Press Release

TIP

Predictive Maintenance Market in APAC is Expected to Grow at Highest CAGR

May 24th, 2022 1:11 PM

According to the new research report, titled “Predictive Maintenance Market – Global Analysis and Forecast to 2027,” published by The Insight Partners, the market is expected to reach US$ 10.83 billion by 2027, registering a CAGR of 15.1% during 2020–2027. 

The predictive maintenance market in APAC is expected to witness the fastest CAGR during the forecast period. The growth of the market in the region is primarily attributed to the massive public and private sector investments to enhance asset maintenance solutions owing to which predictive maintenance solutions are deployed to automate the plant’s maintenance process.

The availability of cheap labor in the region has led to the establishment of a vast number of manufacturing units in the region. Additionally, the growing importance of reducing overall downtime and operating costs in manufacturing facilities is compelling plant owners to deploy these solutions in the system. APAC has recorded an increased focus on the new solutions, such as predictive maintenance, to optimize the output via asset maintenance. The adoption of predictive maintenance among the industries in China is another factor propelling the growth of the market. For example, suppliers of power generation in the country are said to use online condition monitoring to evaluate quality maintenance. The benefits of predictive maintenance increase its demand, thereby contributing to the growth of the APAC predictive maintenance market.

Key Players Influencing the Market

  • Hitachi, Ltd.
  • Software AG
  • IBM Corporation
  • Microsoft Corporation
  • PTC Inc.
  • Syncron AB
  • TIBCO Software Inc.
  • Schneider Electric SE
  • SAS Institute Inc.
  • General Electric Company

Furthermore, improving safety in factories is one of the primary concerns among manufacturing industry’s as machine breakdowns in the manufacturing industry cause severe production losses. Additionally, the demand for improved protection, cost reduction, and machine utilization drive the growth of the predictive maintenance market in APAC. However, the lack of data privacy and data storage problems is expected to limit market growth. Nonetheless, the predictive maintenance market in manufacturing is likely to thrive as the manufacturing industry looks forward to improving its operations through the adoption of new tools and techniques across the region.

Get Sample Copy of this Report @ https://www.theinsightpartners.com/sample/TIPRE00007686/

Answers that the report acknowledges:

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defense.

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