Predictive Maintenance for Manufacturing Market Size & Share, by Product Type (Solution and Service); Technology (Machine Learning, Deep Learning, Big Data) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 2981
  • Published Date: Sep 23, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Predictive Maintenance for Manufacturing Market size is expected to expand at significant growth rate during the forecast period i.e., between 2024-2036. 

Extensive research associated with predictive maintenance for manufacturing in western countries, along with growing need to reduce maintenance cost and downtime are expected to fuel the progress of predictive maintenance for manufacturing market. The growth of the market can also be attributed to factors such as increase in investments in predictive maintenance in industries as a result of IoT adoption. Moreover, lack of employees and personnel, coupled with global supply chain disruption as well as high demand for various goods during the COVID-19 pandemic encouraged companies to take extra care of their manufacturing equipment and machinery to increase output. This resulted in a surge in demand for predictive maintenance solutions across the globe. However, many companies have started to use smart sensors, advanced artificial intelligence systems, and other Industry Internet of Things (IIoT) solutions to track health and efficiency of vital machinery used in their manufacturing process to avoid costly production downtimes.

Predictive maintenance techniques are formed to determine the condition of in-service equipment in order to estimate when maintenance should be performed. This approach confirms cost savings over routine or time-based preventive maintenance, because tasks are performed only when warranted. It is likely to be influenced by a range of political, economic, social, technical, and industry-specific factors.


Predictive Maintenance for Manufacturing Market Overview
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Predictive Maintenance for Manufacturing Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing need to reduce maintenance cost and downtime
  • Increase in investments in predictive maintenance in industries as a result of IoT adoption
  • Need to prolong lifetime of ageing industrial machinery
  • Increase in demand for embedded computer systems or IoT enabled systems to avoid unplanned maintenance downtime is driving the global predictive maintenance for manufacturing market.

Challenges

  • Lack of Skilled Workforce and Data Security & Privacy Issue 

Predictive Maintenance for Manufacturing Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

Regional Scope

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, South Korea, Malaysia, Australia, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Predictive Maintenance for Manufacturing Segmentation

The predictive maintenance for manufacturing market is segmented based on component into software and services, out of which, the software segment is anticipated to grab the largest share by the end of 2020, improvement of safety in factories is one of the primary concerns of the manufacturing industry. Furthermore, machine breakdowns are also causing severe production loses in the manufacturing industry. Demand for better safety, reduction of costs and machine utilization are driving the global predictive maintenance for manufacturing market for manufacturing predictive analytics.

On the basis of Technology, the predictive maintenance for manufacturing market is segmented into machine learning, deep learning, big data and analytics. Out of which machine learning is estimated to grab the largest market share during the forecast period 2024-2036. Manufacturers are adopting machine learning based predictive maintenance. It depends on large amount of historical or test data, along with tailored machine-learning algorithms, to test different scenarios and predict the errors in the system. Then it generates the alerts accordingly. When properly designed and implemented, a machine learning algorithm will learn the typical data’s behavior and identify deviation in real-time. A machine monitoring system will comprise input about diverse temperatures, engine speed, and others. The system can then predict the time of the breakdown. Additionally, big data analytics is projected to grab the substantial market share owning to the increasing technological advancement and dealing with the large data securely. As, the data security is one of the major concern for any organisation. Today the adoption big data technology is high because it is cost efficient, provide accurate results, and facilitates to analyse the large data set innovatively. Moreover, the interpretation helps the organisations in booting their sales and retaining customer loyalty.

Our in-depth analysis of the global predictive maintenance for manufacturing market includes the following segments

By Product Type

  • Software
  • Service

By Technology

  • Machine Learning
  • Deep Learning
  • Big Data and Analytics

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Predictive maintenance for manufacturing - Regional Synopsis

North America Market Statistics

Geographically, the predictive maintenance for manufacturing market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. North America industry is anticipated to hold largest revenue share by 2036, driven by rising investments in emerging technologies such as IoT, AI, and ML, increasing presence of predictive maintenance vendors, and growing government support for regulatory compliance.

APAC Market Analysis

The rising investments in emerging technologies such as IoT, AI, ML, the increasing presence of predictive maintenance vendors, and growing government support for regulatory compliance are the major factors expected to contribute to the market growth during the forecast period, while Asia Pacific is expected to grow at the highest CAGR during the forecast period. In APAC, the highest growth rate can be attributed to the massive investments made by private and public sectors for enhancing their maintenance solutions, resulting in an increased demand for predictive maintenance solutions used for automating the maintenance and plant safety process.

Research Nester
Predictive Maintenance for Manufacturing Market Share
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Companies Dominating the Predictive Maintenance for Manufacturing Landscape

    • International Business Machines Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Robert Bosch GmbH
    • Rockwell Automation, Inc.
    • Siemens AG
    • Schneider Electric 
    • SAS Institute
    • PTC Inc.
    • General Electric Company
    • Software AG

Author Credits:  Abhishek Verma


  • Report ID: 2981
  • Published Date: Sep 23, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing need to reduce maintenance cost and downtime and increase in investments in predictive maintenance in industries as a result of IoT adoption are the key factors driving market growth.

The market is anticipated to attain a high CAGR over the forecast period, i.e., 2021-2029.

Lack of skilled workforce and data security & privacy issue are estimated to hamper market growth.

The market in Asia Pacific region will provide ample growth opportunities owing to the increased demand for predictive maintenance solutions used for automating the maintenance and plant safety process.

The major players dominating the market are Robert Bosch GmbH, Rockwell Automation, Inc., Siemens AG, Schneider Electric, SAS Institute, PTC Inc., General Electric Company, and Software AG among others.
Predictive Maintenance for Manufacturing Market Report Scope
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