Predictive maintenance market estimated to reach $28B by 2025

December 02, 2019 //By Rich Pell
IoT, big data to drive predictive maintenance market to $28B by 2025
A new report from market research firm Grand View Research forecasts the global predictive maintenance market to expand at a CAGR of 37.9% to 2025, at which time it is expected to be valued at $28.24 billion.

Predictive maintenance - techniques designed to help determine the condition of in-service equipment in order to estimate when maintenance should be performed - promises to help organizations reduce downtime costs by accurately predicting asset failures. Driving the forecasted growth, says the firm, is growing demand for Internet of Things (IoT) and big data along with rising concerns in the organizations regarding asset maintenance and operational costs.

"Evolving technologies such as IoT, cloud storage, and big data analytics are enabling more industrial equipment and assembly robots to provide condition-based data, making fault detection easier and practical," says the firm. "Information collected from this equipment can be turned into actionable and meaningful insights by using these solutions."

The deployment of predictive maintenance solutions is not limited to the manufacturing sector, says the firm, and these solutions are now increasingly being deployed in energy and utilities, IT and telecommunication, and automotive and transportation, among others. Growing adoption of these solutions in various sectors is anticipated to support the market growth over the forecast period.

"Predictive maintenance can be applicable to all industry verticals where machines produce significant amounts of data and require maintenance," says the firm. "Industries namely automotive, aerospace, healthcare, manufacturing, process industries like chemicals, food and beverage, oil and gas can be transformed with the help of these solutions. Additionally, apart from the advantages such as reducing downtime, eliminating the causes of failure, and controlling repair costs, these solutions also employs non-intrusive testing techniques for evaluating and computing asset performance trends."

Companies operating in the predictive maintenance market are also integrating sensor-based technologies with the predictive maintenance solutions to deliver an efficient solution to users. Additionally, the venders are also investing in R&D of remote maintenance solutions, which are anticipated to support maintenance activities in remote locations and also unsafe working conditions.

The report segments the global predictive maintenance market on the basis of solution (integrated vs standalone), service, deployment (cloud

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