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Market Leader - Predictive Maintenance Market

Predictive maintenance is an approach followed by enterprises to monitor the health of an asset in real time. The condition of the asset is compared with a set of pre-defined critical components, such as temperature, pressure, and vibration, which gives information about the real-time condition of an asset, thus enabling enterprises to decide which asset requires maintenance. One of the major advantages of using predictive maintenance is the significant reduction in unplanned machine downtime. Predictive maintenance ensures that the machine is taken for maintenance just before it fails, due to which there are minimal losses in production. Over the next five years, the predictive maintenance market is expected to grow considerably due to the emergence of Internet of Things (IoT) across organizations. MarketsandMarkets forecasts the predictive maintenance market size to grow from USD 1,404.3 Million in 2016 to USD 4,904.0 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 28.4%.

The key players in the predictive maintenance market include IBM Corporation, Software AG, General Electric, Bosch, SAP SE, Rockwell Automation, Inc., PTC, and Schneider Electric. These players have adopted various strategies, such as partnerships, agreements, mergers & acquisitions, and new product developments to achieve growth in the global predictive maintenance market.

The predictive maintenance market has witnessed a lot of new product launches and contracts by key players in 2015. For instance, in November 2015, Software AG enhanced its streaming analytics portfolio, Apama, by adding predictive analytics and IoT standards to its platform. It further enhanced its product portfolio by adding remote asset maintenance and services to its predictive maintenance solution. In August 2013, SAS launched its predictive asset management solution, which helps manufacturing and energy companies to use big data collected from machines to predict any disruptions, before they occur.

The key players have also adopted the strategy of mergers & acquisitions to increase their geographic presence and expand their product portfolios to untapped markets. In November 2015, General Electric acquired Alstom’s power and grid business. The acquisition strengthens the energy solution portfolio of the company. Rockwell Automaton acquired vMonitor, and this enabled Rockwell Automaton to deliver end-to-end projects to the oil & gas vertical.

These major players, to increase their global footprint, partnered with other vendors. For instance, Rockwell Automation partnered with Fanuc to develop secure remote monitoring solutions, enabling manufacturing companies to reduce downtime and boost plant-floor productivity.

Related Reports:

Predictive Maintenance Market by Component, Deployment Type (Cloud and on-Premises), Organization Size (SMES and Enterprises), Vertical, and Region - Global Forecast to 2021

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