Europe Predictive Maintenance Market is expected to reach US$ 7,644.05 million by 2028

At 27.0% CAGR, the Europe Predictive Maintenance Market is speculated to be worth US$ 7,644.05 million by 2028, says Business Market Insights           

According to Business Market Insights’ research, the Europe predictive maintenance market was valued at US$ 1,822.92 million in 2022 and is expected to reach US$ 7,644.05 million by 2028, registering a CAGR of 27.0% from 2022 to 2028. Increasing focus on energy inspections across industries and rising prevalence of industry 4.0 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 Europe predictive maintenance market.    

• Based on component, the Europe predictive maintenance market is bifurcated into solutions and services. The solutions segment held 60.7% market share in 2022, amassing US$ 1,106.26 million. It is projected to garner US$ 4,710.88 million by 2028 to expand at 27.3% CAGR during 2022–2028.       
• Based on deployment type, the Europe predictive maintenance market is bifurcated into cloud and on-premise. The cloud segment held 65.8% market share in 2022, amassing US$ 1,199.60 million. It is projected to garner US$ 5,148.50 million by 2028 to expand at 27.5% CAGR during 2022–2028.        
• Based on technique, the Europe 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 30.2% market share in 2022, amassing US$ 550.95 million. It is projected to garner US$ 2,395.91 million by 2028 to expand at 27.8% CAGR during 2022–2028.        
• Based on industry, the Europe predictive maintenance market is segmented into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, oil & gas, and others. The manufacturing segment held 31.6% market share in 2022, amassing US$ 576.16 million. It is projected to garner US$ 2,501.02 million by 2028 to expand at 27.7% CAGR during 2022–2028.       
• Based on country, the Europe predictive maintenance market has been categorized into the UK, Germany, France, Italy, Russia, and rest of Europe. Our regional analysis states that Germany captured 33.1% market share in 2022. It was assessed at US$ 604.17 million in 2022 and is likely to hit US$ 2,663.95 million by 2028, exhibiting a CAGR of 28.1% during the forecast period.        

Key players dominating the Europe 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, Wärtsilä Corporation announced the launch of Expert Insight, the company’s predictive maintenance solution. Expert Insight leverages artificial intelligence (AI) and advanced diagnostics to monitor equipment and systems in real-time.  

Contact Us
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: sam@businessmarketinsights.com