Report : South America 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 25.9% CAGR, the SAM Predictive Maintenance Market is speculated to be worth US$ 1,478.29 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the SAM predictive maintenance market was valued at US$ 371.50 million in 2022 and is expected to reach US$ 1,478.29 million by 2028, registering a CAGR of 25.9% from 2022 to 2028. Automation through incorporation of AI and ML and growing industrialization are the critical factors attributed to the market expansion.
Predictive maintenance will be as important as enterprise resource planning (ERP) to industrial organizations in the future due to the growing equipment performance commensurate with demonstrating best practices, adhering to industry standards, and generating a competitive advantage over the others. Additionally, several countries across the region have been focusing on increasing their industrial output to reduce their dependency on imports from other countries. Hence, the growing industrialization coupled with increasing government initiatives is expected to create lucrative opportunities for the predictive maintenance vendors across the region during the forecast period.
On the contrary, high installation cost hurdles the growth of SAM predictive maintenance market.
Based on component, the SAM predictive maintenance market is bifurcated into solutions and services. The solutions segment held 59.6% market share in 2022, amassing US$ 221.38 million. It is projected to garner US$ 893.32 million by 2028 to expand at 26.2% CAGR during 2022–2028.
Based on deployment type, the SAM predictive maintenance market is bifurcated into cloud and on-premise. The cloud segment held 60.1% market share in 2022, amassing US$ 223.36 million. It is projected to garner US$ 908.48 million by 2028 to expand at 26.3% CAGR during 2022–2028.
Based on technique, the SAM 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 33.4% market share in 2022, amassing US$ 124.07 million. It is projected to garner US$ 510.47 million by 2028 to expand at 26.6% CAGR during 2022–2028.
Based on industry, the SAM predictive maintenance market is segmented into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, oil & gas, and others. The manufacturing segment held 30.9% market share in 2022, amassing US$ 114.97 million. It is projected to garner US$ 473.08 million by 2028 to expand at 26.6% CAGR during 2022–2028.
Based on country, the SAM predictive maintenance market has been categorized into Brazil, Argentina, and the Rest of SAM. Our regional analysis states that Brazil captured 50.8% market share in 2022. It was assessed at US$ 188.78 million in 2022 and is likely to hit US$ 771.82 million by 2028, exhibiting a CAGR of 26.5% during the forecast period.
Key players dominating the SAM 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 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.
- In 2019, Arrow Electronics partnered with IBM and National Instruments to offer a predictive maintenance suite. The new solution integrates National Instruments' advanced industrial monitoring devices with IBM’s analytics/AI and asset management software. The solution is available for purchase through Arrow, Arrow business partners, and IBM.
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