Predictive Maintenance (PDM) Market

Predictive Maintenance (PdM) is used for detecting fault in equipment before equipment failure occur. Equipment is monitored using traditional and advanced techniques which allows maintenance of equipment of be planned before failure occurs. Both these techniques carry out various testing or monitoring tools that include vibration monitoring, electrical insulation, infrared thermography, temperature monitoring, ultrasonic leak detector, and oil analysis. Most of economies adopts predictive maintenance as condition-monitoring equipment to evaluate an asset’s performance in real-time. However, advanced techniques are significantly used in developed economies that include the US, and Western European, and few developed economies of Asia-Pacific and the Middle East countries. The key element in advanced process include Internet of Things (IoT) that allows for different assets and systems to connect, work together, and share, analyze and action data. IoT relies on predictive maintenance sensors to capture information, make sense of it and identify any areas that need attention. According to Wantstats Analysis, the predictive maintenance market is expected to witness high growth during the forecast period. Increasing demand for real-time streaming analytics, growing adoption of industrial robots in the manufacturing sector, and advancement in sensor technology are some of the factors driving the growth of the market. However, interoperability problems could hinder the growth of this market in the future.

The predictive maintenance market has been segmented based on component, deployment, technique, end users and region. Based on component, the market has been segmented into hardware, solution and services. The services segment is further segmented into consulting, support and maintenance, and system integration. The hardware segment accounted for the largest market share in 2018, whereas the services segment is expected to register the highest CAGR. By deployment, the PdM market has been segmented into cloud and on-premise. The on-premise segment accounted for the larger market share in 2018, whereas the cloud segment is expected to register the higher CAGR. By technique, the market has been categorized as traditional and advanced techniques. The advanced techniques segment is further bifurcated into the IoT/big data technique, and machine learning based technique. The traditional techniques segment accounted for the larger market share in 2018, whereas the advanced techniques segment is expected to register the higher CAGR. By vertical, the market has been segmented into manufacturing, healthcare, energy & utilities, automotive, aerospace & defense, transportation, and others. The manufacturing segment accounted for the largest market share in 2018, whereas the energy & utilities segment is expected to register the highest CAGR.

By region, the market has been categorized as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America accounted for the largest share in the predictive maintenance market in 2018, and Asia-Pacific is expected to register the highest CAGR during the forecast period.

Wantstats study identifies some of the prominent key players in the predictive maintenance market, including Axiomtek Co. Ltd (Taiwan), Oracle Corporation (US), Microsoft Corporation (US), XMPro (US), IBM Corporation (US), RapidMiner (US), Hitachi, Ltd (Japan), SAP SE (Germany), Comtrade (Ireland), C3 IoT (US), and Software AG (Germany). These players adopt strategies such as partnerships, agreements, and collaborations to improve their position and excel in the global predictive maintenance market.