & Market Share By Country (2018 Vs 2024) 25
Figure 7 Asia-Pacific Market Size & Market Share By Country (2018 Vs 2024) 26
Figure 8 Europe Market Size & Market Share By Country (2018 Vs 2024) 26
Figure 9 Dro Analysis Of Global Predictive Maintenance (Pdm) Market 27
Figure 10 Drivers Impact Analysis: Predictive Maintenance Market 29
Figure 11 Value Chain: Global Predictive Maintenance (Pdm) Market 30
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