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Europe 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 : TIPRE00013319
- Pages : 163
The Europe predictive maintenance market is expected to grow from US$ 1,822.92 million in 2022 to US$ 7,644.05 million by 2028. It is estimated to grow at a CAGR of 27.0% from 2022 to 2028.
Rising Prevalence of Industry 4.0
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.
Market Overview
Europe is segmented into Germany, France, Italy, the UK, Russia, and rest of Europe. The predictive maintenance is cheaper and integrating more powerful sensors, and big data analytics offer an unprecedented opportunity to track machine-tool performance and health conditions. However, as per the European Commission, manufacturers only spend 15% of their total maintenance costs on predictive (vs reactive or preventative) maintenance, which is expected to hold the potential opportunity for the growth of predictive maintenance across various industries in Europe. The digital transformation in Europe enables to leverage the advanced digital technologies such as IoT, AI, Big Data, and others to drive efficiencies and thereby open up new opportunities for the same, which involve digital twins that evidently improve the efficiency of predictive maintenance of the critical assets and thereby mitigating the exposure of hazardous environment to the workers in the facilities. Europe’s oil & gas industry is leading the energy sectors added with an increased focus on enhancing efficiencies and reducing downtime, aiding the need for predictive maintenance. Predictive maintenance uses data, such as temperature, vibration, and throughput, collected by sensors, then analyzed for any red flags or abnormal results. The growing adoption of advanced technology for predictive maintenance is improving the facility’s operational efficiency, which is augmenting the demand for predictive maintenance propelling the market growth over the forecast period. For instance, in June 2021, Dietsmann Smart Labs established a strategic partnership with Norwegian Data Analytics specialist Arundo for breakthrough development with an integrated predictive maintenance software solution for an industrial plant.
Europe Predictive Maintenance Market Revenue and Forecast to 2028 (US$ Million)
Europe Predictive Maintenance Market Segmentation
The Europe predictive maintenance market is segmented based on component, deployment type, technique, industry, and country.
Based on component, the Europe predictive maintenance market is bifurcated into solutions and services. The solutions segment held a larger market share in 2022. Based on deployment type, the Europe predictive maintenance market is bifurcated into cloud and on-premise. The cloud segment held a larger market share in 2022. 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 the largest market share in 2022. 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 the largest market share in 2022. Based on country, the Europe predictive maintenance market has been categorized into the UK, Germany, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany 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; and Syncron AB are the leading companies operating in the Europe predictive maintenance market.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Europe Predictive Maintenance Market – By Component
1.3.2 Europe Predictive Maintenance Market – By Deployment Type
1.3.3 Europe Predictive Maintenance Market – By Technique
1.3.4 Europe Predictive Maintenance Market – By Industry
1.3.5 Europe Predictive Maintenance Market – By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Europe Predictive Maintenance Market Landscape
4.1 Market Overview
4.2 Europe PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Europe 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 – Europe Analysis
6.1 Europe Predictive Maintenance Market Overview
6.2 Europe Predictive Maintenance Market – Revenue and Forecast to 2028 (US$ Million)
7. Europe Predictive Maintenance Market Analysis – By Component
7.1 Overview
7.2 Europe 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. Europe Predictive Maintenance Market Analysis – By Deployment Type
8.1 Overview
8.2 Europe 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. Europe Predictive Maintenance Market Analysis – By Technique
9.1 Overview
9.2 Europe 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. Europe Predictive Maintenance Market Analysis – By Industry
10.1 Overview
10.2 Europe 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. Europe Predictive Maintenance Market – Country Analysis
11.1 Overview
11.1.1 Europe Predictive Maintenance Market Breakdown, by Country
11.1.1.1 Germany Predictive Maintenance Market, Revenue and Forecast to 2028
11.1.1.1.1 Germany Predictive Maintenance Market Breakdown, By Component
11.1.1.1.2 Germany Predictive Maintenance Market Breakdown, By Deployment Type
11.1.1.1.3 Germany Predictive Maintenance Market Breakdown, By Technique
11.1.1.1.4 Germany Predictive Maintenance Market Breakdown, By Industry
11.1.1.2 France Predictive Maintenance Market, Revenue and Forecast to 2028
11.1.1.2.1 France Predictive Maintenance Market Breakdown, By Component
11.1.1.2.2 France Predictive Maintenance Market Breakdown, By Deployment Type
11.1.1.2.3 France Predictive Maintenance Market Breakdown, By Technique
11.1.1.2.4 France Predictive Maintenance Market Breakdown, By Industry
11.1.1.3 Italy Predictive Maintenance Market, Revenue and Forecast to 2028
11.1.1.3.1 Italy Predictive Maintenance Market Breakdown, By Component
11.1.1.3.2 Italy Predictive Maintenance Market Breakdown, By Deployment Type
11.1.1.3.3 Italy Predictive Maintenance Market Breakdown, By Technique
11.1.1.3.4 Italy Predictive Maintenance Market Breakdown, By Industry
11.1.1.4 UK Predictive Maintenance Market, Revenue and Forecast to 2028
11.1.1.4.1 UK Predictive Maintenance Market Breakdown, By Component
11.1.1.4.2 UK Predictive Maintenance Market Breakdown, By Deployment Type
11.1.1.4.3 UK Predictive Maintenance Market Breakdown, By Technique
11.1.1.4.4 UK Predictive Maintenance Market Breakdown, By Industry
11.1.1.5 Russia Predictive Maintenance Market, Revenue and Forecast to 2028
11.1.1.5.1 Russia Predictive Maintenance Market Breakdown, By Component
11.1.1.5.2 Russia Predictive Maintenance Market Breakdown, By Deployment Type
11.1.1.5.3 Russia Predictive Maintenance Market Breakdown, By Technique
11.1.1.5.4 Russia Predictive Maintenance Market Breakdown, By Industry
11.1.1.6 Rest of Europe Predictive Maintenance Market, Revenue and Forecast to 2028
11.1.1.6.1 Rest of Europe Predictive Maintenance Market Breakdown, By Component
11.1.1.6.2 Rest of Europe Predictive Maintenance Market Breakdown, By Deployment Type
11.1.1.6.3 Rest of Europe Predictive Maintenance Market Breakdown, By Technique
11.1.1.6.4 Rest of Europe 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
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
LIST OF TABLES
Table 1. Europe Predictive Maintenance Market – Revenue and Forecast to 2028 (US$ Million)
Table 2. Europe Predictive Maintenance Market, Revenue and Forecast To 2028 – By Country (US$ Million)
Table 3. Germany Predictive Maintenance Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 4. Germany Predictive Maintenance Market, Revenue and Forecast to 2028 – By Deployment Type (US$ Million)
Table 5. Germany Predictive Maintenance Market, Revenue and Forecast to 2028 – By Technique (US$ Million)
Table 6. Germany Predictive Maintenance Market, Revenue and Forecast to 2028 – By Industry (US$ Million)
Table 7. France Predictive Maintenance Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 8. France Predictive Maintenance Market, Revenue and Forecast to 2028 – By Deployment Type (US$ Million)
Table 9. France Predictive Maintenance Market, Revenue and Forecast to 2028 – By Technique (US$ Million)
Table 10. France Predictive Maintenance Market, Revenue and Forecast to 2028 – By Industry (US$ Million)
Table 11. Italy Predictive Maintenance Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 12. Italy Predictive Maintenance Market, Revenue and Forecast to 2028 – By Deployment Type (US$ Million)
Table 13. Italy Predictive Maintenance Market, Revenue and Forecast to 2028 – By Technique (US$ Million)
Table 14. Italy Predictive Maintenance Market, Revenue and Forecast to 2028 – By Industry (US$ Million)
Table 15. UK Predictive Maintenance Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 16. UK Predictive Maintenance Market, Revenue and Forecast to 2028 – By Deployment Type (US$ Million)
Table 17. UK Predictive Maintenance Market, Revenue and Forecast to 2028 – By Technique (US$ Million)
Table 18. UK Predictive Maintenance Market, Revenue and Forecast to 2028 – By Industry (US$ Million)
Table 19. Russia Predictive Maintenance Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 20. Russia Predictive Maintenance Market, Revenue and Forecast to 2028 – By Deployment Type (US$ Million)
Table 21. Russia Predictive Maintenance Market, Revenue and Forecast to 2028 – By Technique (US$ Million)
Table 22. Russia Predictive Maintenance Market, Revenue and Forecast to 2028 – By Industry (US$ Million)
Table 23. Rest of Europe Predictive Maintenance Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 24. Rest of Europe Predictive Maintenance Market, Revenue and Forecast to 2028 – By Deployment Type (US$ Million)
Table 25. Rest of Europe Predictive Maintenance Market, Revenue and Forecast to 2028 – By Technique (US$ Million)
Table 26. Rest of Europe Predictive Maintenance Market, Revenue and Forecast to 2028 – By Industry (US$ Million)
Table 27. List of Abbreviation
LIST OF FIGURES
Figure 1. Europe Predictive Maintenance Market Segmentation
Figure 2. Europe Predictive Maintenance Market Segmentation – By Country
Figure 3. Europe Predictive Maintenance Market Overview
Figure 4. Europe Predictive Maintenance Market, By Component
Figure 5. Europe Predictive Maintenance Market, By Country
Figure 6. Europe: PEST Analysis
Figure 7. Expert Opinion
Figure 8. Europe Predictive Maintenance Market Impact Analysis of Drivers and Restraints
Figure 9. Europe Predictive Maintenance Market – Revenue and Forecast to 2028 (US$ Million)
Figure 10. Europe Predictive Maintenance Market Revenue Share, By Component (2021 and 2028)
Figure 11. Europe Solutions: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)
Figure 12. Europe Services: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)
Figure 13. Europe Predictive Maintenance Market Revenue Share, By Deployment Type (2021 and 2028)
Figure 14. Europe Cloud: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)
Figure 15. Europe On-Premise: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)
Figure 16. Europe Predictive Maintenance Market Revenue Share, By Technique (2021 and 2028)
Figure 17. Europe Vibration Monitoring: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)
Figure 18. Europe Electrical Testing: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)
Figure 19. Europe Oil Analysis: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)
Figure 20. Europe Ultrasonic Leak Detectors: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)
Figure 21. Europe Shock Pulse: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)
Figure 22. Europe Infrared: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)
Figure 23. Europe Others: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)
Figure 24. Europe Predictive Maintenance Market Breakdown, By Industry (2021 and 2028)
Figure 25. Europe Manufacturing: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)
Figure 26. Europe Energy & Utilities: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)
Figure 27. Europe Aerospace & Defense: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)
Figure 28. Europe Transportation & Logistics: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)
Figure 29. Europe Oil & Gas: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)
Figure 30. Europe Others: Predictive Maintenance Market- Revenue and Forecast to 2028 (US$ Million)
Figure 31. Europe Predictive Maintenance Market, by Key Country – Revenue (2021) (US$ ‘Million)
Figure 32. Europe Predictive Maintenance Market Breakdown, by Country, 2021 & 2028 (%)
Figure 33. Germany Predictive Maintenance Market, Revenue and Forecast to 2028 (US$ Million)
Figure 34. France Predictive Maintenance Market, Revenue and Forecast to 2028 (US$ Million)
Figure 35. Italy Predictive Maintenance Market, Revenue and Forecast to 2028 (US$ Million)
Figure 36. UK Predictive Maintenance Market, Revenue and Forecast to 2028 (US$ Million)
Figure 37. Russia Predictive Maintenance Market, Revenue and Forecast to 2028 (US$ Million)
Figure 38. Rest of Europe Predictive Maintenance Market, Revenue and Forecast to 2028 (US$ Million)
● Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Europe 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 Europe 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 Europe 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
● General Electric Company
● Hitachi, Ltd.
● IBM Corporation
● Microsoft Corporation
● PTC Inc.
● SAS Institute, Inc.
● Schneider Electric SE
● Software AG
● Syncron AB
At 27.0% CAGR, the Europe Predictive Maintenance Market is speculated to be worth US$ 7,644.05 million by 2028, says The Insight Partners
According to The Insight Partners’ 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.
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