North America Predictive Maintenance Market Forecast to 2028

North 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)

Report Code : TIPRE00013317 | Region : North America | Industry : Technology, Media and Telecommunications | Published Date : 16/Dec/2022

The North America predictive maintenance market is expected to grow from US$ 2,077.00 million in 2022 to US$ 8,981.43 million by 2028. It is estimated to grow at a CAGR of 27.6% from 2022 to 2028.

Increasing Focus on Energy Inspections across Industries

In recent decades, the high demand to reduce increasingly expensive energy costs and shift toward a sustainable future have made energy audits important. As energy expenditure is a major concern for industries, companies are continuously checking the energy consumption and significantly aiming to minimize it. Furthermore, energy and utility companies face significant challenges, including environmental concerns, rising operating costs, increasing consumer expectations, and changing regulatory guidelines. These challenges drive the adoption of different analytical tools. This is due to the growing need for better insight into usage and performance patterns to make better decisions. Power line inspection in the energy sector is complex, primarily due to remote locations, hard-to-reach structures, and high labor costs. In contrast, predictive maintenance through unmanned aerial inspection solves this problem, as these lightweight and inexpensive drones provide high-quality visual and sensory inspection of power transmission and distribution towers, networks, pipelines, and other hard-to-reach locations. Several companies are continuously adopting predictive maintenance models to operate their assets efficiently. Hence, the rising awareness regarding the benefits associated with the energy auditing coupled with the growing renewable energy projects boost the demand for predictive maintenance across the region.

Market Overview

North America predictive maintenance market is segmented into major economies such as the US, Canada, and Mexico. The growing adoption of advanced technology such as machine learning, Internet of Things (IoT), acoustic monitoring, temperature technology, vibration analysis, motor circuit analysis, and other technologies is accelerating the growth of the predictive maintenance market. In addition, many players providing predictive maintenance solutions are strongly competing in pricing and offerings, which is anticipated to drive the market growth over the forecast period. It includes General Electric, Microsoft Corporation, IBM, Intel Corporation, Cisco, Honeywell, Dell Technologies Inc., Rockwell Automation Inc., C3.ai, Inc., Magneto Electric, Artesis, Embitel, Advanced Technology Services, Inc., TEKSUN INC., and Aspen Technology Inc. The growing initiatives for integrating artificial intelligence for predictive maintenance of critical assets into oil & gas applications are expected to drive market growth. The leading oil & gas companies such as ALGO8, Inc., Shell, ExxonMobil, and BP are approaching to have predictive maintenance for refineries, especially for the critical equipment, which would help in deciding using a system of processing and analyzing data for equipment health, operational data, process data and maintenance data. For instance, in May 2021, XTO Energy, a subsidiary of ExxonMobil, digitalized its Permian operations by using Microsoft Azure IoT technologies to collect data electronically and then using Azure solutions and Microsoft Dynamics 365 to analyze the data as a predictive maintenance strategy. Also, in March 2022, Software company C3 AI announced that Shell had scaled its predictive-maintenance program to monitor and maintain more than 10,000 pieces of equipment. As per the contract between the two companies, Artificial-intelligence (AI) predictive maintenance will be utilized to identify equipment degradation and failures.

North America Predictive Maintenance Market Revenue and Forecast to 2028 (US$ Million)

North America Predictive Maintenance Market Segmentation

The North America predictive maintenance market is segmented based on component, deployment type, technique, industry, and country.

Based on component, the North America predictive maintenance market is bifurcated into solutions and services. The solutions segment held a larger market share in 2022. Based on deployment type, the North America predictive maintenance market is bifurcated into cloud and on-premise. The cloud segment held a larger market share in 2022. 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 the largest market share in 2022. 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 the largest market share in 2022. 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 dominated the market share in 2022. 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 are the leading companies operating in the North America predictive maintenance market.

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

According to The Insight Partners’ 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.

TABLE OF CONTENTS

1. Introduction

1.1 Study Scope

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

1.3.1 North America Predictive Maintenance Market – By Component

1.3.2 North America Predictive Maintenance Market – By Deployment Type

1.3.3 North America Predictive Maintenance Market – By Technique

1.3.4 North America Predictive Maintenance Market – By Industry

1.3.5 North America Predictive Maintenance Market - By Country

2. Key Takeaways

3. Research Methodology

3.1 Coverage

3.2 Secondary Research

3.3 Primary Research

4. North America Predictive Maintenance Market Landscape

4.1 Market Overview

4.2 North America PEST Analysis

4.3 Ecosystem Analysis

4.4 Expert Opinion

5. North America Predictive Maintenance Market – Key Market Dynamics

5.1 Market Drivers

5.1.1 Rising Prevalence of Industry 4.0

5.1.2 Increasing Focus on Energy Inspections across Industries

5.2 Market Restraints

5.2.1 High Installation Cost

5.3 Market Opportunities

5.3.1 Growing Industrialization Across the Region

5.4 Future Trends

5.4.1 Automation through Incorporation of AI and ML

5.5 Impact Analysis of Drivers and Restraints

6. Predictive Maintenance Market – North America Analysis

6.1 North America Predictive Maintenance Market Overview

6.2 North America Predictive Maintenance Market – Revenue and Forecast to 2028 (US$ Million)

7. North America Predictive Maintenance Market Analysis – By Component

7.1 Overview

7.2 North America Predictive Maintenance Market, By Component (2021 and 2028)

7.3 Solutions

7.3.1 Overview

7.3.2 Solutions: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

7.4 Services

7.4.1 Overview

7.4.2 Services: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

8. North America Predictive Maintenance Market Analysis – By Deployment Type

8.1 Overview

8.2 North America Predictive Maintenance Market, By Deployment Type (2021 and 2028)

8.3 Cloud

8.3.1 Overview

8.3.2 Cloud: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

8.4 On-Premise

8.4.1 Overview

8.4.2 On-Premise: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

9. North America Predictive Maintenance Market Analysis – By Technique

9.1 Overview

9.2 North America Predictive Maintenance Market, By Technique (2021 and 2028)

9.3 Vibration Monitoring

9.3.1 Overview

9.3.2 Vibration Monitoring: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

9.4 Electrical Testing

9.4.1 Overview

9.4.2 Electrical Testing: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

9.5 Oil Analysis

9.5.1 Overview

9.5.2 Oil Analysis: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

9.6 Ultrasonic Leak Detectors

9.6.1 Overview

9.6.2 Ultrasonic Leak Detectors: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

9.7 Shock Pulse

9.7.1 Overview

9.7.2 Shock Pulse: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

9.8 Infrared

9.8.1 Overview

9.8.2 Infrared: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

9.9 Others

9.9.1 Overview

9.9.2 Others: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

10. North America Predictive Maintenance Market Analysis – By Industry

10.1 Overview

10.2 North America Predictive Maintenance Market Breakdown, By Industry, 2021 & 2028

10.3 Manufacturing

10.3.1 Overview

10.3.2 Manufacturing: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

10.4 Energy & Utilities

10.4.1 Overview

10.4.2 Energy & Utilities: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

10.5 Aerospace & Defense

10.5.1 Overview

10.5.2 Aerospace & Defense: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

10.6 Transportation & Logistics

10.6.1 Overview

10.6.2 Transportation & Logistics: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

10.7 Oil & Gas

10.7.1 Overview

10.7.2 Oil & Gas: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

10.8 Others

10.8.1 Overview

10.8.2 Others: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

11. North America Predictive Maintenance Market – Country Analysis

11.1 Overview

11.1.1 North America Predictive Maintenance Market Breakdown, by Country

11.1.1.1 US Predictive Maintenance Market, Revenue and Forecast to 2028

11.1.1.1.1 US Predictive Maintenance Market Breakdown, By Component

11.1.1.1.2 US Predictive Maintenance Market Breakdown, By Deployment Type

11.1.1.1.3 US Predictive Maintenance Market Breakdown, By Technique

11.1.1.1.4 US Predictive Maintenance Market Breakdown, By Industry

11.1.1.2 Canada Predictive Maintenance Market, Revenue and Forecast to 2028

11.1.1.2.1 Canada Predictive Maintenance Market Breakdown, By Component

11.1.1.2.2 Canada Predictive Maintenance Market Breakdown, By Deployment Type

11.1.1.2.3 Canada Predictive Maintenance Market Breakdown, By Technique

11.1.1.2.4 Canada Predictive Maintenance Market Breakdown, By Industry

11.1.1.3 Mexico Predictive Maintenance Market, Revenue and Forecast to 2028

11.1.1.3.1 Mexico Predictive Maintenance Market Breakdown, By Component

11.1.1.3.2 Mexico Predictive Maintenance Market Breakdown, By Deployment Type

11.1.1.3.3 Mexico Predictive Maintenance Market Breakdown, By Technique

11.1.1.3.4 Mexico Predictive Maintenance Market Breakdown, By Industry

12. Industry Landscape

12.1 Overview

12.2 Market Initiative

12.3 New Product Launch

12.4 Merger and Acquisition

13. Company Profiles

13.1 General Electric Company

13.1.1 Key Facts

13.1.2 Business Description

13.1.3 Products and Services

13.1.4 Financial Overview

13.1.5 SWOT Analysis

13.1.6 Key Developments

13.2 Hitachi, Ltd.

13.2.1 Key Facts

13.2.2 Business Description

13.2.3 Products and Services

13.2.4 Financial Overview

13.2.5 SWOT Analysis

13.2.6 Key Developments

13.3 IBM Corporation

13.3.1 Key Facts

13.3.2 Business Description

13.3.3 Products and Services

13.3.4 Financial Overview

13.3.5 SWOT Analysis

13.3.6 Key Developments

13.4 Microsoft Corporation

13.4.1 Key Facts

13.4.2 Business Description

13.4.3 Products and Services

13.4.4 Financial Overview

13.4.5 SWOT Analysis

13.4.6 Key Developments

13.5 PTC Inc.

13.5.1 Key Facts

13.5.2 Business Description

13.5.3 Products and Services

13.5.4 Financial Overview

13.5.5 SWOT Analysis

13.5.6 Key Developments

13.6 SAS Institute, Inc.

13.6.1 Key Facts

13.6.2 Business Description

13.6.3 Products and Services

13.6.4 Financial Overview

13.6.5 SWOT Analysis

13.6.6 Key Developments

13.7 Schneider Electric SE

13.7.1 Key Facts

13.7.2 Business Description

13.7.3 Products and Services

13.7.4 Financial Overview

13.7.5 SWOT Analysis

13.7.6 Key Developments

13.8 Software AG

13.8.1 Key Facts

13.8.2 Business Description

13.8.3 Products and Services

13.8.4 Financial Overview

13.8.5 SWOT Analysis

13.8.6 Key Developments

13.9 Syncron AB

13.9.1 Key Facts

13.9.2 Business Description

13.9.3 Products and Services

13.9.4 Financial Overview

13.9.5 SWOT Analysis

13.9.6 Key Developments

13.10 TOSL Engineering Limited

13.10.1 Key Facts

13.10.2 Business Description

13.10.3 Products and Services

13.10.4 Financial Overview

13.10.5 SWOT Analysis

13.10.6 Key Developments

14. Appendix

14.1 About The Insight Partners

14.2 Word Index

LIST OF TABLES.

Table 1. North America Predictive Maintenance Market – Revenue and Forecast to 2028 (US$ Million)

Table 2. North America Predictive Maintenance Market, Revenue and Forecast To 2028 – By Country (US$ Million)

Table 3. US Predictive Maintenance Market, Revenue and Forecast to 2028 – By Component (US$ Million)

Table 4. US Predictive Maintenance Market, Revenue and Forecast to 2028 – By Deployment Type (US$ Million)

Table 5. US Predictive Maintenance Market, Revenue and Forecast to 2028 – By Technique (US$ Million)

Table 6. US Predictive Maintenance Market, Revenue and Forecast to 2028 – By Industry (US$ Million)

Table 7. Canada Predictive Maintenance Market, Revenue and Forecast to 2028 – By Component (US$ Million)

Table 8. Canada Predictive Maintenance Market, Revenue and Forecast to 2028 – By Deployment Type (US$ Million)

Table 9. Canada Predictive Maintenance Market, Revenue and Forecast to 2028 – By Technique (US$ Million)

Table 10. Canada Predictive Maintenance Market, Revenue and Forecast to 2028 – By Industry (US$ Million)

Table 11. Mexico Predictive Maintenance Market, Revenue and Forecast to 2028 – By Component (US$ Million)

Table 12. Mexico Predictive Maintenance Market, Revenue and Forecast to 2028 – By Deployment Type (US$ Million)

Table 13. Mexico Predictive Maintenance Market, Revenue and Forecast to 2028 – By Technique (US$ Million)

Table 14. Mexico Predictive Maintenance Market, Revenue and Forecast to 2028 – By Industry (US$ Million)

Table 15. List of Abbreviation

LIST OF FIGURES.

Figure 1. North America Predictive Maintenance Market Segmentation

Figure 2. North America Predictive Maintenance Market Segmentation – By Country

Figure 3. North America Predictive Maintenance Market Overview

Figure 4. North America Predictive Maintenance Market, By Component

Figure 5. North America Predictive Maintenance Market, By Country

Figure 6. North America: PEST Analysis

Figure 7. Expert Opinion

Figure 8. North America Predictive Maintenance Market Impact Analysis of Drivers and Restraints

Figure 9. North America Predictive Maintenance Market – Revenue and Forecast to 2028 (US$ Million)

Figure 10. North America Predictive Maintenance Market Revenue Share, By Component (2021 and 2028)

Figure 11. North America Solutions: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

Figure 12. North America Services: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

Figure 13. North America Predictive Maintenance Market Revenue Share, By Deployment Type (2021 and 2028)

Figure 14. North America Cloud: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

Figure 15. North America On-Premise: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

Figure 16. North America Predictive Maintenance Market Revenue Share, By Technique (2021 and 2028)

Figure 17. North America Vibration Monitoring: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

Figure 18. North America Electrical Testing: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

Figure 19. North America Oil Analysis: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

Figure 20. North America Ultrasonic Leak Detectors: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

Figure 21. North America Shock Pulse: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

Figure 22. North America Infrared: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

Figure 23. North America Others: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

Figure 24. North America Predictive Maintenance Market Breakdown, By Industry (2021 and 2028)

Figure 25. North America Manufacturing: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

Figure 26. North America Energy & Utilities: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

Figure 27. North America Aerospace & Defense: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

Figure 28. North America Transportation & Logistics: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

Figure 29. North America Oil & Gas: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

Figure 30. North America Others: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)

Figure 31. North America Predictive Maintenance Market, by Key Country – Revenue (2021) (US$ ‘Million)

Figure 32. North America Predictive Maintenance Market Breakdown, by Country, 2021 & 2028 (%)

Figure 33. US Predictive Maintenance Market, Revenue and Forecast to 2028 (US$ Million)

Figure 34. Canada Predictive Maintenance Market, Revenue and Forecast to 2028 (US$ Million)

Figure 35. Mexico Predictive Maintenance Market, Revenue and Forecast to 2028 (US$ Million)

● General Electric Company

● Hitachi, Ltd.

● IBM Corporation

● Microsoft Corporation

● PTC Inc.

● SAS Institute, Inc.

● Schneider Electric SE

● Software AG

● Syncron AB

● TOSL Engineering Limited

● Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America predictive maintenance market.

● Highlights key business priorities in order to assist companies to realign their business strategies

● The key findings and recommendations highlight crucial progressive industry trends in the North America predictive maintenance market, thereby allowing players across the value chain to develop effective long-term strategies

● Develop/modify business expansion plans by using substantial growth offering developed and emerging markets

● Scrutinize in-depth North America market trends and outlook coupled with the factors driving the predictive maintenance market, as well as those hindering it

● Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution

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