SaaS will revolutionize predictive maintenance in motor driven systems
Report highlights relationships between component manufacturers, OEM machine builders and end users
A report from London-based Interact Analysis examines the predictive maintenance market, forecasting a boom in the sector, propelled by the emergence of smart sensors able to monitor crucial parts of a motor-driven system not covered by legacy maintenance devices and methods. Advanced smart sensors will allow delivery of viable cloud-based predictive maintenance service packages using a SaaS business model, the report says.
“Smart sensor technology coupled with IIoT capabilities give component manufacturers and OEM machine builders the scope to offer end users an anticipatory service package. For most providers of predictive maintenance, the logical business model will be software as a service.
“A side benefit of SaaS is that it ties all technologies together under a single solution — thereby eliminating concerns regarding data ownership. Additionally, advancements in embedded machine learning will improve the ability for predictive maintenance to be installed in new or non-standard applications that are less well understood, further fuelling growth,” said Blake Griffin, lead analyst, predictive maintenance, Interact Analysis.
The report shows that the market for predictive maintenance in 2019 was $117.5 million, largely made up from legacy predictive maintenance products such as portable monitoring devices.
Many of these devices will maintain strong growth in the coming decade but will be used in tandem with new technologies such as smart sensors, the latter fuelling an expected boom in market value of predictive maintenance technology, up to almost $1 billion in 2024, the report says.
The significant fall in price of the capacitive-based microelectromechanical systems (MEMS) found in smart sensors will be one of the drivers of this market.
Smart sensors, which typically monitor sound, temperature, and vibration, may not provide the depth of data offered by some legacy devices, the report states, but they have significant advantages. Whereas most legacy devices are attached to motors, Interact Analysis predicts that only 53% of smart sensors will be attached to motors by 2024.
The rest will be attached to other machine components which are also subject to the wear and tear of daily use. This means that the application of predictive maintenance will be far more widespread in the factories of the future.
“Modern predictive maintenance technology is currently at the beginning of an exponential growth trajectory. Now is a more important time than ever for suppliers to understand key trends at play so they may work at carving out their share of this market — forecast to be worth nearly $1 billion by 2024,” said Adrian Lloyd, CEO of Interact Analysis.
At a glance
In its report on the predictive maintenance, Interact Analysis predicted the following:
- By 2024, the market for predictive maintenance in motor driven systems is forecast to reach a valuation of $906.1 million
- Enhanced demand for remote monitoring because of COVID-19 means there will be no slowdown in market growth
- SaaS is likely to be the main business model for provision of predictive maintenance and eases concerns over data ownership.
Interact Analysis is an international provider of market research for the Intelligent Automation sector. To learn more, visit interactanalysis.com