Media releases are provided as is by companies and have not been edited or checked for accuracy. Any queries should be directed to the company itself.
  • 24 July 2018 21:56

Opportunities And Challenges In Predictive Maintenance Market

Global Predictive Maintenance Market Trends, Applications, Analysis, Growth, and Forecast: 2017 to 2026

Predictive maintenance techniques help determine the state of equipment in operation to predict when maintenance should be performed. It involves regular monitoring of the current mechanical condition and operating efficiency of the equipment. The goal of predictive maintenance is to predict when the unit will fail, and second, to prevent the occurrence of the fault through maintenance. It also helps to identify small anomalies and error patterns to identify the assets and operations that are most at risk for problems or errors.

The reduction of operating costs associated with equipment / machine replacement is a key factor in the growth of the global predictive maintenance market. In addition, industries working with heavy and dangerous machinery use predictive maintenance to ensure employee safety. Safety training for employees is an integral part of an organization that uses heavy machinery. However, the human error is always a factor that needs to be considered. Predictive Maintenance gives technical teams the data they need about the health of the equipment or machine in advance so they can plan maintenance and avoid accidents.

Factors such as reduced maintenance costs with reduced downtime, growing demand for better surveillance and forward-looking technology in developed countries, and widespread use of the Internet of Things (IoT) are driving demand for predictive maintenance solutions and services. In addition, the increasing popularity and acceptance of predictive maintenance solutions in all key industries such as government, aerospace and defense, manufacturing, energy and utilities, healthcare, and transportation and logistics are driving the market's growth.

However, high costs, lack of training and confidence in predictive maintenance are the main factors hindering the growth of the market.

Submit a media release