Operating predictive maintenance systems help in the identification of potential problems in the organization. They are used for operational benefits as well as reducing system downtime. They work by alerting the system administrators to potential faults or other problems so that they can be solved before actual events take place. The cost of such a system depends on the number of systems that need to be monitored. One of the benefits of using this technology is that it improves the operational cost of a business and decreases the downtime caused by preventive maintenance. There are many advantages that can be derived through the use of this technology and an overview of such advantages can be described in the following paragraphs.
The growing need for improving maintenance operations and reducing downtime is expected to drive the market growth of operational predictive maintenance. Emerging Internet of Things (IoT) coupled with the increasing focus of the organization to reduce the operational cost is again expected to foster the market growth of the operational predictive maintenance. According to the Federation of Indian Chambers of Commerce & Industry, the global IoT connections are predicted to increase with 17% CAGR (Compound Annual Growth Rate) from 7 billion to 25 billion approximately from 2017 to 2025.
On the other hand, lack of training of operators and lack of awareness regarding operational predictive maintenance is expected to hamper the market growth over the forecast period.
North America is expected to gain significant growth over the forecast period and this is attributed to the expansion of the big data industry coupled with the high adoption of IoT in the region. The United States has the most advanced software and information technology (IT) services industry in the world. According to CompTIA, Inc., the United States is the largest tech market in the world, representing 33% of the total, or approximately $1.6 trillion for 2021.
Key Developments:
In November 2020, Bombardier has launched a predictive maintenance solution, further upgrading its OPTIFLO suite of rail control service solutions. The new EBI Sense product is a subscription-based digital service developed to enable predictive maintenance of railway signaling.
In September 2018, Chevron has announced the launch of Predictive Maintenance to Cut Costs & Improve Operations.
In February 2020, ABB announced the launch of a predictive maintenance solution that helps customers minimize environmental impact and increase safety
In March 2020, Accruent announced that it has launched newly-developed resources to hospitals and medical facilities to assist the healthcare industry in combatting the COVID-19 pandemic.
Operating predictive maintenance systems help in the identification of potential problems in the organization. They are used for operational benefits as well as reducing system downtime. They work by alerting the system administrators to potential faults or other problems so that they can be solved before actual events take place. The cost of such a system depends on the number of systems that need to be monitored. One of the benefits of using this technology is that it improves the operational cost of a business and decreases the downtime caused by preventive maintenance. There are many advantages that can be derived through the use of this technology and an overview of such advantages can be described in the following paragraphs.
Read more@https://www.coherentmarketinsights.com/market-insight/operational-predictive-maintenance-market-3416
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