{"id":1294,"date":"2023-10-13T12:10:18","date_gmt":"2023-10-13T12:10:18","guid":{"rendered":"https:\/\/www.innoviusresearch.com\/blog\/?p=1294"},"modified":"2023-10-13T12:14:42","modified_gmt":"2023-10-13T12:14:42","slug":"the-growing-importance-of-predictive-maintenance-in-todays-market","status":"publish","type":"post","link":"https:\/\/www.innoviusresearch.com\/blog\/manufacturing\/the-growing-importance-of-predictive-maintenance-in-todays-market\/","title":{"rendered":"The Growing Importance of Predictive Maintenance in Today&#8217;s Market"},"content":{"rendered":"\n<p><strong>Predictive Maintenance <\/strong>is a plan for monitoring equipment performance and condition that decreases the risk of machine failure under normal operating conditions.<\/p>\n\n\n\n<p><strong>Predictive Maintenance <\/strong>utilizes data analytics, machine learning, and artificial intelligence to forecast when machines or equipment will need repair, <strong>allowing businesses to do maintenance effectively<\/strong>.<\/p>\n\n\n\n<script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6580330613220222\"\n     crossorigin=\"anonymous\"><\/script>\n<ins class=\"adsbygoogle\"\n     style=\"display:block; text-align:center;\"\n     data-ad-layout=\"in-article\"\n     data-ad-format=\"fluid\"\n     data-ad-client=\"ca-pub-6580330613220222\"\n     data-ad-slot=\"2367613624\"><\/ins>\n<script>\n     (adsbygoogle = window.adsbygoogle || []).push({});\n<\/script>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>Market Growth and Forecast<\/strong><\/h5>\n\n\n\n<p>In <strong>2022<\/strong>, the <strong>Global Predictive Maintenance <\/strong>market was valued at<strong> $7.85 billion<\/strong>. The market is expected to increase and reach approximately <strong>$80.41 billion <\/strong>by <strong>2030<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-style-twentytwentyone-border\"><img loading=\"lazy\" decoding=\"async\" width=\"925\" height=\"521\" src=\"https:\/\/www.innoviusresearch.com\/blog\/wp-content\/uploads\/2023\/10\/Slide1-20.jpg\" alt=\"Global Predictive Maintenance Market During 2022-2030 ($Billion) - Innovius Research\" class=\"wp-image-1297\" srcset=\"https:\/\/www.innoviusresearch.com\/blog\/wp-content\/uploads\/2023\/10\/Slide1-20.jpg 925w, https:\/\/www.innoviusresearch.com\/blog\/wp-content\/uploads\/2023\/10\/Slide1-20-300x169.jpg 300w, https:\/\/www.innoviusresearch.com\/blog\/wp-content\/uploads\/2023\/10\/Slide1-20-768x433.jpg 768w\" sizes=\"auto, (max-width: 925px) 100vw, 925px\" \/><figcaption class=\"wp-element-caption\"><strong><em>Global Predictive Maintenance Market During 2022-2030 ($Billion)<\/em><\/strong><\/figcaption><\/figure>\n\n\n\n<p>During the forecast period, <strong>2022 to 2030<\/strong>, the market will be growing at an approximate <strong>CAGR of 29.5%<\/strong>.<\/p>\n\n\n\n<script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6580330613220222\"\n     crossorigin=\"anonymous\"><\/script>\n<ins class=\"adsbygoogle\"\n     style=\"display:block; text-align:center;\"\n     data-ad-layout=\"in-article\"\n     data-ad-format=\"fluid\"\n     data-ad-client=\"ca-pub-6580330613220222\"\n     data-ad-slot=\"2367613624\"><\/ins>\n<script>\n     (adsbygoogle = window.adsbygoogle || []).push({});\n<\/script>\n\n\n\n<p>The <strong>Predictive Maintenance Market <\/strong>is expanding as a result of <strong>technology improvements, increased industrial automation adoption, and the need for organizations to optimize their maintenance procedures<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-style-twentytwentyone-border\"><img loading=\"lazy\" decoding=\"async\" width=\"925\" height=\"521\" src=\"https:\/\/www.innoviusresearch.com\/blog\/wp-content\/uploads\/2023\/10\/predictive_market_1.jpg\" alt=\"Share of Global Predictive Maintenance Market, By Region in 2022 (%) - Innovius Research\" class=\"wp-image-1298\" srcset=\"https:\/\/www.innoviusresearch.com\/blog\/wp-content\/uploads\/2023\/10\/predictive_market_1.jpg 925w, https:\/\/www.innoviusresearch.com\/blog\/wp-content\/uploads\/2023\/10\/predictive_market_1-300x169.jpg 300w, https:\/\/www.innoviusresearch.com\/blog\/wp-content\/uploads\/2023\/10\/predictive_market_1-768x433.jpg 768w\" sizes=\"auto, (max-width: 925px) 100vw, 925px\" \/><figcaption class=\"wp-element-caption\"><em>Share of Global Predictive Maintenance Market, By Region in 2022 (%)<\/em><\/figcaption><\/figure>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>Top Global Players<\/strong><\/h5>\n\n\n\n<figure class=\"wp-block-image size-large is-style-twentytwentyone-border\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"247\" src=\"https:\/\/www.innoviusresearch.com\/blog\/wp-content\/uploads\/2023\/10\/top-players-1024x247.png\" alt=\"\" class=\"wp-image-1299\" srcset=\"https:\/\/www.innoviusresearch.com\/blog\/wp-content\/uploads\/2023\/10\/top-players-1024x247.png 1024w, https:\/\/www.innoviusresearch.com\/blog\/wp-content\/uploads\/2023\/10\/top-players-300x72.png 300w, https:\/\/www.innoviusresearch.com\/blog\/wp-content\/uploads\/2023\/10\/top-players-768x185.png 768w, https:\/\/www.innoviusresearch.com\/blog\/wp-content\/uploads\/2023\/10\/top-players.png 1353w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>Recent Trends and User-based Statistics<\/strong><\/h5>\n\n\n\n<p>In 2021, Using the new lubrication technology which comprised of predictive maintenance technology, the <strong>Noranda Alumina factory <\/strong>in Gramercy, LA, reduced bearing changes by<strong> 60%, <\/strong>saving roughly <strong>$900,000 in bearing purchases and avoiding costly downtime<\/strong>.<\/p>\n\n\n\n<p>According to <strong>Deloitte<\/strong>, companies that used predictive maintenance during 2020-2022 saw a <strong>5-15% reduction in downtime, a 3-5% drop in new equipment costs, up to a 20% increase in labor productivity, and around 30% decrease in inventory levels, causing a 5-20% reduction in carrying costs<\/strong>.<\/p>\n\n\n\n<script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6580330613220222\"\n     crossorigin=\"anonymous\"><\/script>\n<ins class=\"adsbygoogle\"\n     style=\"display:block; text-align:center;\"\n     data-ad-layout=\"in-article\"\n     data-ad-format=\"fluid\"\n     data-ad-client=\"ca-pub-6580330613220222\"\n     data-ad-slot=\"2367613624\"><\/ins>\n<script>\n     (adsbygoogle = window.adsbygoogle || []).push({});\n<\/script>\n\n\n\n<p><strong>In 2022, P&amp;G and Microsoft <\/strong>established a collaboration to expand P&amp;G&#8217;s digital manufacturing platform and use the Industrial Internet of Things (IIoT) to bring products to consumers faster, raise customer happiness, and improve efficiency to lower costs by using <strong>Microsoft&#8217;s Azure suite<\/strong>.<\/p>\n\n\n\n<p><strong>SAS Institute&#8217;s SAS Viya platform <\/strong>was launched&nbsp;in May 2021. The technology helped to <strong>increase&nbsp;the efficiency of information and analysis by integrating a data management system <\/strong>into its other cloud services, the SASViya platform, which benefited several users.<\/p>\n\n\n\n<script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6580330613220222\"\n     crossorigin=\"anonymous\"><\/script>\n<ins class=\"adsbygoogle\"\n     style=\"display:block; text-align:center;\"\n     data-ad-layout=\"in-article\"\n     data-ad-format=\"fluid\"\n     data-ad-client=\"ca-pub-6580330613220222\"\n     data-ad-slot=\"2367613624\"><\/ins>\n<script>\n     (adsbygoogle = window.adsbygoogle || []).push({});\n<\/script>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><em>Do <a href=\"https:\/\/www.innoviusresearch.com\/subscribe.php\"><strong>Subscribe<\/strong><\/a> to our <a href=\"https:\/\/www.innoviusresearch.com\/subscribe.php\"><strong>#WeeklyMarketInsights<\/strong><\/a> for FREE <a href=\"https:\/\/www.innoviusresearch.com\/subscribe.php\">here<\/a>.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Data Sources<\/strong>: <a href=\"https:\/\/www.grandviewresearch.com\/\" target=\"_blank\" rel=\"noopener nofollow\" title=\"GrandViewResearch\">GrandViewResearch<\/a>, <a href=\"https:\/\/www.alliedmarketresearch.com\" target=\"_blank\" rel=\"noopener nofollow\" title=\"AlliedMarketResearch\">AlliedMarketResearch<\/a>, <a href=\"https:\/\/www.polarismarketresearch.com\" target=\"_blank\" rel=\"noopener nofollow\" title=\"PolarisMarketResearch\">PolarisMarketResearch<\/a>, <a href=\"https:\/\/www.futuremarketinsights.com\" target=\"_blank\" rel=\"noopener nofollow\" title=\"FutureMarketInsights\">FutureMarketInsights<\/a>, <a href=\"https:\/\/www.marketsandmarkets.com\/\" target=\"_blank\" rel=\"noopener nofollow\" title=\"MarketsAndMarkets\">MarketsAndMarkets<\/a>, and others.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>Get in-depth <strong>Market Research for any industry<\/strong> to understand this industry in more detail where we will cover Market Size, Competitors, Trends, Drivers and Challenges, Future forecasts, SWOT analysis, TAM, SAM or SOM, and much other information in detail. <a href=\"https:\/\/www.innoviusresearch.com\/contact-us.php\"><strong>Get in touch with us today<\/strong><\/a>.<\/p>\n\n\n\n<script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6580330613220222\"\n     crossorigin=\"anonymous\"><\/script>\n<ins class=\"adsbygoogle\"\n     style=\"display:block; 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