North America Predictive Maintenance Market is expected to reach US$ 8,981.43 million by 2028

At 27.6% CAGR, the North America Predictive Maintenance Market is speculated to be worth US$ 8,981.43 million by 2028, says Business Market Insights          

According to Business Market Insights’ research, the North America predictive maintenance market was valued at US$ 2,077.00 million in 2022 and is expected to reach US$ 8,981.43 million by 2028, registering a CAGR of 27.6% from 2022 to 2028. Rising prevalence of industry 4.0 and increasing focus on energy inspections across industries are the critical factors attributed to the market expansion.    

Industry 4.0 is revolutionizing the way companies make, improve, and sell their products. Aerospace, defense, transportation, and many industries implement latest technologies, including Internet of Things (IoT), cloud computing and analytics, artificial intelligence (AI), and machine learning (ML), to improve processes and overall operations. The industries adopt these technologies to automate time-consuming processes, use AI to make informed decisions, and use cloud services to streamline data management. Companies in the oil & gas industry are significantly adopting technologies, such as IoT and advanced analytics, to enhance operational efficiencies, cut costs, and optimize manual processes. The oil and gas companies experience several unplanned incidences such as pipe leakage, energy grid failure among others which cost millions to the company. Predictive maintenance enables these companies to rely on Industrial Internet of Things (IIoT)-enabled technologies, such as sensor data, and use predictive analytics for real-time equipment inspections, which helps reduce maintenance costs and unplanned equipment downtime.  Further, the use of UAVs, such as drones, has significantly disrupted the oil & gas industry by removing the need for manual inspections of the pipelines in difficult-to-access locations. The UAVs are beneficial in dangerous situations, such as gas leaks, and support early detection through instant data collection and transfer. Hence, the benefits associated with using predictive analytics and UAVs boost the predictive maintenance market. In the manufacturing industry, manufacturers had to rely on a reactive maintenance model to repair only after a failure of unit, which caused high cost of maintenance and paralyzed long periods of unscheduled downtime. Hence, these factors inevitably led to a lower quality output produced. With predictive maintenance models integrated into IoT and IIoT, the manufacturing industry players can significantly reduce costs by eliminating the need for unnecessarily frequent maintenance. Hence, manufacturing companies are comprehensively integrating predictive maintenance models to identify and predict potential problems given the specific information extracted from each unit, thereby maintaining overall manufacturing health in the process. As a result, the rising prevalence of industry 4.0 coupled with the growing manufacturing units across the world drives the growth of the predictive maintenance market.

On the contrary, high installation cost hurdles the growth of North America predictive maintenance market.    

• Based on component, the North America predictive maintenance market is bifurcated into solutions and services. The solutions segment held 60.3% market share in 2022, amassing US$ 1,252.11 million. It is projected to garner US$ 5,477.12 million by 2028 to expand at 27.9% CAGR during 2022–2028.     
• Based on deployment type, the North America predictive maintenance market is bifurcated into cloud and on-premise. The cloud segment held 65.9% market share in 2022, amassing US$ 1,369.04 million. It is projected to garner US$ 6,097.07 million by 2028 to expand at 28.3% CAGR during 2022–2028.     
• Based on technique, the North America 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 29.8% market share in 2022, amassing US$ 618.42 million. It is projected to garner US$ 2,775.08 million by 2028 to expand at 28.4% CAGR during 2022–2028.       
• Based on industry, the North America predictive maintenance market is segmented into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, oil & gas, and others. The manufacturing segment held 32.8% market share in 2022, amassing US$ 681.92 million. It is projected to garner US$ 3,036.03 million by 2028 to expand at 28.3% CAGR during 2022–2028.     
• Based on country, the North America predictive maintenance market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 86.3% market share in 2022. It was assessed at US$ 1,791.76 million in 2022 and is likely to hit US$ 7,785.10 million by 2028, exhibiting a CAGR of 27.7% during the forecast period.      

Key players dominating the North America predictive maintenance market are General Electric Company; Hitachi, Ltd.; IBM Corporation; Microsoft Corporation; PTC Inc.; SAS Institute, Inc.; Schneider Electric SE; Software AG; Syncron AB; and TOSL Engineering Limited, among others.

• In 2022, Questar Auto Technologies announced that it had demonstrated its advanced predictive maintenance capabilities in collaboration with Microsoft and DSA at the TMC Annual Meeting in Orlando, Florida. This collaboration will help Microsoft to enhance and advanced predictive maintenance solution capabilities.    

• In 2021, Energy technology firms Baker Hughes and Schneider Electric have backed a US$180 million series E funding round for Augury, a developer of machine learning software for predicting and preventing machine breakdowns through predictive maintenance solution.  

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