Research Nester released a report titled “Predictive Maintenance for Manufacturing Industry Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the Predictive Maintenance for Manufacturing Industrymarket in terms of market segmentation by product type, technology and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
Predictive Maintenance for Manufacturing Industry market is projected to grow with a high CAGR during the forecast period, i.e., 2020-2029 on account of the ability to anticipate equipment malfunctions before they occur, arrange repairs proactively, avoid stalling factory floor operations and most importantly, prevent the failure of machinery to keep businesses running efficiently. In June 2020, PTC enhanced ThingWorx Industrial IoT platform to accelerate Industrial IoT deployments across the enterprise value chain. ThingWorx 9.0 is delivering new and expanded features to help industrial companies create, implement, customize, and scale their solutions.
The market is segmented by type into solution and service. Among these segments, the solution is anticipated to hold the largest share by the end of 2020 in the predictive maintenance for manufacturing industry market owning to the increase demand of predictive maintenance as the replacement of heavy and costly machines is not so easy, it hampers the overall business activities and solutions cover end to end requirement of predictive maintenance. Moreover, generating need to prolong lifetime of ageing industrial machinery is required for better production forecasting and cost savings. Hence, the adoption and the demand is rising of the predictive maintenance in all the various industry verticals.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. North America is estimated to hold the largest market size in the global predictive maintenance for manufacturing industry market, North America is projected to be the leading region in terms of adopting and developing predictive maintenance. The rising investments in emerging technologies such as IoT, AI, ML, the increasing presence of predictive maintenance vendors, and growing government support for regulatory compliance are the major factors expected to contribute to the market growth during the forecast period, while Asia Pacific is expected to grow at the highest CAGR during the forecast period. In APAC, the highest growth rate can be attributed to the massive investments made by private and public sectors for enhancing their maintenance solutions, resulting in an increased demand for predictive maintenance solutions used for automating the maintenance and plant safety process.
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Increasing demand for embedded computer systems or IoT enabled systems to avoid unplanned maintenance downtime to drive the Market Growth
Predictive maintenance systems can help small, medium, and large enterprises to avoid downtime in their manufacturing fields. Additionally, it easily provides detailed insights regarding product and usage patterns. Predictive maintenance in manufacturing industry has the potential to deliver cost saving solutions to decrease extra maintenance cost. Embedded computer systems or IoT systems help to improve product safety and reduce repair cost so that products can be in operation reliably. To avoid product downtime, manufacturers are significantly adopting embedded computer systems or IoT enabled systems to monitor product performance. This easily collected data and is used for analyzing product performance and efficiency. Therefore, increase in demand for embedded computer systems or IoT enabled systems to avoid unplanned maintenance downtime and it is one of the reason to drive the global predictive maintenance for manufacturing market.
This report also provides the existing competitive scenario of some of the key players of the predictive maintenance for manufacturing industry market which includes company profiling of Robert Bosch GmbH, Rockwell Automation, Inc., Siemens AG, Schneider Electric, SAS Institute, PTC Inc., General Electric Company, and Software AG. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the predictive maintenance for manufacturing industry market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
