Predictive Maintenance for Manufacturing Market Trends

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)

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 Trends