Predictive Maintenance Market to Grow at CAGR 31% till 2022, Says TechSci Research

Growing industrialisation, increasing use of technologically advanced machines and equipment, and rising focus towards reducing the operational costs to aid global predictive maintenance market through 2022

According to a recently released TechSci Research report, “Global Predictive Maintenance Market By Component, By Deployment Type, By End User, Competition Forecast & Opportunities, 2012 – 2022”, the global predictive maintenance market is projected to grow at a CAGR of over 31% during 2017 – 2022. Predictive maintenance is a maintenance strategy in which the overall condition of the equipment is detected well in before the time so as to reduce the risk of failure or downtime of the equipment. Predictive maintenance platform gives real time information about the equipment’s condition by evaluating the different data points received from the machine or equipment. Growing awareness among the consumers about the benefits of using predictive maintenance coupled with growing deployment of Industrial Internet of Things is aiding the global predictive maintenance market.

Reduction in operational costs related to repair or replacement of the machine or equipment is one of the major factor responsible for robust growth in global predictive maintenance market. In addition, companies which are operating with very heavy and hazardous machineries use predictive maintenance to ensure employees’ safety.  Training courses on safety measures for employees is an essential part of an organization where the use of heavy machinery is involved. However, human error is always a factor which needs to be considered. Predictive maintenance gives the technical teams the data they need about the equipment or machine’s health status in advance so that they can plan the maintenance, and prevent accidents.

“Global predictive maintenance market was dominated by the solutions segment in 2016. Predictive maintenance solutions use Internet of Things, which mainly focuses on capturing the datapoints through connected machines & products and monitors the overall condition of the equipment or machine, and then predicts the time of maintenance. During 2012 – 2016, majority of the consumers across the world opted for on premise deployment of predictive maintenance solutions as on premise solutions can be customized easily, and are more secure as the data is on the customer’s servers.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Predictive Maintenance Market By Component, By Deployment Type, By End User, Competition Forecast & Opportunities, 2012 – 2022” has evaluated the future growth potential of global predictive maintenance market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global predictive maintenance market.