Operational Predictive Maintenance Market Size, Share, Growth, and Industry Analysis, By Type (Cloud and On-premises), By Application (Automotive, Energy and Utilities, Healthcare, Manufacturing and Others) and Regional Forecast to 2032

• 

  Request a Free Sample to learn more about this report

OPERATIONAL PREDICTIVE MAINTENANCE MARKET REPORT OVERVIEW

The Operational Predictive Maintenance Market Size was US$ 730.02 Mn in 2023 and is projected to touch US$ 5888.84 Mn By 2032, Exhibiting a CAGR of 23.22% During the Forecast Period.

Implementation PdM attributed for is one of the effective approaches to delivering preventive maintenance wherein the use of analysis of data and other approaches to prediction is used for avoiding equipment failure as well as for scheduling the best time which maintenance works to be done. This is done so as to reduce the amount of time a given asset spends out of order, to enhance turnover and the overall useful life of an asset and to facilitate the functioning of the business.

COVID-19 Impact: Market Growth increased by the Pandemic due to Acceleration of Digital transformation

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 outbreak surprised organizations into finding ways to adopt new advanced technologies and predictive maintenance was one of them. Predictive maintenance that uses data analytics and Internet of Things sensors to notice the potential equipment failures emerged as critical due to minimum on-site workers.

LATEST TRENDS

"Integration of Advanced Analytics and Machine Learning to Propel Market Growth"

The use of advanced analytics coupled with the element of machine learning in the operational space for predictive maintenance is a trend that is growing and revolutionizing the systems used in companies to manage their courses of assets. These are the technologies that can help companies shift from basic ‘break-fix’ repair and maintenance of equipment as well as from simple preventative measures to a more sophisticated ‘predict and prevent’ model. Data from sensors and various inputs, historical and real-time data are fed into the machine learning algorithms that can pinpoint possible failure of equipment from patterns observed.

• 

  Request a Free Sample to learn more about this report

OPERATIONAL PREDICTIVE MAINTENANCE MARKET SEGMENTATION

By Type

Based on type the market can be categorized into Cloud and On-premises.

• Cloud- Solutions involving predictive modules which are cloud-hosted are located on servers owned by other third parties. These solutions can be availed over the internet and the data and the analytics can be pulled from anywhere in the world.

• On-Premises- On-premise predictive maintenance solutions are hosted and executed on hardware and system infrastructure owned by the company. This makes organizations have full control over their data, software as well as the functioning of their hardware systems.

By Application

Based on application the market can be categorized into Automotive, Energy and Utilities, Healthcare, Manufacturing and Others.

• Automotive- On the road transportation, for instance, the use of PdM is seen in the automotive industry, to monitor the state of automobiles in real-time. Sensors and telematics systems are responsible for the collection of data with reference to overall performance of the engine as well as the condition of the tires and other vital parts.

• Energy and Utilities- In energy, it is used on power plants, wind, and solar facilities and other structures used in the production of energy. The latter is useful in early identification of equipment deterioration such as bladed disks in turbines, or transformers that might overheat, in order to accomplish preventive work.

• Healthcare- In healthcare there is a need to embrace predictive maintenance because failure of some core health equipment such as MRI, CT, ventilators, and infusion pumps is relatively expensive in relation to the patient’s care and it will disrupt the patient’s results.

• Manufacturing- In the manufacturing work process the concept of predictive maintenance is used to predict that a specific machinery for instance cnc machines, lathes or milling machines require to be maintained. With regard to vibrations, temperature and wear, sensors collect information which is then used as a way of assessing possible failure of the components.

DRIVING FACTORS

"Increasing Focus on Reducing Operational Costs to Drive Market Advancement"

One of the key driving factors in the Operational Predictive Maintenance Market growth is Increasing Focus on Reducing Operational Costs. One of the main strategies embraced in modern businesses that can be seen as a major driver for the growth of the operational PdM market is a trend of cost reduction of operations. Managerial demands to increase the efficiency and decrease the cost of the organizations’ operations are constant, and one of the key demands is to avoid any unexpected and expensive equipment failures. The use of predictive maintenance allows them to observe the state of the machinery in real-time and know when the maintenance is actually required rather than relying on the more rigid scheduled maintenance intervals which when conducted can be either too often or too far apart.

"Advancements in IoT and Sensor Technology to Expand the Market"

The operational PdM market drivers are IoT and sensor technology which are significant to change the method of data acquisition and analysis of the industrial equipment and machinery. Growing use of IoT devices and designing complicated sensors have provided the way to real-time tracking of temperature, vibration, pressure, humidity and others, for instance. These sensors give detailed information that is very essential for likely evaluating the condition or efficiency of the assets.

RESTRAINING FACTOR

"High Initial Implementation Costs to Market Growth"

The highly limiting factor of high initial implementation cost in the operational PdM market is the fact that it presents an entry barrier in most cases that is hard for SMEs to overcome. The adoption of PdM is a capital-intensive exercise that needs the use of sophisticated technologies such as sensors, internet of things devices, databases, analytics tools, and artificial intelligence algorithms.

• 

  Request a Free Sample to learn more about this report

OPERATIONAL PREDICTIVE MAINTENANCE MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America to Dominate the Market due to Advanced Technology Adoption"

North America has emerged as the most dominant region in the Operational Predictive Maintenance Market share due to a convergence of factors that propel its leadership in this dynamic industry. North America, currently dominated by the USA, has been identified as a region deploying the use of AI, Machine learning, IoTs and big data in analyzing data needed for the implementation of the Use of Predictive Maintenance.

KEY INDUSTRY PLAYERS

"Key Players Transforming the Market Landscape through Innovation and Global Strategy"

Major industry players are pivotal in shaping the Operational Predictive Maintenance Market, driving change through a dual strategy of continuous innovation and a well-thought-out global presence. By consistently introducing inventive solutions and staying at the forefront of technological progress, these key players redefine the industry's standards. Simultaneously, their expansive global reach enables effective market penetration, addressing diverse needs across borders. The seamless blend of groundbreaking innovation and a strategic international footprint positions these players as not only market leaders but also as architects of transformative shifts within the dynamic domain of Operational Predictive Maintenance.

LIST OF MARKET PLAYERS PROFILED

• Rockwell Automation(S.)
• Software AG(Germany)
• Bosch(Germany)
• Emaint Enterprises(S.)
• Schneider Electric(France)

INDUSTRIAL DEVELOPMENT

July 2024: Between the NTPC and International Institute of Information Technology-Naya Raipur there is a Memorandum of Understanding signed in July 2024 for the commencement of ‘IIIT NR-COE on Predictive Maintenance’ Centre of Excellence is structure to embrace the academic studies as well as the Research and Development concentrating on the tools and systems of Predictive Maintenance exclusive to the acknowledgment of the domain.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated time frame. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.