How big is the Predictive Maintenance in the Energy Market?

The Predictive Maintenance in the Energy Market size is expected to reach USD 1.79 billion in 2024 and grow at a CAGR of 25.77% to reach USD 5.62 billion by 2029. Read More

What is the current Predictive Maintenance in the Energy Market size?

In 2024, the Predictive Maintenance in the Energy Market size is expected to reach USD 1.79 billion. Read More

Who are the key players in Predictive Maintenance in the Energy Market?

IBM Corporation, SAP SE, Siemens AG, Intel Corporation and Robert Bosch GmbH are the major companies operating in the Predictive Maintenance in the Energy Market. Read More

Which is the fastest growing region in Predictive Maintenance in the Energy Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Predictive Maintenance in the Energy Market?

In 2024, the North America accounts for the largest market share in Predictive Maintenance in the Energy Market. Read More

What years does this Predictive Maintenance in the Energy Market cover, and what was the market size in 2023?

In 2023, the Predictive Maintenance in the Energy Market size was estimated at USD 1.42 billion. The report covers the Predictive Maintenance in the Energy Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Predictive Maintenance in the Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Predictive Maintenance in the Energy Market Share

Statistics for the 2023 & 2024 Predictive Maintenance in the Energy market share, created by Mordor Intelligence™ Industry Reports. Predictive Maintenance in the Energy share report includes a market forecast to 2029 and historical overview. Get a sample of this industry share analysis as a free report PDF download.

Market Share of Predictive Maintenance in the Energy Industry

Numerous domestic and international firms make predictive maintenance in the energy market extremely competitive. The market is moderately concentrated, with significant players expanding their market dominance through strategies such as product innovation and mergers and acquisitions. IBM Corporation, SAP SE, Robert Bosch GmbH, and Siemens AG are some of the market's major players.

In June 2022, Siemens acquired Senseye, which provides industrial companies with predictive maintenance and asset intelligence. With the acquisition of Senseye, Siemens expanded its portfolio in innovative predictive maintenance and asset intelligence. Senseye is a manufacturer and industrial company that offers outcome-oriented predictive maintenance solutions. The predictive maintenance solution from Senseye allows for a 50% reduction in unplanned machine downtime and a 30% increase in maintenance staff productivity.

In May 2022, Hitachi Ltd. launched Lumada Inspection Insights, developed by Hitachi Energy and Hitachi Vantara, to help businesses automate asset inspection and advance sustainability goals. The new approach employs artificial intelligence (AI) and machine learning (ML) to evaluate resources, hazards, and various image types to address multiple reasons for failure.

Moreover, in January 2022, IBM announced the acquisition of Envizi, a data and analytics software provider for environmental performance management. This acquisition expands IBM's growing investments in artificial intelligence (AI)-powered software, such as IBM Maximo asset management solutions, IBM Environmental Intelligence Suite, and IBM Sterling supply chain solutions, to assist organizations in creating more resilient and sustainable operations and supply chains.

Furthermore, the acquisition broadens the company's product and service offerings. With rising demand for cloud-based services, IBM Cloud's broad range of services and expertise assist the world's smarter businesses to transform their processes, assimilate new technologies and capabilities, and pivot quickly to new market opportunities.