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Predictive Maintenance Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Deployment Type, Technique, and Industry

Predictive Maintenance Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Deployment Type, Technique, and Industry

  • August 2022
  • 221 pages
  • ID: 5950865
  • Format: PDF
  • The Insight Partners

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The predictive maintenance market is projected to reach US$ 26,588.00 million by 2028 from US$ 5,316.99 million in 2021, growing at a CAGR of 27.4% from 2022 to 2028.

Businesses are rapidly embracing advanced predictive maintenance solutions and services to reduce unforeseen production delays and gain a competitive advantage.Several macroeconomic factors globally created a severely hostile environment for businesses.

The COVID-19 pandemic caused severe disruptions, which led to huge losses for several industry verticals.Political factors in Europe, the Middle East, and South America negatively affected different industry verticals in various ways.

Severe economic downturns in several countries decreased consumer spending on discretionary or optional goods.

Concerning such factors, enterprises are taking up different measures to remain competitive by reducing capital expenditure.Hence, enterprises are adopting technologies that can reduce their production downtime and support continuous manufacturing activities.

Availing predictive maintenance can aid organizations in reducing costs while maintaining a competitive edge.Studies claim that an offshore oil and gas company can use predictive maintenance solutions to reduce downtime by 20%, leading to a production increase of more than 500,000 oil barrels annually.

Such advantages are expected to boost the predictive maintenance market growth during the forecast period.

Impact of COVID-19 Pandemic on Predictive Maintenance Market Growth
The limitations imposed by governments to control the spread of COVID-19 during the initial time frame of the outbreak in most countries affected the day-to-day functioning of most enterprises.Stringent restrictions and supply chain disruptions put most companies in jeopardy.

Similar situations were witnessed across most countries across all regions.The COVID-19 pandemic affected the economy, transportation, infrastructure, and electronics & semiconductor industries.

It disrupted the operations of electronics & semiconductor firms, clients, and partners for an indefinite period due to travel restrictions and business shutdowns, severely influencing revenue and reducing technological spending.There is speculation that the work-at-home modality is expected to become the new normal for many people in the near future.

Hence, multinational enterprises operating in different regions had to reconfigure their manufacturing operations to continue functioning, despite less manpower. Thus, there was a sudden rise in demand for predictive maintenance market players in most regions worldwide. Large enterprises and SMEs increased their adoption of digital transformation to accommodate the changing business environment. Therefore, regional businesses are expected to invest more money and energy into identifying intelligent management solutions tailored to managing plant machinery and equipment during the forecast period. The outlook post-COVID 19 for the predictive maintenance market growth, thus, seems favorable for most market players.

China accounts for the largest share in the predictive maintenance market in Asia Pacific, followed by Japan and India.The predictive maintenance market in China is growing at one of the fastest globally.

Chinese firms have been one of the keenest adopters of technology in APAC as they seek to gain a competitive edge through digitalization and innovation.The growing demand for predictive maintenance from the oil & gas, energy & utility, transportation, and logistics industries is creating immense opportunities for the predictive maintenance players to accelerate the market.

For instance, in February 2022, Shentong Bombardier (Shanghai) Rail Transit Vehicle Maintenance Co., Ltd., an Alstom’s Chinese joint venture, achieved a contract from Shanghai Shentong Metro Group Co., Ltd. (Shanghai Metro) to provide whole lifecycle maintenance service for 204 Movia metro cars and 34 trains with a contract value of US$ 44.85 million. Such factors promote the expansion of the predictive maintenance market in China.

The predictive maintenance market revenue was predominantly generated through solutions segment.Predictive maintenance solutions are custom-designed and standard ones, designed to meet the rising demands from industries for optimized energy consumption and reduced operational costs, and making intelligent decisions backed by analytical tools.

Predictive maintenance market players are offering solutions that coexist with the production systems and industrial assets, such as Embitel and Cariad Group Company.

Additionally, the demand for application-specific predictive maintenance solutions is rising from large enterprises to collect and manage data for undisruptive production flows by maintenance schedule.Furthermore, growing initiatives from solution providers for improved fleet management, HVAC controls, remote diagnostics for buses, and so on are expediting the segment growth.

For instance, Continental AG has developed ContiConnect 2.0, a time management solution (predictive maintenance), consisting of standard and version packages for tire pressure & temperature management and insights collection for tread depth & tire condition, respectively.

Drones equipped with sensors and cameras for transmitting insights with AI through 5G are a solution for detecting corrosion in grid insulators and exhibit predictive maintenance across industries. Such factors promote the growth of the solutions segment, and in turn, of the predictive maintenance market.

General Electric Co.; Hitachi Ltd.; IBM Corporation; Microsoft Corporation; PTC, Inc.; SAS Institute Inc.; Schneider Electric SE; Software AG; Syncron AB; and TOSL Engineering Ltd. are a few key predictive maintenance market players.

The overall predictive maintenance market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast of the predictive maintenance market size with respect to all market segments.Also, industry participants and commentators have conducted multiple primary interviews to validate the data and gain more analytical insights.

Participants in this process include VPs, business development managers, market intelligence managers, national sales managers, external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the predictive maintenance market.

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