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Predictive Maintenance in Manufacturing Market Segmented By Solution such as Predictive Maintenance Software includes Integrated and Standalone having Services as Consulting, Integration and implementation, Support & Maintenance
Predictive maintenance in manufacturing is a type of process that directly tracks an asset's status, health, and performance in real time. It is a method of protecting the failure of expensive manufacturing tools, by evaluating data throughout production.
The market is expected to witness substantial growth owing to several factors such as the growing need for reliable and cost-effective predictive maintenance in manufacturing, predictive maintenance in manufacturing provider’s landscape, and increasing use of emerging technologies to gain valuable insights.
According to analysis, the global predictive maintenance in manufacturing market is expected to witness a CAGR of 20.5% over the forecast period 2021 - 2031.
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There is rising need for reduce the maintenance cost and downtime, is one of the major factor contributing to the driving demand for predictive maintenance in manufacturing market. The development of asset management is increasingly needed across various verticals such as government and defense, manufacturing, energy and utilities, transportation and logistics, healthcare and life sciences, among others.
The predictive maintenance in manufacturing solution providers are equipped with machine learning (ML) and artificial intelligence (AI) can collect and turn the huge amount of customer-based data into valuable insights, as IoT creates a vast amount of data from connected devices.
It offers various benefits such as real-time monitoring, minimizing the time the equipment, minimizing the production hours lost to maintenance, and driving up productivity. The reliability of such benefits drives the growth of the predictive maintenance in manufacturing market.
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The predictive maintenance in manufacturing industry is projected to face the most adverse impact on the IT sector. The growth of the IT infrastructure has slowed down due to the drop in hardware supply and reduced manufacturing capacity.
The predictive maintenance in manufacturing solution is offering different features such as work order management, long term functionality to manufacturing units, improve operations performance.
The US holds a major market share for predictive maintenance in manufacturing across the globe. This is attributed to the high increase in developing and adopting predictive maintenance.
Furthermore, U.S. is the dominant country in global predictive maintenance in manufacturing market accounting for appropriate 20%-25% of the market share in 2021.
The increasing investments in evolving technologies such as ML, AI, and IoT, the increasing presence of predictive maintenance in manufacturing vendors, and increasing government support for regulatory compliance, such major factors anticipated to driving market growth.
There is growing demand for IoT enabled system or embedded computer systems to overcome unplanned maintenance downtime, is expected to create new growth opportunities for predictive maintenance in manufacturing market.
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South Asia & Pacific is expected to be a significant growth market for predictive maintenance in manufacturing sectors during the forecast period due to rising initiatives to standardize the manufacturing sector, especially in Japan, India, and China.
Nowadays, demand for predictive maintenance in manufacturing is growing significantly for application in all sizes of enterprises. In South Asia & Pacific, the strong growth rate is due to the huge investments made by public and private sectors for growing their maintenance solutions. Hence, the demand for predictive maintenance solutions is increasing for automating the maintenance and plant safety process.
Some of the leading providers of predictive maintenance in manufacturing include
The predictive maintenance in manufacturing providers are focusing on launching innovative solution and expanding its predictive maintenance in manufacturing offerings to deliver enhanced technology as well as offer new and upgraded solutions in new markets.
For instance, May 2021, Koenig & Bauer has launched predictive maintenance services for press owners. The predictive maintenance applied AI tools, such as rule mining or ML, to provide precise and automated real-time analysis of entire press data.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
