The market for predictive maintenance in motor driven systems

Methods for performing predictive maintenance are evolving rapidly. As a result, the market for enabling technology of predictive maintenance is set to boom.

By Blake Griffin September 13, 2023
Courtesy: CFE Media and Technology

Learning objectives

  • Learn why “X as a Service” models are increasingly emerging as a method for tying technologies together under a single solution offering. This eliminates key barriers to predictive maintenance.
  • Know why smart sensors are increasingly installed on elements other than the motor itself for motor-driven systems.  
  • Hear about advances in embedded machine learning that improve the ability of smart sensors to be installed in non-well understood applications. 
  • Understand how improvements in capacitive MEMS sensing improve the cost effectiveness of smart sensing and as a result, how smart sensors and related products (software & gateways) should drive most the growth in this market. 

Methods for performing predictive maintenance are evolving rapidly. As a result, the market for enabling technology of predictive maintenance is set to boom. By 2024 Interact Analysis expects the market for predictive maintenance in motor-driven systems to reach a valuation of $906.1M, posting a CAGR of 40.6% over our forecast period (2018-2024).  

The products which comprise this valuation include smart sensors, portable monitoring devices, and gateways & software dedicated to predictive maintenance. We project all these components to make up the landscape of the modern predictive maintenance market as new service models begin to emerge which encourage the use of all technologies as one solution. 


Author Bio: Graduating Magna Cum Laude with a degree in business and economics, Blake‘s area of coverage includes various industrial automation technologies such as low voltage AC motor drives and industrial/mobile hydraulics for Interact Analysis.