The predictive maintenance market is proliferating on account of the rise in the industrial sector due to the need for reducing maintenance costs, unexpected failures and downtimes. Moreover, the increasing investments by the companies in predictive maintenance to increase operational efficiency is contributing to the demand for predictive maintenance solutions. in the industrial and manufacturing sectors.
In addition, due to the growth in global predictive maintenance market outlook demand for renewable energy in the region, the demand for predictive maintenance is witnessing an uptick due to the prevention of the downfall in the energy sector. Moreover, the European government has proposed a strategy “Europe 2020” that aims to increase the share of renewable sources in the energy mix to reach to 20%by 2020 which was 16%in 2016.
Besides, the mounting innovations in IoT, artificial intelligence and machine learning coupled with the integration and adoption of these technologies in the commercial sector to provide improve product quality, reducing the product development life cycle, time to market products are the key factors driving the predictive maintenance market across the globe. Moreover, the seed funding from the venture capitalists’ to the start-ups which are involved n the predictive maintenance offering and on the way to do it are gaining momentum in the industry which is contributing to the growth of the market.
Germany is one of the global leaders in steel production and also the country is the hub of industries such as automobiles, chemicals, machine building, electrical engineering and electronics, and food processing. Also, the long term investment by the federal government in the manufacturing sector is creating an opportunity for the predictive maintenance market owing to the usage of heavy machinery and equipment's which needs timely maintenance for the proper output. Germany’s manufacturing value-added is expected to increase by 4.3%during 2016-22.
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