Predictive Maintenance Market Analysis: Market Size, TAM, By Industry, Market Trends, Adoption, Others
SUMMARY AND OVERVIEW
Accordingly, the new approach of predictive maintenance is the use of sensors or based around the collection of data from a wide range of sensors, building a statistical model that can identify potential failures before they happen.
Globally, this industry was valued at $3 billion in 2019 and expected to grow annually by 28% in the next 5 years. Studies reveal that all aspects in all sectors of predictive maintenance will record a growth rate between 20% to 40% due to emerging and new technologies being developed and used in all sectors.
(Graphs and charts are provided in the report.)
For this research, let’s take a look into global, regional, and tier category companies market size based on revenues. We’ve compared the industry analysis published by most reputable industry market research companies and compared their data.
First let’s take a look at the study published by Marketsandmarkets. Accordingly, this is how the market size was determined:
“For making market estimates and forecasting the predictive maintenance market and the other dependent submarkets, the top-down and bottom-up approaches were used. The bottom-up procedure was used to arrive at the overall market size of the global market using key companies’ revenue and their offerings in the market. The research methodology used to estimate the market size includes the following:
- The key players in the market were identified through extensive secondary research.
- The market size, in terms of value, was determined through primary and secondary research processes.
- All percentage shares, splits, and breakups were determined using secondary sources and verified through primary sources.”
(More analysis provided in the report)
Year-by-year global market size
Market size by region in 2019
Market share by type (from Roland Berger report) in 2019
- Base predictions: xx%
- Optimistic predictions: xx%
PREDICTIVE MAINTENANCE APPLICATION
Evidently, based on the identified market size of this industry, predictive maintenance solutions is growing and will continue to gain traction in the next coming years as industrial customers become increasingly aware of the growing maintenance costs and downtime caused by the unexpected machinery failures.
In here, we take a look into what current and future trends is happening in the largest market in terms of region–the North America region. Which industry are utilizing much or applying the predictive maintenance technology in 2017 and expected market share in 2022?
The manufacturing industry, followed by aerospace & defence and energy & utilities are the largest demand drivers for utilizing this technology and this trend will continue on until 2022.
(Tables and compilation provided in the report)
MAIN PLAYERS IN THE PREDICTIVE MAINTENANCE INDUSTRY
Overall, predictive maintenance solutions are still dominated by big companies based on revenue, popularity, and technology. From the analysis provided by IoT Analytics–based on surveys and study of the 110 technology firms that have worked on Predictive Maintenance implementations in the past covering condition monitoring hardware, industrial automation hardware, connectivity, storage & platform, and analytics–companies leading the industry are IBM, SAP, Siemens, Microsoft, GE, Intel, Bosch, SKF, Cisco, and ABB.
On the startups side, of the current 135 predictive maintenance solution startups, the top companies are Seebo, Semiotic Labs, Sigma Industrial Precision, Presenso, Industrial Analytics, and Augury.
(Details of these companies are provided in the report)
All others included in the report:
- – Market size globally and per industry including estimated number of firms
- – Total Addressable Market – Market size by region
- – Global revenue, growth and projected value
- – Market adoption in selected countries and other statistics
- – Include: all references and graphs
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Predictive Maintenance Market Analysis Globally
SCOPE INCLUDED IN THE REPORT •Market size globally and per industry including estimated number of firms •Total Addressable Market •Market size by region •Global revenue, growth and projected value •Market adoption in selected countries and other statistics •Include: all references and graphs
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