According to a new research report, titled "Predictive Maintenance Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 26,588.00 million by 2028, registering a CAGR of 27.4% from 2022 to 2028.
Europe is home to several well-established economies, including France, Germany, Russia, the UK, and Italy. These countries have robust industries that are actively adopting advanced technologies, which is considered a significant contributor to the region's economic success. The high rate of adoption of digital transformation by enterprises of all sizes in Europe is a key driver of the predictive maintenance market. The digital transformation has enabled businesses to leverage advanced digital technologies such as IoT, AI, Big Data, and others to create new opportunities, including digital twins that improve the efficiency of predictive maintenance of critical assets. This approach helps to reduce the exposure of workers to hazardous environments in facilities. Predictive maintenance relies on data collected by sensors, such as temperature, vibration, and throughput, which is then analyzed to detect any anomalies or red flags.
Europe's oil and gas industry is at the forefront of the energy sector's drive towards improving efficiency and minimizing downtime, which is driving the demand for predictive maintenance. These factors are anticipated to bolster the growth of the predictive maintenance market in the region. Additionally, the high concentration of predictive maintenance providers in Europe and the increasing number of contracts for the deployment of predictive maintenance in various industries are expected to drive revenue growth for predictive maintenance market players in the coming years.
The predictive maintenance market experienced significant growth during the COVID-19 pandemic as many manufacturing sectors rapidly recovered after the easing of restrictions worldwide. As a result, predictive maintenance market vendors benefited from the increased demand for their services, which began in the first half of 2021. Various industry verticals sought to avoid unforeseen equipment failure and maintain uninterrupted production schedules, driving up the demand for predictive maintenance.
The impact of the COVID-19 pandemic varied across European countries, with some experiencing a surge in COVID-19 cases and subsequently imposing strict and prolonged lockdowns or social distancing measures. The countries most affected were Germany, Italy, the UK, Russia, France, and Turkey. Consequently, the manufacturing sector witnessed a decline in demand for predictive maintenance, while the data centers, media, IT, and telecommunications sectors experienced increased demand. Therefore, the growth of the predictive maintenance market in Europe during that period was mixed.
The market for predictive maintenance is categorized into several segments, which include component, deployment type, technique, and industry. The component segment is divided into solutions and services, while the deployment type segment is classified into cloud and on-premise. The technique segment includes vibration monitoring, electrical testing, oil analysis, ultrasonic leak detectors, shock pulse, and infrared. Lastly, the industry segment is sub-segmented into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, oil & gas, and others.
The top 5 global predictive maintenance market players include IBM Corporation, General Electric Co., Schneider Electric SE, Microsoft Corporation, and Hitachi Ltd. in 2021. The positioning of these "Five Key Players" is derived by giving weightage to the following key performance parameters: overall revenue, segment revenue, geographical reach, customer base, new solution/service launches, market initiatives, investment in technology up-gradation, R&D investments, mergers & acquisitions, and other market-related activities. Various other notable predictive maintenance market players profiled in the global report are PTC, Inc.; SAS Institute, Inc.; Software AG; Syncron AB; and TOSL Engineering Ltd.
Key Findings of Market Study:
In the coming years, the growth of IoT and AI technologies is expected to significantly impact the facilitation of predictive maintenance. By collecting relevant data throughout the machine's lifecycle, IoT sensors store it in the cloud, while AI can offer specific recommendations on how to maintain the health of company assets. Furthermore, drone-based equipment monitoring is increasingly being used in the conventional and renewable energy sectors. Drones equipped with thermal imaging tools are assisting industries in remotely monitoring the health of power lines and other equipment. Despite drone crashes and property damage, major predictive maintenance service providers are increasingly adopting this technology. The advancements and capabilities of drone technology are viewed as the future of remote predictive maintenance, which is anticipated to drive the demand for predictive maintenance solutions and services globally.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com