DUBLIN–(BUSINESS WIRE)–The “Predictive Maintenance for Manufacturing Industry – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Predictive Maintenance for Manufacturing Industry Market to Reach US$3.9 Billion by the Year 2026
Global market for Predictive Maintenance for Manufacturing Industry estimated at US$1.2 Billion in the year 2020, is projected to reach a revised size of US$3.9 Billion by 2026, growing at a CAGR of 21.4% over the analysis period.
As competition in the manufacturing industry intensifies and the challenges for successful survival increase in magnitude, companies are focusing on improving their financial performance by scrutinizing closely the manufacturing reliability of their operations. Effective asset performance management is this regard represents an absolute necessity.
Also strengthening the emphasis on asset management is the legislation of stringent workplace safety regulations. Occupational safety norms create the need for routine inspection of the condition of plant and manufacturing assets. As a subset of asset management, predictive maintenance (PdM) is forecast to benefit from the growing manufacturer investments in asset management systems and corporate wide implementation of asset management regimes.
Maintenance is getting a notable makeover due to ongoing digital transformation, with the use of advanced data capturing and analytics tools leading to emergence of predictive maintenance. End-to-end integration of PdM with the entire lifecycle of the industrial plant is a key trend in vogue to enable the creation of more efficient workflows, elicit higher productivity and ensure better correlation of data among various sources.
Software, one of the segments analyzed in the report, is projected to grow at a 19.6% CAGR to reach US$2.5 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 23.6% CAGR for the next 7-year period. This segment currently accounts for a 41.8% share of the global Predictive Maintenance for Manufacturing Industry market.
Predictive maintenance software accesses the plant’s big data to gain additional insights about the operating environment in the plant and other extraneous factors that influence machine operation. Maintenance and repair services are vital for the proper functioning of enterprise assets while being key to the continuity and effectiveness of business operations.
The proliferating deployment of sensing systems and advanced digital technologies such as IoT, AI and Big Data will spur the momentum for predictive maintenance.
The U.S. Market is Estimated at $409.6 Million in 2021, While China is Forecast to Reach $634.8 Million by 2026
The Predictive Maintenance for Manufacturing Industry market in the U.S. is estimated at US$409.6 Million in the year 2021. The country currently accounts for a 29.2% share in the global market.
China, the world’s second largest economy, is forecast to reach an estimated market size of US$634.8 Million in the year 2026 trailing a CAGR of 26.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 17.9% and 17.5% respectively over the analysis period.
Within Europe, Germany is forecast to grow at approximately 18.2% CAGR while Rest of European market (as defined in the study) will reach US$417.6 Million by the end of the analysis period.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Plant Asset Maintenance, the Cornerstone for Achieving Excellence in Manufacturing Productivity
- Why Migrate to Predictive Maintenance? What’s In It for Companies?
- The Race Between the Virus & Vaccines Intensifies. Amidst this Chaotic Battle, Where is the World Economy Heading in 2021 & Beyond?
- These are Times When Questions Abound & Answers Are Few
- So How Fast Or Slow Are We Moving?
- Split Scenarios Unfold: The Great Vaccine Divide Emerges
- Progress on Vaccinations, Why Should Businesses Care?
- With IMF’s Upward Revision of Global GDP Forecasts for 2021, Most Companies Are Bullish About an Economic Comeback Despite a Continuing Pandemic
- How the Manufacturing Industry Was Impacted by the Pandemic & What’s the New Normal?
- Pandemic Catalyzes Manufacturing Automation
- Predictive Maintenance (PdM): Definition, Scope, Importance, Benefits & Applications
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 115 Featured)
- eMaint Enterprises, LLC
- General Electric Company
- IBM Corporation
- PTC, Inc.
- Robert Bosch GmbH
- Rockwell Automation, Inc.
- SAS Institute, Inc.
- Schneider Electric SA
- Software AG
3. MARKET TRENDS & DRIVERS
- The Age of Analytics Made More Important by COVID-19 Provides the Cornerstone for the Disruptive Growth of Predictive Maintenance
- Here’s How the Rise of “Predictive Analytics” Will Bring the Concept of Predictive Maintenance to Fruition
- Recovery of the Global Manufacturing Industry from the 2020 Slump Bodes Well for Medium to Long-Term Growth of the Predictive Maintenance Market
- Importance of Industrial Digitization in Post Covid World to Spur Transition from Preventive to Predictive Maintenance
- Industry 4.0 Pushes Up the Effectiveness of Predictive Maintenance
- What Does IIoT Mean for Predictive Maintenance?
- Special Focus on Predictive Maintenance of Bearings
- Sensors Remain a Critical Component of Predictive Maintenance
- Data Communication Systems, the Backbone for Successful Predictive Maintenance
- 5G to Turbocharge Predictive Maintenance Capabilities
- Here’s How Artificial Intelligence (AI) Will Revolutionize Predictive Maintenance
- AI Embedded Sensors Vital for Real-Time Fault Detection & Outsmarting Failure
- Harnessing the Power of Cloud Computing Remains Crucial for Effective Predictive Maintenance
- Moving to the Cloud is a Matter of Survival for Companies in the 21st Century
- Here’s How Cloud Can Make Predictive Maintenance More Effective & Cheaper
- What Has Blockchain to Offer for Predictive Maintenance?
- Blockchain Rises like a Phoenix from the Ashes of Bitcoin
- Here’s How Blockchain Can Advance Predictive Maintenance & Make it More Accessible
- Edge Computing Emerges to Enhance Performance of & Value Created by Predictive Maintenance
- The Rise of Edge Computing: A Review
- Here’s How Edge Computing Helps Unlock the Benefits of Predictive Maintenance
- Digital Twins & Predictive Maintenance: Made for Each Other?
- Going Beyond Predictive: Developments in Prescriptive Analytics Brings Prescriptive Maintenance Into the Spotlight as the Future of Asset Management
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/kw235h
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