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New York, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Predictive Maintenance Global Market Report 2022' -
The global predictive maintenance market is expected to grow from $4.46 billion in 2021 to $5.86 billion in 2022 at a compound annual growth rate (CAGR) of 31.55%. The predictive maintenance market is expected to grow to $17.09 billion in 2026 at a compound annual growth rate (CAGR) of 30.67%.
The predictive maintenance market consists of sales of predictive maintenance by entities (organizations, sole traders, and partnerships) that refer to data-driven condition monitoring tools and techniques designed to analyze equipment conditions and predict maintenance requirements.It uses testing methods such as data acquisition, data transformation, asset health evaluation, prognostics, decision support system, and a human interface layer that helps various industries to reduce maintenance and protect their machinery by connecting all the data sources combined with data analytics.
The key element used in the process is the internet of things (IoT), allowing systems to work together to translate and analyze the recorded data.
The main types of predictive maintenance include solutions and services.Predictive maintenance solutions are custom-designed software or platforms used for asset management, based on unique business requirements and operate on the internet of things (IoT) technology.
They have deployed both on-premise and cloud infrastructure on stakeholders ranging from MRO, OEM/ODM, and technology integrators. They are used in heavy machinery, small machinery and others in industries ranging from aerospace & defense, automotive & transportation, energy & utilities, healthcare, IT & telecommunication, manufacturing, oil & gas, and other industries.
North America was the largest region in the predictive maintenance market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the predictive maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The predictive maintenance market research report is one of a series of new reports that provides predictive maintenance market statistics, including predictive maintenance industry global market size, regional shares, competitors with a predictive maintenance market share, detailed predictive maintenance market segments, market trends and opportunities, and any further data you may need to thrive in the predictive maintenance industry. This predictive maintenance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The growing demand to reduce maintenance costs, equipment failure and downtime is significantly contributing to the growth of the predictive maintenance market.Equipment downtime refers to the duration in which particular equipment is not in operation due to unplanned equipment failure.
Frequent equipment failure and unplanned downtime of large equipment are hampering the business operations due to a temporary halt of production activities, idle staff time, financial penalties, and others.For instance, according to the study published in Senseye Ltd, a UK-based provider of AI-driven predictive maintenance software, in June 2021, each production plant is losing $172 million per annum due to unplanned downtime.
Thus, these manufacturing units are investing in advanced technologies to mitigate the probable unprecedented downtime of machinery in the plant. Therefore, growing demand to reduce maintenance costs, equipment failure, and downtime is expected to boost demand for predictive maintenance during the forecast period.
The adoption of advanced technology is a key trend gaining popularity in the predictive maintenance market.Major companies operating in the predictive maintenance market are focused on providing technologically advanced predictive maintenance solutions to meet the technical demands of end customers and strengthen their market position.
These companies are implementing next-generation technologies into their services such as IoT, AI (artificial intelligence), ML (machine learning), thermography, cloud computing, and others to match the market demand for better maintenance.For instance, in December 2021, Avanseus, Singapore-based predictive maintenance, and intelligent monitoring solutions company introduced an AI-based predictive maintenance solution across the operations of Bharti Airtel, an Indian premier communications company.
The predictive maintenance solution uses machine learning algorithms and artificial intelligence (AI) to support the move towards zero-fault, zero-touch networks by proactively predicting and preventing incidents in the network.
In October 2019, AB SKF, a Swedish bearing and seal manufacturing company acquired Presenso Ltd for an undisclosed amount.This acquisition enables SKF to build digital capability to offer best-in-class, outcome-based solutions to customers.
Presenso Ltd is an Israel-based artificial intelligence (AI) company that offers predictive maintenance software.
The countries covered in the predictive maintenance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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