Report : Asia-Pacific Predictive Maintenance Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Component (Solutions and Services), Deployment Type (Cloud and On-Premise), Technique (Vibration Monitoring, Electrical Testing, Oil Analysis, Ultrasonic Leak Detectors, Shock Pulse, Infrared, and Others), and Industry (Manufacturing, Energy & Utilities, Aerospace & Defense, Transportation & Logistics, Oil & Gas, and Others)
At 28.3% CAGR, the APAC Predictive Maintenance Market is speculated to be worth US$ 7,378.17 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC predictive maintenance market was valued at US$ 1,656.84 million in 2022 and is expected to reach US$ 7,378.17 million by 2028, registering a CAGR of 28.3% from 2022 to 2028. Growing industrialization and automation through incorporation of AI and ML are the critical factors attributed to the market expansion.
The proliferation of IoT and AI technologies is anticipated to play a significant role in the ease of conducting predictive maintenance in the coming years. Throughout the machine's lifecycle, IoT sensors collect any relevant data and store it on the cloud. AI can make specific recommendations on what actions need be taken to maintain the health of the company assets. On many devices or machines, these recommendations are often warnings of actions that a technician should take. This can be from a simple request to perform a software update or lubricating a few wheels to complex repairs. AI and ML advancements can significantly change the working of these predictive maintenance tasks. In the future, there will be an exponential rise in automation as improvement in processes and efficiency will be the major focus of the companies. Industries across the region are already incorporating advanced machineries, with IoT enabled sensors, to aid them in continuous monitoring of machine health. Additionally, drone-based monitoring of equipment is growing rapidly in the conventional and renewable energy sectors. Drones, fitted with thermal imaging equipment, are assisting industries in remotely monitoring the health of power lines and other equipment. Major service providers of predictive maintenance are increasingly adopting this technology, despite incidents of drone crashes and property loss. With advancements of drone technology and capabilities, it can be touted as the future of remote predictive maintenance. Such trends are expected to boost the demand for predictive maintenance solutions and services across the region in the coming years.
On the contrary, high installation cost hurdles the growth of APAC predictive maintenance market.
- Based on component, the APAC predictive maintenance market is bifurcated into solutions and services. The solutions segment held 60.2% market share in 2022, amassing US$ 997.22 million. It is projected to garner US$ 4,504.62 million by 2028 to expand at 28.6% CAGR during 2022–2028.
- Based on deployment type, the APAC predictive maintenance market is bifurcated into cloud and on-premise. The cloud segment held 61.1% market share in 2022, amassing US$ 1,011.64 million. It is projected to garner US$ 4,593.46 million by 2028 to expand at 28.7% CAGR during 2022–2028.
- Based on technique, the APAC predictive maintenance market is segmented into vibration monitoring, electrical testing, oil analysis, ultrasonic leak detectors, shock pulse, infrared, and others. The vibration monitoring segment held 31.2% market share in 2022, amassing US$ 517.54 million. It is projected to garner US$ 2,389.65 million by 2028 to expand at 29.0% CAGR during 2022–2028.
- Based on industry, the APAC predictive maintenance market is segmented into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, oil & gas, and others. The manufacturing segment held 31.4% market share in 2022, amassing US$ 520.86 million. It is projected to garner US$ 2,401.24 million by 2028 to expand at 29.0% CAGR during 2022–2028.
- Based on country, the APAC predictive maintenance market has been categorized into China, India, Japan, South Korea, Australia, and rest of APAC. Our regional analysis states that China captured 38.0% market share in 2022. It was assessed at US$ 628.88 million in 2022 and is likely to hit US$ 2,928.40 million by 2028, exhibiting a CAGR of 29.2% during the forecast period.
Key players dominating the APAC predictive maintenance market are General Electric Company; Hitachi, Ltd.; IBM Corporation; Microsoft Corporation; PTC Inc.; SAS Institute, Inc.; Schneider Electric SE; Software AG; and Syncron AB, among others.
- In 2022, GE Digital announced its new Accelerator product line adding best-in-class software tools to its software suite. This tool help to empower companies in asset-intensive energy industries to configure its Asset Performance Management (APM) and predictive maintenance offerings.
- In 2019, Syncron AB launched Syncron Uptime, a new solution offering that uses Machine Learning and Artificial Intelligence to efficiently analyze real-time sensor data, predict failures, prescribe optimized maintenance actions, and ultimately maximize product uptime.
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