Predictive Maintenance (PdM) Market Overview:
The predictive maintenance (PdM) market has experienced significant growth and is projected to continue expanding in the coming years. This growth is driven by various factors such as the increasing demand for maintenance cost reduction, the growing use of real-time streaming analytics technology, and the adoption of AI-powered solutions to transition from a reactive to a proactive maintenance strategy.
Market Size and Growth Projections:
The Predictive Maintenance (PdM) market is projected to grow from USD21.83 Billion in 2022 to USD 111.30 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 26.20% during the forecast period (2022 – 2030).
The market is expected to witness substantial growth due to the increasing investments in predictive maintenance solutions to reduce costs and downtime, with a projected return on investment (ROI) such as increased availability, inventory cost reduction, and a decrease in reactive maintenance.
Key Companies in the Predictive Maintenance (PdM) market includes,
- Axiomtek Co. Ltd (Taiwan)
- Oracle Corporation (US)
- Microsoft Corporation (US)
- XMPro (US)
- IBM Corporation (US)
- RapidMiner (US)
- Hitachi Ltd (Japan) among others
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Key Market Drivers:
The increasing demand for maintenance cost reduction and the growing use of real-time streaming analytics technology are key market drivers enhancing the market growth.
The adoption of AI-powered solutions to transition from a reactive to a proactive maintenance strategy is also contributing to the market’s growth.
Industry Adoption and Impact:
Predictive maintenance (PdM) and industry 4.0 companies play a crucial role in filling the gap between data and insights for industrial companies, allowing them to store and analyze critical outputs of their machinery to improve maintenance and input parameters.
The adoption of predictive maintenance has a positive impact on operational sustainability by minimizing energy usage and wastage, reducing facility downtime, and increasing labor productivity.
Future Trends and Opportunities:
The market is expected to witness further growth due to the rise in awareness and trust in predictive maintenance solutions, with a significant percentage of firms investing time and resources in predictive maintenance and believing in its importance for future business.
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Advancements in IoT, AI, and analytics, along with the integration of edge computing and 5G technology, are expected to further propel the growth and innovation of the predictive maintenance industry.
The predictive maintenance (PdM) market is poised for substantial growth, driven by the increasing demand for maintenance cost reduction, the adoption of AI-powered solutions, and the rise in awareness and trust in predictive maintenance solutions.
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