The Predictive Maintenance (PdM) market industry is projected to grow from USD21.83 Billion in 2022 to USD 111.30 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 26.20% during the forecast period (2022 - 2030). 

The predictive maintenance (PdM) market is garnering substantial traction. The market growth attributes to the rising adoption of PdM solutions in the rapidly growing manufacturing, energy & utilities, healthcare, automotive, aerospace & defense, transportation sectors. 

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Key Players:

Key Companies in the Predictive Maintenance (PdM) market includes,

  • Axiomtek Co. Ltd (Taiwan)
  • Oracle Corporation (US)
  • Microsoft Corporation (US)
  • XMPro (US)
  • IBM Corporation (US)
  • RapidMiner (US)
  • Hitachi Ltd (Japan) among others

Besides, the growing implementations of the Internet of Things (IoT) across end-user verticals worldwide drive the market growth, allowing different assets & systems to connect, synchronize, share, analyze, and act on the data. With substantial R&D investments in the development of PdM solutions, the market is projected to garner vast gains during the next few years.

The smart revolution is impacting industries exponentially, allowing data-driven research. Industries leverage the analytical capabilities of PdM to thrive in continually rising volumes, types, and complexities of data. Utilities are increasingly implementing PdM solutions to target market strategic framework, impacting the market growth positively. 

Global Predictive Maintenance Market - Segments

The report is segmented into components, testing types, deployments, techniques, verticals, and regions. The component segment is sub-segmented into hardware, solutions, and services (consulting, support & maintenance, system integration, others).

The testing type segment is sub-segmented into vibration monitoring, electrical insulation, infrared thermography, temperature monitoring, ultrasonic leak detector, oil analysis, and others. The deployment segment is sub-segmented into on-cloud and on-premise.

The technique segment is sub-segmented into traditional and advanced techniques. The vertical segment is sub-segmented into manufacturing, healthcare, energy & utility, automotive, aerospace & defense, transportation, and others. By regions, the market is sub-segmented into North America, Europe, APAC, and the rest of the world.

Predictive Maintenance Market - Regional Analysis

North America holds a significant share in the global predictive maintenance market. The presence of leading solution providers investing heavily in R&D to enhance the capabilities and operational efficiency of their solutions drives the market growth. 

Besides, the growing adoption of advanced technologies in manufacturing industries across the region to halve unplanned downtime and maintenance costs boost the market size. Moreover, the increasing demand from energy & utilities, alongside government initiatives & utility-scale policy, increases the region's market shares. 

Global PdM Market - Competitive Landscape

Highly competitive, the PdM market appears to be fragmented due to the presence of several well-established industry players. These players initiate strategic approaches such as mergers & acquisitions, collaboration, expansion, and technology launch to gain a larger competitive advantage. 

Industry/Innovation/Related News:

Feb. 16, 2021 --- Senseye, a leading machine health management company, announced the collaboration with PTC to accelerate the adoption of its predictive maintenance technology, making it available for PTC's ThingWorx Industrial IoT (IIoT) Solutions Platform. Senseye PdM can allow users to monitor assets automatically and even anticipate future machine failures by applying Senseye's proprietary algorithms and AI technology.

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Predictive Maintenance (PdM) Industry Developments:

January: The International Society of Machinery Failure Prevention (ISMF) releases a new report on the state of PdM. The report finds that the PdM market is growing rapidly, and that there is a growing demand for PdM solutions that can be used in a variety of industries.

February: The company Upkeep raises $100 million in Series C funding. Upkeep is a PdM software company that helps businesses to improve their equipment uptime and reliability.

March: The company Augury announces a partnership with Siemens. The partnership will see Augury's PdM technology integrated into Siemens' digital offerings.

April: The company Fiix acquires the company Asset Insight. Asset Insight is a PdM data analytics company that provides businesses with insights into their equipment health.

May: The company C3 IoT releases a new PdM platform. The platform uses artificial intelligence and machine learning to help businesses to predict equipment failures.

June: The company PTC acquires the company ThingWorx. ThingWorx is a PdM software company that provides businesses with a platform to collect and analyze equipment data.

July: The company Maintenance & Reliability launches a new PdM blog. The blog provides insights into the latest PdM trends and technologies.

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