Portland, OR, July 06, 2021 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Predictive Maintenance Market by Component (Solution and Service), Technique (Vibration Monitoring, Electrical Testing, Oil Analysis, Ultrasonic Leak Detectors, Shock Pulse, Infrared, and Others), Deployment Type (Cloud and On-Premise), Stakeholder (MRO, OEM/ODM, and Technology Integrators), Industry Vertical (Manufacturing, Energy & Utilities, Aerospace & Defense, Transportation & Logistics, Government, Healthcare, and Others): Global Opportunity Analysis And Industry Forecast, 2020–2027.” According to the report, the global predictive maintenance industry was estimated at $4.33 billion in 2019, and is anticipated to hit $31.96 billion by 2027, registering a CAGR of 28.8% from 2020 to 2027.
Drivers, restraints, and opportunities-
Increase in investment on predictive maintenance and surge in need to extend lifetime of aging assets drive the growth of the global predictive maintenance market. On the other hand, lack of skilled staff and several data privacy & security concerns impede the growth to some extent. However, integration of predictive maintenance with IIoT, use of machine learning, rise in the drift of real-time condition monitoring to assist in taking prompt actions, and increase in need for remote monitoring are expected to create lucrative opportunities in the industry.
Download Sample Report: https://www.alliedmarketresearch.com/predictive-maintenance-market
Impact of Covid-19 on Predictive Maintenance Market:
- Shortage of employees, disrupted supply chain, and increase in demand for various goods during the pandemic prompted organizations to take special care of their manufacturing equipment to escalate the output. This, in turn, led way to rise in demand for predictive maintenance solutions across the globe.
- Many enterprises have started using smart sensors, artificial intelligence systems, and other IIoT solutions to keep a tab on the efficiency of vital machinery used in their
manufacturing procedure to evade costly production downtimes.
Get detailed COVID-19 impact analysis on the Predictive Maintenance Market: https://www.alliedmarketresearch.com/request-for-customization/2469?reqfor=covid
The solution segment to dominate by 2027-
Based on component, the solution segment accounted for more than two-third of the global predictive maintenance market share in 2019, and is anticipated to retain its dominance by 2027. Companies are looking for all-inclusive development solutions which integrate hardware sensor board and software environment created precisely for predictive maintenance requirements, which drives the segment growth. The services segment, on the other hand, would register the fastest CAGR OF 31.4% from 2020 to 2027. This is attributed to the fact that companies are trying to achieve profit by implanting predictive analytics into their products and offering better maintenance services.
The vibration monitoring segment to maintain the dominant share-
Based on technique, the vibration monitoring segment contributed to nearly one-fourth of the global predictive maintenance market revenue in 2019, and is projected to dominate by the end of 2027. The need for parts to be ordered more effectively increases the demand for this technique, thereby boosting the segment growth. Simultaneously, the shock pulse segment would manifest the fastest CAGR of 31.4% throughout the forecast period. Shock pulse technique specializes in defining precise information on the mechanical condition of the bearing surfaces along with the state of lubrication on the bearing. This factor drives the growth of the segment.
For Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/2469
North America garnered the major share in 2019-
Based on region, North America held the major share in 2019, garnering more than one-third of the global predictive maintenance market, owing to the presence of a large number of solution and service vendors in this region. At the same time, the market across Asia-Pacific would cite the fastest CAGR of 30.3% from 2020 to 2027, due to rapid industrialization in this province.
Key players in the industry-
- Microsoft
- SAP SE
- General Electric
- Schneider Electric
- PTC
- Software AG
- SAS
- Engineering Consultants Group, Inc.
- Expert Microsystems, Inc.
- SparkCognition; C3.Ai
- TIBCO Software Inc.
- Uptake Technologies Inc.
- Fiix Inc.
- Hitachi
- Operational Excellence (Opex) Group Ltd
- Asystom
- Reliability Solutions Sp. zo.o.
- IBM Corporations
- Sigma Industrial Precision.
Official Press Release: https://www.alliedmarketresearch.com/press-release/predictive-maintenance-market.html
AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.
Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
[email protected]
Web: https://www.alliedmarketresearch.com
