Predictive Maintenance Market to Rise by 2027
With the emergence of predictive maintenance, enterprises can make motion predictions up to 20 times faster and more accurately than threshold-based monitoring systems.
Predictive maintenance can be defined as utilizing data-driven, proactive maintenance methods, designed to analyze the condition of an asset’s equipment and help predict when maintenance should be performed.
According to AllTheResearch market study the Global Predictive Maintenance Market was valued at USD 4.1Bn in 2020 and is expected to reach USD 21.2 Bn by 2027, with a growing CAGR of 26.1% during the forecast period.
Enterprises are leveraging artificial intelligence and machine learning technologies to analyze IoT data with incredible accuracy and speed compared to existing business intelligence tools.
With the emergence of predictive maintenance, enterprises can make motion predictions up to 20 times faster and more accurately than threshold-based monitoring systems.
For instance, in August 2021, in Seattle, Tignis, an AI Powered process control solution provider company announced the launch of the ’PAICe product suite’, a new set of AI and machine learning analytics tools for manufacturing and process control that puts the power of machine learning into the hands of non-data scientists. This includes the ability to leverage surrogate machine learning models by Tignis that are up to a million times faster than today’s physics-based simulations.
The predictive maintenance market is forecasted to grow at a high rate owing to the need to expand the life span of deteriorating industrial machinery
Predictive maintenance is an equipment performance and condition monitoring system that is used to monitor the machinery performance and anticipate the failure in the machinery during normal operation. The global predictive maintenance market is boosting at a significant pace as the standard for predictive maintenance at a workplace has increased.
Moreover, costs can be sustained owing to unplanned downtime due to equipment failures in various end-user industries such as industrial manufacturing & oil and gas industries. Pipelines leakages are common in the oil and gas industries. These leakages can incur millions of expenses and fines to the company causing huge loss of resources. Some of the companies providing predictive maintenance solutions are coming up with innovative technological advancements to solve organizations’ problems. For instance, Rayven, a predictive maintenance IoT solutions provider, provides AI ad IoT-based pipeline monitoring and leak detections to save extra expenses to the oil and gas companies.
In terms of geography, the North American region was accounted to hold the largest market share in the year 2020. The dominance is owing to the extensive presence of market players and heavy investments in the predictive maintenance market. The key market companies like IBM, AWS, and Microsoft are present in the region with significant advancements in predictive maintenance. For instance, in April 2021, Amazon Web Services, Inc. announced the launch of the predictive maintenance service, ‘Amazon Lookout for Equipment’ which uses machine learning to assist in scheduling maintenance work for the machinery using sensors. It collects data from sensors installed in manufacturing equipment and analyzes it to detect early warning signals that can cause a machine to fail or operate at less than 100%.
COVID-19 Impact on Predictive Maintenance Market Size:
The report also contains the effect of the ongoing worldwide pandemic, i.e., COVID-19, on the Predictive Maintenance Market and what the future holds for it. It offers an analysis of the impacts of the epidemic on the international market. The epidemic has immediately interrupted the requirement and supply series. The Predictive Maintenance Market report also assesses the economic effect on firms and monetary markets. Futuristic Reports has accumulated advice from several delegates of this business and has engaged from the secondary and primary research to extend the customers with strategies and data to combat industry struggles throughout and after the COVID-19 pandemic.
Regional Analysis of Predictive Maintenance Market:
In terms of geography, the North American region was accounted to hold the largest market share in the year 2020. The dominance is owing to the extensive presence of market players and heavy investments in the predictive maintenance market. The key market companies like IBM, AWS, and Microsoft are present in the region with significant advancements in predictive maintenance. For instance, in April 2021, Amazon Web Services, Inc. announced the launch of the predictive maintenance service, ‘Amazon Lookout for Equipment’ which uses machine learning to assist in scheduling maintenance work for the machinery using sensors.
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