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In the predictive maintenance market, the government and defense segment is predicted to grow rapidly in future years
FREMONT, CA: As per research, the predictive maintenance market is predicted to increase at a compound annual growth rate (CAGR) of 25.2 percent from USD 4.0 billion in 2020 to USD 12.3 billion by 2025. The increasing usage of developing technologies to generate meaningful insights and the growing demand to reduce maintenance costs and downtime are driving market expansion. Real-time condition monitoring to aid in taking timely steps would add value to the predictive maintenance solution and open up new opportunities in the industry.
Due to the global lockdown and a lack of workers, predictive maintenance companies are experiencing a halt. Lockdown restrictions are hampering predictive maintenance solutions and service providers; because they cannot travel to client locations to do asset health assessments, service providers cannot provide their services. As a result, many firms who rely on these services to keep the health of process-critical equipment are powerless to prevent costly downtime during these exceptional times. Predictive maintenance service providers must react swiftly to handle this issue.
Smart sensors are easily available tools that can offer a remote look into client assets, preventing the requirement to visit a site immediately. This could be a good option for solution and service providers since it would allow them to keep some visibility into the assets they are servicing while keeping the social distance needed to keep COVID-19 from spreading.
Projection Period: Government and Defense Segment Will Account For a Higher Share of the Market
Verticals will be used to segment the predictive maintenance market. Government and defense, energy and utilities, manufacturing, transportation and logistics, healthcare and life sciences, and others are among the verticals (agriculture, telecom, media, and retail). In the predictive maintenance market, the government and defense segment is predicted to grow rapidly in future years, per MarketsandMarkets, a global market research and consulting company. Due to the growing requirement to automate the defense system, it is one of the key verticals in the predictive maintenance market.