Predictive Maintenance Market Analysis

End-user (Government, Defence, Automotive, Energy, Utilities, Transportation, Logistics, Healthcare, Life Sciences, Food, Beverage, Digital)

The global predictive maintenance market is segmented and analyzed for demand and supply by end-use vertical into government and defense, automotive, energy and utilities, transportation and logistics, healthcare and life sciences, food and beverage, digital industry, and others. Out of all types of end-use verticals, the energy and utilities segment is estimated to gain the largest market size by the end of 2037, growing at a CAGR of 32.6% over the projected time frame. The growth of the segment can be attributed to the increasing need for minimizing productivity loss and maintenance costs. Predictive maintenance detects the possible issues in the equipment, which improves its productivity. Unplanned downtime costs the average oil and gas complex 32 hours of lost output each month, or USD 220,000 per hour. At each site, that comes to an annual total of USD 84 million.

Component (Solutions, Services)

The global predictive maintenance market is also segmented and analyzed for demand and supply by component into solutions and services. Amongst these two segments, the solutions segment is expected to garner a significant market revenue by growing at a CAGR of 31.6% over the forecast period. Furthermore, the solutions segment is categorized into integrated, and standalone. Growing need for a system, that combines all the technologies, to provide more integrated solutions. Such solutions are imperative in vast sectors, such as healthcare, food & beverage, and manufacturing. For instance, higher adoption of electronic medical records in the healthcare sector is expected to create huge demand for predictive maintenance solutions that integrated entire healthcare systems. During the period of the pandemic, nearly 73% of hospitals maintained electronic medical records in Japan. Moreover, in the United States, around 90% of office-based physicians use any one of the electronic health record (HER) systems. Furthermore, the growing need for solutions that have the ability to solve different issues in the industry is also expected to boost the growth of the segment. For instance, supply chain management needs predictive maintenance solutions for better safety & security, integration of the different regions, and most importantly enhances customer experience. On receiving better customer experience, around 89% of customers are believes to come back to the company make another purchase.

Our in-depth analysis of the global market includes the following segments: