Global $82 Billion Predictive Maintenance Market Outlook to 2031
According to a research paper by Research and Markets the global predictive maintenance market is likely to grow at a CAGR of 31.9% during the forecast period, i.e., 2022-2031.
The market generated a revenue of around USD 5,000 Million at the end of 2021 and is likely to produce revenue worth of nearly USD 82,000 Million by the end of 2031.
The market in the Asia Pacific collected the highest revenue of about USD 1,000 million in 2021. By the end of 2031, it is estimated to garner a revenue of around USD 24,000 million, by growing at the CAGR of over 35% over the forecast period. Factors such as increased prevalence of digitization and need to reduce the maintenance cost is expected to boost the market growth in the region.
The energy and utilities segment is anticipated to garner the highest revenue of around USD 14,000 million by the end of 2031. Moreover, the segment generated a revenue of nearly USD 900 million in 2021. This growth is on the account of increasing demand for curbing the productivity loss and maintenance cost. The energy and utilities segment is to grow at a CAGR of around 32% over the forecast period.
Rejlers heads electrical and automation design for Norway’s longest railway bridge
Drone Roof Inspection Market to reach USD 645.3 million by end-2033
The global drone roof inspection market share is estimated to be US$ 171 million in 2023 and is expected to expand at a CAGR of 14.2% during the forecast years of 2023-2033, states market research and competitive intelligence provider Fact.MR.