What is Predictive Maintenance in Manufacturing?
Predictive Maintenance in manufacturing is the type of maintenance that directly tracks an asset’s health, status, and performance in real-time. Predictive maintenance in manufacturing acts as a reducing costly, unexpected breakdown. It also offers the opportunity to plan maintenance for their production schedule.
Attributes | Details |
---|
Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Billion) |
Key Companies Profiled | Accenture Plc. (Ireland), Cisco Systems, Inc., General Electric Company (United States), Hitachi, Ltd. (Japan), Honeywell International Inc. (United States), IBM Corporation (United States), Microsoft Corporation (United States), Oracle Corporation, SAP SE (Germany) and Schneider Electric SE (France) |
CAGR | 25.2% |
The Global Predictive Maintenance in Manufacturing market is expected to see growth rate of 25.2% and may see market size of USD20.0 Billion by 2027.
The Market is currently pegged at USD2.88 Billion. The study covers a detailed analysis segmented by key business segments i.e. by type (Solution and Service) and major geographies.
The competition is expected to become even more intense in the years to come due to entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Predictive Maintenance in Manufacturing market report suggests strategies that Players can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Players, some of them are Accenture Plc. (Ireland), Cisco Systems, Inc., General Electric Company (United States), Hitachi, Ltd. (Japan), Honeywell International Inc. (United States), IBM Corporation (United States), Microsoft Corporation (United States), Oracle Corporation, SAP SE (Germany) and Schneider Electric SE (France).
Market Overview:
On 18th November 2020, IBM Corporation announced to acquire Instana. The acquisition helps to overcome the challenges of managing applications and strengthens its AI-powered automation abilities.
Global Predictive Maintenance in Manufacturing is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching New Services and Softwares. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Market Trend
Technological Advancement across the Globe
Restraints
- Lack of Skilled Operators
Opportunities
Increasing Adoption of New Technologies will create Opportunities for Predictive Maintenance in Manufacturing Market Growth.
Key highlights of the Global Predictive Maintenance in Manufacturing market Study:
CAGR of the market during the forecast period 2021-2027
In-depth information on growth factors that will accelerate the Predictive Maintenance in Manufacturing market in next few years.
Detailed Insights on futuristic trends and changing consumer behaviour
Forecast of the Global Predictive Maintenance in Manufacturing market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Players
Comprehensive information about factors that will challenge the growth of Predictive Maintenance in Manufacturing Players
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Predictive Maintenance in Manufacturing market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Predictive Maintenance in Manufacturing market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes Predictive Maintenance in Manufacturing Services, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases etc.