Predictive Maintenance Market Trends, and Forecast, 2021-2031

• Predictive maintenance is also called condition based maintenance. It monitors the performance and maintenance as well as condition of machines and equipment during operations to avoid failure. Predictive maintenance depends on condition monitoring. The three facets of condition monitoring includes online, periodic, and report.
• Predictive maintenance solutions monitor the condition of assets by using sensor devices. The sensor devices supply the data in real time which is used to predict when the asset requires maintenance. Examples of using predictive maintenance sensors include vibration analysis, oil analysis, thermal imaging, and equipment observation.
• There are various advantages of predictive maintenance which includes cost savings, minimizing planned downtime, maximizing lifespan of equipment, optimizing employee productivity, and more. However, the disadvantage is the amount of time it takes for assessing and implementing PDM schedules.

Key Players in the Global Market

The global predictive maintenance market is highly fragmented due the presence of a large number of medium and large enterprises. Prominent players operating in the global market are focusing on product launch and technological developments to meet the growing demand.

Key players operating in the global predictive maintenance market include:

• IBM
• Microsoft
• SAP
• Hitachi
• Schneider Electric
• Others

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