Increase in investment on predictive maintenance and surge in need to extend lifetime of aging assets drive the growth of the global predictive maintenance market. On the other hand, lack of skilled staff and several data privacy & security concerns impede the growth to some extent.
However, integration of predictive maintenance with IIoT, use of machine learning, rise in the drift of real-time condition monitoring to assist in taking prompt actions, and increase in need for remote monitoring are expected to create lucrative opportunities in the industry.
According to the report, the global predictive maintenance industry was estimated at $4.33 billion in 2019, and is anticipated to hit $31.96 billion by 2027, registering a CAGR of 28.8% from 2020 to 2027.
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Based on technique, the vibration monitoring segment contributed to nearly one-fourth of the global predictive maintenance market revenue in 2019, and is projected to dominate by the end of 2027. The need for parts to be ordered more effectively increases the demand for this technique, thereby boosting the segment growth.
Simultaneously, the shock pulse segment would manifest the fastest CAGR of 31.4% throughout the forecast period. The shock pulse technique specializes in defining precise information on the mechanical condition of the bearing surfaces along with the state of lubrication on the bearing. This factor drives the growth of the segment.
Based on region, North America held the major share in 2019, garnering more than one-third of the global predictive maintenance market, owing to the presence of a large number of solution and service vendors in this region. At the same time, the market across Asia-Pacific would cite the fastest CAGR of 30.3% from 2020 to 2027, due to rapid industrialization in this province.
Based on components, the solution segment accounted for more than two-thirds of the global predictive maintenance market share in 2019, and is anticipated to retain its dominance by 2027. Companies are looking for all-inclusive development solutions which integrate hardware sensor board and software environment created precisely for predictive maintenance requirements, which drives the segment growth.
The services segment, on the other hand, would register the fastest CAGR OF 31.4% from 2020 to 2027. This is attributed to the fact that companies are trying to achieve profit by implanting predictive analytics into their products and offering better maintenance services.
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