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
Browse key industry insights with market data tables & charts from the report:
Frequently Asked Questions (FAQ)
Predictive Maintenance for Manufacturing Market size is expected to expand at significant growth rate during the forecast period i.e., between 2025-2037.
Growing need to reduce maintenance cost and downtime and increase in investments in predictive maintenance in industries as a result of IoT adoption will drive the market growth.
North America industry is anticipated to account for largest revenue share by 2037, 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.
The major players in 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.
