The global predictive maintenance market size was US$ 5,913.1 million in 2021. The global predictive maintenance market is forecast to grow to US$ 41,965.5 million by 2030 by registering a compound annual growth rate (CAGR) of 25.8% during the forecast period from 2022 to 2030.

Factors Influencing the Market

Predictive maintenance offers various benefits, such as reduction in downtime, extended equipment life, improvement in plant safety, a decline in maintenance costs, and better yield rate. Such benefits are forecast to fuel the growth of the predictive maintenance market during the forecast period.

The growing need to gain insights from the adoption of new technologies will further contribute to the growth of the global predictive maintenance market.

The growing demand to improve the uptime of equipment will drive the market forward. Companies are witnessing high demand to reduce unexpected downtime by identifying problems prior to any damage. Thus, it will contribute to market growth.

The growing number of launches and partnerships are forecast to benefit the market during the study period. For instance, OPEX Group entered into an agreement with Dana Petroleum in February 2021. With this partnership, the companies aim to merge their expertise in data science, software development, and oil and gas. It will also help their customers make more profitable use of their data. In addition to that, Fiix Inc. launched Fiix foresight in 2020. It is an advance AI to work with their work order insight solution.

Lack of a skilled workforce may limit the growth of the global predictive maintenance market.

The emergence of Industry 4.0 in the manufacturing landscape will surge the adoption of IIoT in order to achieve better insights into their operations. Thus, it will benefit the global predictive maintenance market during the forecast period.

COVID-19 Impact Analysis

The COVID-19 pandemic significantly impacted the global predictive maintenance market, mainly during the initial phase of the pandemic. Moreover, manufacturing units were forced to curb the operations to save the workforce from the pandemic.

Regional Analysis

The Asia-Pacific predictive maintenance market is forecast to witness rapid growth, mainly due to the contribution of emerging economies like China, India, Japan, and the Rest of Asia-Pacific. The growth of the region is attributed to the growing focus on trying innovative solutions for achieving optimized output. Furthermore, support from governments and other institutions will benefit the market. For instance, the Electrical and Mechanical Services Department (EMSD) of Hong Kong executed predictive maintenance solutions together with IoT-based technologies in several departments of government. Thus, it will contribute to the predictive maintenance market growth.

Competitors in the Market

IBM Corporations
Microsoft, SAP SE
General Electric, Schneider Electric
Hitachi, PTC
Software AG, SAS
Engineering Consultants Group, Inc.
Expert Microsystems, Inc.
SparkCognition
C3 IoT
Uptake Technologies Inc.
Fiix Inc.
Operational Excellence (Opex) Group Ltd
TIBCO Software Inc.
Sigma Industrial Precision
Other Prominent Players
Market Segmentation

The global predictive maintenance market segmentation focuses on Component, Deployment, Technique, Stakeholder, Industry, and Region.

By Component Outlook

Solution
Service
By Deployment Outlook

Cloud
On-premise
By Technique Outlook

Vibration Monitoring
Electrical Testing
Oil Analysis
Ultrasonic Leak Detectors
Shock Pulse
Infrared
Others
By Stakeholder Outlook

MRO
OEM/ODM
Technology Integrators
By Industry Outlook

Manufacturing
Energy & utilities
Aerospace & Defense
Transportation & Logistics
Government
Healthcare
Other
By Regional Outlook

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America