Product Overview Predictive Maintenance (PdM) solutions are installed to detect and monitor equipment anomalies or failures. It is a maintenance strategy determined by the application of predictive analysis technology.
New York, July 12. 02, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Predictive Maintenance Market: Market Segments: By Component; by type of deployment; by organization size; By Application and Region – Global Analysis Market Size, Share and Trends 2019 – 2030 and Forecast to 2030″ – https://www.reportlinker.com/p06191631/?utm_source=GNW
Predictive maintenance improves quality and supply chain processes, maximizes device uptime, deploys limited resources, and improves the overall satisfaction of all stakeholders involved. Machine learning and artificial intelligence in predictive maintenance helps organizations collect data on machine components, which helps them understand and analyze the extent of machine drivability and take control advance preventive measures and planned maintenance procedures. Market Highlights
The global predictive maintenance market is expected to project a notable CAGR of 28.74% in 2030.
The Global Predictive Maintenance Market will exceed $55.34 Billion by 2030 from $4.42 Billion in 2020 at a CAGR of 28.74% in the coming years i.e. 2020- 30 due to the benefits provided by predictive maintenance such as decreased cost of maintenance, decreased machine breakdowns, improved operator safety, reduced downtime for repairs, reduced stock of spare parts, an increase in production and confirmation of maintenance. Global Predictive Maintenance Market: Segments
Energy & Utilities Segment Expected to Grow with Highest CAGR in 2020-30
The global predictive maintenance market is segmented by application into manufacturing, energy and utilities, healthcare and government. The energy and utilities segment held the largest market share of XX.X% in 2019 due to the growing demand for energy consumption analysis applications. Autonomous solutions have the ability to identify asset monitoring issues in advance, which informs organizations to perform repairs that minimize disruptions to power generation. Market dynamics
Evolution of technology
Companies are leveraging artificial intelligence and machine learning technologies to achieve accuracy and speed compared to traditional business intelligence tools to analyze data. With the use of predictive maintenance, companies can make operational forecasts 20 times faster and more accurate than threshold-based monitoring systems. The increasing adoption of real-time flow analysis technology is driving the growth of the predictive maintenance market. It involves the analytical computation of real-time data streamed from apps, sensors, devices and others.
Lack of skilled labor
Trained workers should use the latest software systems to deploy AI-based IoT technologies and skills. Therefore, existing workers must be trained to operate new and upgraded systems. Moreover, industries are dynamic towards the adoption of new technologies; however, there is a shortage of skilled workers. As most global vendors organize predictive maintenance projects, the demand for highly skilled labor is increasing. Companies must acquire expertise in areas such as cybersecurity, networks and applications.
Global predictive maintenance market: key players
Company overview, business strategy, key product offerings, financial performance, key performance indicators, risk analysis, recent development, regional presence, SWOT analysis
Schneider Electric SE
TIBCO Software, Inc.
Absorption Technologies, Inc.
Sigma Industrial Precision
Other top players
Global predictive maintenance market: regions
The global predictive maintenance market is segmented on the basis of regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. The global predictive maintenance market in North America held the largest market share of XX.X% in 2019 owing to the presence of well-established end-user industries along with strong awareness among organizations to adopt the latest technologies that help them improve efficiency and lower operating costs. The Asia-Pacific region is expected to grow with the highest CAGR due to rapid digitalization, urbanization, and growth in end-use industries such as energy and utilities, healthcare, and manufacturing.
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