2015 – 2025 GLOBAL PREDICTIVE MAINTENANCE MARKET FORECAST & OPPORTUNITIES
www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING
Scope of Report Product of Interest (POI): Predictive Maintenance
Global predictive maintenance market is expected to grow at a formidable rate during the forecast period. Predictive maintenance has given an edge to the companies as they can predict the condition of in-service equipment, and can also predict the estimated time for maintenance, which prevents any untimely breakdown that may result in operational income losses. Growing industrialisation, increasing use of technologically advanced machines and equipment, rising focus towards reducing the operational costs and surging competition have paved the way for predictive maintenance, globally.
Market Segmentation TECHNIQUE
REGION
•
Vibration Monitoring •
Asia-Pacific
•
Electrical Testing
•
Europe
•
Oil Analysis
•
North America
•
Ultrasonic Leak
•
South
Detectors •
Shock Pulse
•
Infrared
•
Others
DEPLOYMENT MODE •
On Premise
•
Cloud
America •
Middle East & Africa
END USER •
Manufacturing
•
Energy & Utilities
•
Transportation
•
Government &
COMPONENT
Year Range Review Period
2015 – 2018 Base Year
2019 Estimated Year
2020 Forecast Period
2021 – 2025
Defense
•
Service
•
Healthcare
•
Solutions
•
Others
2
Table of Contents S. No.
Contents
1.
Product Overview
2.
Research Methodology
3.
Impact of COVID-19 on Global Predictive Maintenance Market
4.
Executive Summary
5.
Voice of Customer
6.
Global Predictive Maintenance Market Outlook 6.1.
Market Size & Forecast 6.1.1.
6.2.
6.3.
Page No.
By Value
Market Share & Forecast 6.2.1.
By Component (Service Vs. Solutions)
6.2.2.
By Technique (Vibration Monitoring, Electrical Testing, Oil Analysis, Ultrasonic Leak Detectors, Shock Pulse, Infrared, Others)
6.2.3.
By Deployment Mode (On Premise Vs Cloud)
6.2.4.
By End User (Manufacturing, Energy & Utilities, Transportation, Government & Defense, Healthcare, and Others)
6.2.5
By Company (2019)
6.2.6.
By Region (Asia-Pacific, Europe, North America, South America and Middle East & Africa)
Product Market Map
3
Table of Contents S. No.
7.
Contents
Page No.
Asia-Pacific Predictive Maintenance Market Outlook 7.1.
Market Size & Forecast 7.1.1.
7.2.
7.3.
By Value
Market Share & Forecast 7.2.1.
By Component
7.2.2.
By Technique
7.2.3.
By Deployment Mode
7.2.4.
By End User
7.2.5.
By Country (China, India, Japan, South Korea, Australia)
Asia-Pacific: Country Analysis 7.3.1.
China Predictive Maintenance Market Outlook 7.3.1.1.
Market Size & Forecast 7.3.1.1.1.
7.3.1.2.
By Value
Market Share & Forecast 7.3.1.2.1.
By Component
7.3.1.2.2.
By Technique
7.3.1.2.3.
By Deployment Mode
7.3.1.2.4.
By End User
4
Table of Contents S. No.
Contents
7.3.2.
India Predictive Maintenance Market Outlook
7.3.2.1.
Market Size & Forecast 7.3.2.1.1.
7.3.2.2.
7.3.3.
By Value
Market Share & Forecast 7.3.2.2.1.
By Component
7.3.2.2.2.
By Technique
7.3.2.2.3.
By Deployment Mode
7.3.2.2.4.
By End User
Japan Predictive Maintenance Market Outlook 7.3.3.1.
Market Size & Forecast 7.3.3.1.1.
7.3.3.2.
7.3.4.
Page No.
By Value
Market Share & Forecast 7.3.3.2.1.
By Component
7.3.3.2.2.
By Technique
7.3.3.2.3.
By Deployment Mode
7.3.3.2.4.
By End User
South Korea Predictive Maintenance Market Outlook
5
Table of Contents S. No.
Contents
7.3.4.1.
Market Size & Forecast 7.3.4.1.1.
7.3.4.2.
7.3.5.
By Value
Market Share & Forecast 7.3.4.2.1.
By Component
7.3.4.2.2.
By Technique
7.3.4.2.3.
By Deployment Mode
7.3.4.2.4.
By End User
Australia Predictive Maintenance Market Outlook 7.3.5.1.
Market Size & Forecast 7.3.5.1.1.
7.3.5.2.
8.
Page No.
By Value
Market Share & Forecast 7.3.5.2.1.
By Component
7.3.5.2.2.
By Technique
7.3.5.2.3.
By Deployment Mode
7.3.5.2.4.
By End User
Europe Predictive Maintenance Market Outlook
6
Table of Contents S. No.
Contents
8.1.
Market Size & Forecast 8.1.1.
8.2.
8.3.
Page No.
By Value
Market Share & Forecast 8.2.1.
By Component
8.2.2.
By Technique
8.2.3.
By Deployment Mode
8.2.4.
By End User
8.2.5.
By Country (France, Germany, United Kingdom, Italy, Spain)
Europe: Country Analysis 8.3.1.
France Predictive Maintenance Market Outlook 8.3.1.1.
Market Size & Forecast 8.3.1.1.1.
8.3.1.2.
By Value
Market Share & Forecast 8.3.1.2.1.
By Component
8.3.1.2.2.
By Technique
8.3.1.2.3.
By Deployment Mode
7
Table of Contents S. No.
Contents
8.3.1.2.4. 8.3.2.
By End User
Germany Predictive Maintenance Market Outlook 8.3.2.1.
Market Size & Forecast 8.3.2.1.1.
8.3.2.2.
8.3.3.
Page No.
By Value
Market Share & Forecast 8.3.2.2.1.
By Component
8.3.2.2.2.
By Technique
8.3.2.2.3.
By Deployment Mode
8.3.2.2.4.
By End User
United Kingdom Predictive Maintenance Market Outlook 8.3.3.1.
Market Size & Forecast 8.3.3.1.1.
8.3.3.2.
By Value
Market Share & Forecast 8.3.3.2.1.
By Component
8.3.3.2.2.
By Technique
8.3.3.2.3.
By Deployment Mode
8.3.3.2.4.
By End User
8
Table of Contents S. No.
Contents
8.3.4.
Italy Predictive Maintenance Market Outlook 8.3.4.1.
Market Size & Forecast 8.3.4.1.1.
8.3.4.2.
8.3.5.
By Value
Market Share & Forecast 8.3.4.2.1.
By Component
8.3.4.2.2.
By Technique
8.3.4.2.3.
By Deployment Mode
8.3.4.2.4.
By End User
Spain Predictive Maintenance Market Outlook 8.3.5.1.
Market Size & Forecast 8.3.5.1.1.
8.3.5.2.
9.
Page No.
By Value
Market Share & Forecast 8.3.5.2.1.
By Component
8.3.5.2.2.
By Technique
8.3.5.2.3.
By Deployment Mode
8.3.5.2.4.
By End User
North America Predictive Maintenance Market Outlook 9.1.
Market Size & Forecast
9
Table of Contents S. No.
Contents
9.1.1. 9.2.
9.3.
Page No.
By Value
Market Share & Forecast 9.2.1.
By Component
9.2.2.
By Technique
9.2.3.
By Deployment Mode
9.2.4.
By End User
9.2.5.
By Country (United States, Canada, Mexico)
North America: Country Analysis 9.3.1.
United States Predictive Maintenance Market Outlook 9.3.1.1.
Market Size & Forecast 9.3.1.1.1.
9.3.1.2.
9.3.2.
By Value
Market Share & Forecast 9.3.1.2.1.
By Component
9.3.1.2.2.
By Technique
9.3.1.2.3.
By Deployment Mode
9.3.1.2.4.
By End User
Canada Predictive Maintenance Market Outlook
10
Table of Contents S. No.
Contents
9.3.2.1.
Market Size & Forecast 9.3.2.1.1.
9.3.2.2.
9.3.3.
By Value
Market Share & Forecast 9.3.2.2.1.
By Component
9.3.2.2.2.
By Technique
9.3.2.2.3.
By Deployment Mode
9.3.2.2.4.
By End User
Mexico Predictive Maintenance Market Outlook 9.3.3.1.
Market Size & Forecast 9.3.3.1.1.
9.3.3.2.
10.
Page No.
By Value
Market Share & Forecast 9.3.3.2.1.
By Component
9.3.3.2.2.
By Technique
9.3.3.2.3.
By Deployment Mode
9.3.3.2.4.
By End User
South America Predictive Maintenance Market Outlook 10.1.
Market Size & Forecast 10.1.1.
10.2.
By Value
Market Share & Forecast
11
Table of Contents S. No.
Contents
10.3.
10.2.1.
By Component
10.2.2.
By Technique
10.2.3.
By Deployment Mode
10.2.4.
By End User
10.2.5.
By Country (Brazil, Argentina, Colombia)
Page No.
South America: Country Analysis 10.3.1.
Brazil Predictive Maintenance Market Outlook 10.3.1.1.
Market Size & Forecast 10.3.1.1.1
10.3.1.2.
10.3.2.
By Value
Market Share & Forecast 10.3.1.2.1.
By Component
10.3.1.2.2.
By Technique
10.3.1.2.3.
By Deployment Mode
10.3.1.2.4.
By End User
Argentina Predictive Maintenance Market Outlook 10.3.2.1.
Market Size & Forecast 10.3.2.1.1
10.3.2.2.
By Value
Market Share & Forecast 10.3.2.2.1.
By Component
10.3.2.2.2.
By Technique
10.3.2.2.3.
By Deployment Mode
12
Table of Contents S. No.
Contents
10.3.2.2.4. 10.3.3.
By End User
Colombia Predictive Maintenance Market Outlook 10.3.3.1.
Market Size & Forecast 10.3.3.1.1
10.3.3.2.
11.
Page No.
By Value
Market Share & Forecast 10.3.3.2.1.
By Component
10.3.2.2.2.
By Technique
10.3.2.2.3.
By Deployment Mode
10.3.2.2.4.
By End User
Middle East & Africa Predictive Maintenance Market Outlook 11.1.
Market Size & Forecast 11.1.1.
11.2.
11.3.
By Value
Market Share & Forecast 11.2.1.
By Component
11.2.2.
By Technique
11.2.3.
By Deployment Mode
11.2.4.
By End User
11.2.5.
By Country (South Africa, Saudi Arabia, UAE)
Middle East & Africa : Country Analysis
13
Table of Contents S. No.
Contents
11.3.1.
South Africa Predictive Maintenance Market Outlook 11.3.1.1.
Market Size & Forecast 11.3.1.1.1.
11.3.1.2.
11.3.2.
By Value
Market Share & Forecast 11.3.1.2.1.
By Component
11.3.1.2.2.
By Technique
11.3.1.2.3.
By Deployment Mode
11.3.1.2.4.
By End User
Saudi Arabia Predictive Maintenance Market Outlook 11.3.2.1.
Market Size & Forecast 11.3.2.1.1.
11.3.2.2.
11.3.3.
Page No.
By Value
Market Share & Forecast 11.3.2.2.1.
By Component
11.3.2.2.2.
By Technique
11.3.2.2.3.
By Deployment Mode
11.3.2.2.4.
By End User
UAE Predictive Maintenance Market Outlook 11.3.3.1.
Market Size & Forecast 11.3.3.1.1.
By Value
14
Table of Contents S. No.
Contents
11.3.3.2.
12.
Page No.
Market Share & Forecast 11.3.3.2.1.
By Component
11.3.3.2.2.
By Technique
11.3.3.2.3.
By Deployment Mode
11.3.3.2.4.
By End User
Market Dynamics
12.1.
Drivers
12.2.
Challenges
13.
Market Trends & Developments
14.
Competitive Landscape 14.1.
Competition Outlook
14.2.
Global Players Profiled (Leading Companies)
15.
Strategic Recommendations
16.
About Us & Disclaimer
15
RESEARCH METHODOLOGY
Research Methodology
Market Profiling
In-depth secondary research was conducted to determine top players in the global predictive maintenance market, overall market size and segmental market size.
Formulating Questionnaire
In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide.
Developing List of Respondents
Data Collection
Data Validation
Data obtained as a result of primary and secondary research was validated through rigorous triangulation.
TechSci conducted interviews with industry experts and industry players for data collection and verification.
List of industry players and industry specialists was developed.
Primary Research
Data Collection
Data Filter & Analysis
Research & Intelligence
Actionable Insights
Business Solution
LinkedIn TechSci Internal Database
✓ Recent Developments ✓ Market Changing Aspects/Dynamics ✓ Government Policies ✓ Conclusion
✓ Identifying Key Opinion Leaders ✓ Questionnaire Design ✓ In-depth Interviews
Primary Research ✓ ✓
Desk Research
Secondary Research ✓ ✓ ✓ ✓ ✓ ✓ ✓
Company Websites Company Annual Reports White Paper Study Financial Reports Investor Presentations Regulatory Body Associations, etc.
Data Analysis
The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about the global predictive maintenance market.
Company Analysis ✓ Market Participants ✓ Key Strengths
Paid Sources
✓ ✓
Factiva Hoovers
17
Research Methodology Baseline Methodology
Our dedicated team of industry experts has monitored and analyzed various aspects of the global predictive maintenance market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as increasing use of technologically advanced machines and equipment. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in the global predictive maintenance market.
Methodology Followed for Calculation of Market Size:
•
Market Size by Value: Market size, in terms of value, for the year 2019 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as predictive maintenance companies, channel partners, market influencers & end users, industry experts, and other industry participants.
•
The team interviewed more than 15 – 20 predictive maintenance companies, 100 – 120 end users, and 15 – 20 industry experts and other value chain stakeholders in the global predictive maintenance market to obtain the overall market size from 2015 to 2019, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data during 20152019.
18
Research Methodology •
Respondents were asked about the current and future market growth rates, market shares by component, by technique, by deployment type, by end user, by company and by region. Removing the outlier responses, the geometric mean of growth estimates and provider wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from other stakeholders.
Methodology Followed for Calculation of Market Shares: Market shares by component, by technique, by deployment type, by end user, by company and by region were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various segments of predictive maintenance markets. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. Methodology Followed for Forecasting: •
TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in SPSS/Tableau Software.
•
Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast global predictive maintenance market, TechSci Research used various forecast techniques such as: ✓
Moving Average
✓
Time Series Analysis
✓
Regression Analysis
✓
Econometric and Judgmental Analysis
19
Research Methodology TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long term period to estimate the demand and to reach accurate market numbers. It should be noted that the figures compiled are only for the organized market including market share data. The currency used in the report is the United States Dollar (USD), with the market size indicated in USD million.
Partial List of Companies Interviewed
Key Secondary Sources
▪
General Electric Company
▪ World Bank
▪
Siemens AG
▪ TechSci Research Proprietary Database & Knowledge
▪
Microsoft Corporation
▪
International Business Machines (IBM) Corporation
▪
Emerson Electric Co.
▪
Bosch Software Innovations GmbH
▪
Dell Technologies, Inc.
▪
Honeywell International, Inc.
▪
Rockwell Automation, Inc.
▪
Schneider Electric
▪
Software AG
▪
SAS Institute Inc. (SAS)
▪
ABB Ltd
▪
C3 IOT
▪
Warwick Analytics
Repository ▪ Company Annual Reports ▪ Industry Magazines ▪ Industry Reports ▪ News Dailies ▪ Credible Paid Databases
20
Industry Brief According to TechSci Research report, “Global Predictive Maintenance Market By Component (Service Vs. Solutions), By Technique (Vibration Monitoring, Electrical Testing, Oil Analysis, Ultrasonic Leak Detectors, Shock Pulse, Wear particle analysis, Infrared, Motor circuit and signature analysis, and Others), By Deployment Type (On Premise Vs Cloud), By Organization Size (SMEs, Large Enterprises), By End User (Manufacturing, Energy & Utilities, Transportation, Government & Défense, Healthcare, and Others), By Region, Forecast & Opportunities, 2025”, global predictive maintenance market is anticipated to grow at a formidable CAGR during the forecast period. Predictive maintenance involves practices to determine the condition of industry equipment to know when maintenance is required. This helps in efficient cost management and reducing downtime as maintenance tasks are performed only when required. The market is gaining traction as more and more companies are now taking leverage of the novel technologies such as artificial intelligence and machine learning in order to improve accuracy, speed and precision. These solutions assist in informing on equipment failures before-hand. They also record consistent patterns to monitor proper functioning of equipment, thereby increasing precision and efficacy. Furthermore, less equipment breakdown, longer life and durability, plant safety are some of the desired goals of every industry due to which, the demand for predictive maintenance has witnessed a surge, thereby fueling its market growth.
Global predictive maintenance market is fragmented on the basis of component, technique, deployment type, organization size, end user, company and region. By deployment type, the market is further bifurcated into on premise and cloud out of which, on premise held a larger share in the market in the year 2019 as it a more convenient and efficient method of deploying advanced technologies in industries. However, cloud is expected to deliver maximum growth owing to the cost effectiveness, judicious utilization of resources, internal data handling and processing. Some of the leading players in global predictive maintenance market include General Electric Company, Siemens AG, Microsoft Corporation, International Business Machines (IBM) Corporation, Thales S.A., Bosch Software Innovations GmbH, Dell Technologies, Inc., PTC Inc., Honeywell International, Inc., Rockwell Automation, Inc., Schneider Electric SE, Software AG, SAS Institute Inc. (SAS) and many others. Launch of new technologies and acquainting the industries with them is one of the several ways for the companies to expand their business. For instance, March 2019 witnessed the launch of IIOT (Industrial Internet of Things) which utilizes advanced analytics and artificial intelligence techniques for predictive maintenance. The technology solely focusses on reducing breakdowns of industrial apparatus such as turbines transformers, elevators, etc. “Based on regional analysis, North America is expected to dominate the global predictive maintenance market during the forecast period on account of presence of ample number of public vendors. The region has a developed economy which aids the adoption and expansion of advanced technologies, specifically machine learning. This has pushed the market towards growth. North America is followed by Europe by virtue of increasing investments in the market by leading players. However, Asia-Pacific is expected to reflect a remarkable growth as most of the economies in the region are emerging and are gradually adopting for advanced technologies.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. 21
Sample Data - Snapshot Global Predictive Maintenance Market Size, By Value (USD Million), 2015-2025F 8.00
7.00
6.00
5.00
2015 CAGR BY VALUE: XX%
9.00
10.00
2019
2020E
11.00
12.00
13.00
14.00
15.00
2025 CAGR BY VALUE: XX%
By Value (USD Million)
North America Predictive Maintenance Market Share, By Component, By Value, 2015–2025F Service
Solutions
50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
2025F 2024F 2023F 2022F 2021F 2020E 2019 2018 2017 2016 2015
50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
United States Predictive Maintenance Market Share, By Technique, By Value, 2015–2025F Vibration Monitoring 2025F 2024F 2023F 2022F 2021F 2020E 2019 2018 2017 2016 2015
14% 14% 14% 14% 14% 14% 14% 14% 14% 14% 14%
Electrical Testing
14% 14% 14% 14% 14% 14% 14% 14% 14% 14% 14%
Oil Analysis
14% 14% 14% 14% 14% 14% 14% 14% 14% 14% 14%
Ultrasonic Leak Detectors
14% 14% 14% 14% 14% 14% 14% 14% 14% 14% 14%
14% 14% 14% 14% 14% 14% 14% 14% 14% 14% 14%
Shock Pulse
15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15%
Infrared
Others
15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15%
22
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Report Name: GLOBAL PREDICTIVE MAINTENANCE MARKET FORECAST & OPPORTUNITIES
2015 – 2025
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About Us & Disclaimer
TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The proprietary forecasting
models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the market.
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Disclaimer The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and firsthand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.