Accelerated Industrialization in Emerging Economies to Boost Predictive Maintenance Market

San Francisco, California, August 13, 2018 – Predictive maintenance, the solutions that help predict the potential failure of an in-service equipment in a professional setup, enables the proactive and more effective planning of corrective measures that can result in vast cost savings as the action is take much before the equipment fails. A research study, “Predictive Maintenance Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” reports the various factors boosting the growth of the global predictive maintenance market. Additionally, the report delves into the analysis of various market dynamics, such as opportunities, trends, challenges, and drivers.

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Predictive maintenance utilizes coordinate checking of the mechanical condition, framework effectiveness, and different markers to decide the real interim to-disappointment or the loss of proficiency for each machine and framework in the plant. The principle explanations behind executing predictive maintenance would be it can be utilized as-a maintenance device, a plant advancing device and an unwavering quality change device.

End-use businesses are searching for economically viable solutions with high conformance and consistency. Late advances in IoT, Industrial Internet of Things (IIoT), AI, and big data are imperative sources and will propel the development of the modern predictive maintenance market over the globe. Predictive maintenance frameworks check use scope of information including gear runtime, vitality utilize, temperature, yield, and others to enhance basic leadership and activities at production plants.

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Topographically, the market is anticipated to witness a solid footing in Asia Pacific inferable from the enduring pace of development of the industrial revolution and rising take-up of mechanization advancements in the automation in the region.

Prominent vendors in the global predictive maintenance market include Robert Bosch, Rockwell Automation, RapidMiner, General Electric, and Software AG.

Predictive Maintenance Market Key Segments & Forecast 2017 – 2025

Predictive Maintenance Market: Overview 

Predictive maintenance (PdM) solutions are designed to help predict when an in-service equipment might fail and to perform maintenance before the failure occurs. This approach enables convenient planning of corrective maintenance resulting in considerable cost savings as action is taken before the equipment failure occurs.

Other advantages of predictive maintenance include increased equipment longevity, increased plant safety, better spare parts handling, and fewer accidents that can be detrimental to the environment.

The predictive maintenance ecosystem constitutes vendors that provide predictive maintenance solutions to carry out the maintenance needs across several industry verticals. 

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Predictive Maintenance Market: Key Trends 

Predictive maintenance solutions are increasingly being adopted across several industry verticals such as aerospace and defense, energy and utilities, transportation and logistics, manufacturing, healthcare, and government. This is due to their ability to reduce operational and maintenance costs and minimize asset downtime. The adoption of predictive maintenance solutions enhances decision making capabilities of enterprises for planning production cycle and related aspects.

Predictive maintenance solutions have the ability to precisely predict asset failure, which is one of the major reasons for the increasing adoption of these systems. This helps enterprises plan removal of the asset before it fails, thereby ensuring production is not affected due to action taken beforehand.

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The explosion of big data due to digitisation of processes across industry verticals is also favoring the adoption of predictive maintenance solutions for real-time monitoring of complex equipment.

Organizations that are trying to embrace predictive maintenance solutions face difficulties in terms of lack of training provided to operators and dearth of experts to provide guidance for best-suited predictive maintenance solutions. Furthermore, in predictive maintenance, technical personnel involved need to be well-versed to interpret data generated by predictive maintenance technologies. These factors are limiting the market’s growth to some extent.

Nonetheless, the predictive maintenance market is expected to be benefitted from increasing demand from small and medium-sized enterprises and rising demand for real-time streaming analytics. 

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Predictive Maintenance Market: Market Potential 

Predictive maintenance solutions are spreading wings to rock excavation activities from their traditional use in the manufacturing sector. In a recent industry development, Sandvik Mining and Rock Technology and IBM have joined hands to develop technology for predictive maintenance services for rock excavation and data driven productivity. The terms of the agreement involve Sandvik and IBM to work together on advanced analytics solutions to for improving productivity, safety, operational services, and maintenance of rock excavation equipment.

The IBM-Sandvik alliance will employ the use of advanced analytics, cognitive technologies, and remote monitoring. The combination of services will assist in rock excavation by facilitating well-informed decisions regarding production cycles and maintenance schedules. 

Predictive Maintenance Market: Regional Outlook 

North America is expected to hold the leading market share and dominate the predictive maintenance market in the near future. However, Asia Pacific is expected to emerge as a significant market for predictive maintenance and display the fastest growth rate in the near future. Developing countries in Asia Pacific and the Middle East and Africa are investing heftily on predictive maintenance solutions to enhance their operational efficiency by minimizing machine downtime and operational costs.

Predictive Maintenance Market: Competitive Landscape 

Key players in the predictive maintenance market include Software AG, IBM, Robert Bosch, PTC, RapidMiner, SAP SE, General Electric, Rockwell Automation, Warwick Analytics, and SKF.

These vendors are engaged in various types of organic and inorganic growth initiatives such as partnerships and collaborations, mergers and acquisitions, and new product launches to strengthen their position in the predictive maintenance market.

Demand for Predictive Maintenance Solutions to Register Spike across SMEs

San Francisco, California, June 01, 2017: Predictive maintenance solutions are emerging as a boon for enterprises worldwide. These solutions help organizations in precisely predict asset failure, which in turn aids them in planning removal of the asset before it fails. The whole process, thereby, helps them in ensuring that the production is not affected. A report by TMR Research, titled “Predictive Maintenance Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025,” encompasses a detailed description of all the vital aspects, including trends, opportunities, geographical segmentation, and competitive scenario of the market.

The ability of predictive maintenance solutions to minimize asset downtime and cut down operational and maintenance costs is boosting their demand across various industry verticals such as transportation and logistics, energy and utilities, aerospace and defense, healthcare, manufacturing, and government. In addition, these solutions are acknowledged for their ability to improve decision-making capabilities of organizations for planning production cycle and associated aspects. The growing popularity of big data due to the digitization of processes across industry verticals is also escalating the demand for predictive maintenance solutions.

On the flip side, the dearth of workforce with the adequate technical knowledge to handle these solutions is hampering the growth prospects of the global predictive maintenance market. This is further compounded by the hefty sums required to train personnel to interpret data generated by predictive maintenance technologies. However, the upswing in the adoption rate by small and medium-sized enterprises and the soaring demand for real-time streaming analytics are unfolding immense opportunities for the growth of the market.

On the basis of geography, the report segments the market into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. North America is anticipated to account for a large chunk in the revenue pie in the global arena. The domicile of a large number of predictive maintenance service providers provides a significant push to the region. Asia Pacific is a promising market for predictive maintenance and is, therefore, attracting many players to invest in the region. The booming end user industries in emerging countries are promoting the development of the market in the region.

The majority of the market leaders are engaged in collaboration and mergers and acquisitions to consolidate their position in the highly competitive arena. Besides this, they are also focusing towards product innovation and new product launches in order to enhance their visibility in the market. Some of the prominent companies operating in the global predictive maintenance market are Warwick Analytics, IBM, Software AG, PTC, Robert Bosch, SAP SE, RapidMiner, Rockwell Automation, General Electric, and SKF.