Predictive Maintenance for Manufacturing Market Size

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.