Dublin, Aug. 18, 2020 (GLOBE NEWSWIRE) -- The "Predictive Maintenance Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component, Deployment Type, Technique, Industry, and Geography" report has been added to ResearchAndMarkets.com's offering.
The growing need to reduce maintenance cost and downtime is expected to support the growth of predictive maintenance market to grow at 15.1% CAGR during 2019-2027
According to the study, the market was valued at US$ 3.55 billion in 2019 and is projected to reach US$ 10.84 billion by 2027; it is expected to grow at a CAGR of 15.1% from 2019 to 2027. This report highlights key factors driving the market growth, and prominent players and their developments in the market.
The adoption of predictive maintenance system can ensure numerous advantages such as potentially extended service life of the equipment or assets, increased plant safety, optimized handling of spare parts, and fewer breakdowns and outages. Predictive maintenance solutions are installed to monitor and detect faults or anomalies in equipment but are only engaged in critical failure possibilities. This helps deploy limited resources, maximize the uptime of the device or equipment, enhance quality and supply chain processes, and improve overall satisfaction for all involved stakeholders.
The equipment is monitored using traditional and advanced techniques that allow the machinery to be planned for maintenance before a failure. Both of these techniques are equipped with vibration monitoring, electrical insulation, infrared thermography, temperature monitoring, ultrasonic leak detection, and oil analysis tools. Most countries adopt condition-monitoring predictive maintenance to assess the performance of an asset in real time.
Advanced techniques are used significantly in developed economies such as the US, a few Western European countries, and some developed economies in Asia Pacific and the Middle East. The critical element of an advanced process is the Internet of Things (IoT) technology, which enables various assets and systems to connect, work together, share, and analyze the data.
Hitachi, Ltd, Software AG, IBM Corporation, Microsoft Corporation, PTC Inc., Syncron AB, TIBCO Software Inc, Schneider Electric SE, SAS, and General Electric Company are some of the well-established companies present in the global predictive maintenance market.
COVID-19's Impact on the Predictive Maintenance Market
The Asia-Pacific region constitutes the world's two most populated countries as well as manufacturing hubs, which are India and China. China imposed strict lockdown and social isolation which virtually halted the manufacturing as well as production of numerous equipment and machinery for several weeks resulting in shrinking its country economy. Furthermore, the country also isolated its import and export of critical raw materials and industrial equipment for numerous industry vertical impacting the supply chain of various end-use industries.
Similarly, India also imposed a nationwide lockdown to mitigate the growing number of COVID-19 cases across the country. As a result, the subsequent lockdown and disruption of numerous industrial equipment and machineries across China and India respectively has negatively impacted the market growth across Asia Pacific region. Additionally, the closure of several retailers, distributors, and sales representatives also has reduced the availability of components and production of predictive maintenance-based software and services from other European and North American based market players.
Key Topics Covered
2. Key Takeaways
3. Research Methodology
4. Predictive Maintenance Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.4 Middle East & Africa
4.2.5 South America
4.3 Ecosystem Analysis
4.4 Expert Opinion
4.5 Premium Insights
4.5.1 Best Practices using IoT
4.5.2 Market Investments in Predictive Maintenance
4.5.3 Case Studies
4.5.4 Case Study 1: Time series data analytics with Artificial Intelligence (predictive maintenance) - byte LAKE
4.5.5 Case Study 2: Reducing Downtime with Predictive Analytics - Seebo
4.5.6 Case Study 3: Predictive maintenance of medical devices based on years of experience and advanced analytics- Hitachi
5. Predictive Maintenance Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Need to Reduce Maintenance Cost and Downtime
5.1.2 Increasing Investment and Growing Awareness on Predictive Maintenance
5.2 Market Restraints
5.2.1 Lack of Skilled Workforce
5.2.2 Concern Over Data Security and Privacy Issues
5.3 Market Opportunities
5.3.1 Real-Time Condition Monitoring to Assist in Taking Prompt Actions
5.4 Future Trends
5.4.1 Integration of Predictive Maintenance with IIoT and Use of Machine Learning
5.5 Impact Analysis of Drivers and Restraints
6. Predictive Maintenance Market - Global Analysis
6.1 Predictive Maintenance Market Global Overview
6.2 Market Positioning - Five Key Players
7. Predictive Maintenance Market Analysis - By Component
7.2 Predictive Maintenance Market, by Component (2019 and 2027)
8. Predictive Maintenance Market Analysis - By Deployment Type
8.2 Predictive Maintenance Market, by Deployment Type (2019 and 2027)
9. Predictive Maintenance Market Analysis - By Technique
9.2 Predictive Maintenance Market, by Technique (2019 and 2027)
9.3 Vibration Monitoring
9.4 Electrical Testing
9.5 Oil Analysis
9.6 Ultrasonic Leak Detectors
9.7 Shock Pulse
10. Predictive Maintenance Market Analysis - By Industry
10.2 Predictive Maintenance Market, by Industry (2019 and 2027)
10.4 Energy & Utilities
10.5 Aerospace & Defense
10.6 Transportation & Logistics
11. Predictive Maintenance Market - Geographic Analysis
11.2 North America: Predictive Maintenance Market
11.3 Europe: Predictive Maintenance Market
11.4 APAC: Predictive Maintenance Market
11.5 MEA: Predictive Maintenance Market
11.6 SAM: Predictive Maintenance Market
12. Impact of COVID-19 Pandemic on Global Predictive Maintenance Market
12.1 North America: Impact Assessment of COVID-19 Pandemic
12.2 Europe: Impact Assessment of COVID-19 Pandemic
12.3 Asia-Pacific: Impact Assessment of COVID-19 Pandemic
12.4 Middle East & Africa: Impact assessment of COVID-19 Pandemic
12.5 South Africa: Impact assessment of COVID-19 Pandemic
13. Industry Landscape
13.1 Market Initiatives
13.2 New Developments
14. Company Profiles
14.1 Hitachi, Ltd.
14.2 Software AG
14.3 IBM Corporation
14.4 Microsoft Corporation
14.5 PTC Inc.
14.6 Syncron AB
14.7 TIBCO Software Inc.
14.8 Schneider Electric SE
14.9 SAS Institute Inc.
14.10 General Electric Company
For more information about this report visit https://www.researchandmarkets.com/r/gucoej
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