Global Prognostics Health Management System Market Growth (Status and Outlook) 2025-2031

Publication ID:

LPI04253823

Publication Date:

April 28, 2025

Pages:

102

Publisher:

LPI

Countries:

Global [1]

USD 3,660.00

IT Services [2]

Software [3]

Computing & Electronics [4]

Description:

The global Prognostics Health Management System market size is predicted to grow from US$ 9992 million in 2025 to US$ 28100 million in 2031; it is expected to grow at a CAGR of 18.8% from 2025 to 2031.
Prognostics Health Management (PHM) system is a type of maintenance strategy that leverages advanced analytics, data collection, and decision-making techniques to monitor, analyze, and predict the health and performance of complex equipment used in industry. The goal is to identify potential issues early and prevent unplanned downtime, reduce maintenance costs, and improve safety.
The main goal of a PHM system is to enable proactive maintenance strategies, optimize operational efficiency, and minimize downtime and unexpected failures. By continuously monitoring the asset's condition, analyzing collected data, and applying predictive modeling techniques, a PHM system can:
1. Detect Anomalies: Monitor real-time data from sensors and other sources to identify deviations from normal operating conditions or expected behavior.
2. Diagnose Faults: Analyze collected data and use diagnostic algorithms to determine the root cause of detected anomalies or failures.
3. Predict Remaining Useful Life: Utilize historical data, degradation models, and machine learning techniques to estimate the remaining useful life of the asset or system.
4. Optimize Maintenance Strategies: Move from traditional scheduled maintenance to condition-based or predictive maintenance, allowing for maintenance activities to be performed when needed, optimizing resource allocation and minimizing unnecessary downtime or costs.
5. Provide Decision Support: Generate actionable insights, recommendations, and alerts based on the analyzed data to support operators, maintenance teams, and decision-makers in making informed decisions regarding maintenance planning, resource allocation, asset replacement, and operational improvements.
PHM systems are commonly used in industries such as manufacturing, aerospace, energy, transportation, and healthcare. They help organizations improve asset reliability, reduce maintenance costs, enhance safety, and optimize overall operational efficiency by leveraging real-time data, advanced analytics, and predictive modeling techniques.
Core global Prognostics Health Management System manufacturers include General Electric (GE), Honeywell and Siemens. The top three companies hold about 14% of the market. North America is the world's largest Prognostics Health Management System market with a market share of about 37%, followed by Europe and Asia Pacific with a market share of 28% and 27%, respectively. In terms of product type, Light Equipment is the largest segment with approximately 76% market share. In terms of application, Transportation is the largest downstream segment, accounting for about 32% of the market share.
The 鈥淧rognostics Health Management System Industry Forecast鈥� looks at past sales and reviews total world Prognostics Health Management System sales in 2024, providing a comprehensive analysis by region and market sector of projected Prognostics Health Management System sales for 2025 through 2031. With Prognostics Health Management System sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Prognostics Health Management System industry.
This Insight Report provides a comprehensive analysis of the global Prognostics Health Management System landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyses the strategies of leading global companies with a focus on Prognostics Health Management System portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms鈥� unique position in an accelerating global Prognostics Health Management System market.
This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Prognostics Health Management System and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Prognostics Health Management System.
This report presents a comprehensive overview, market shares, and growth opportunities of Prognostics Health Management System market by product type, application, key players and key regions and countries.
Segmentation by Type:
Heavy Equipment
Light Equipment
Segmentation by Application:
Energy and Utilities
Transportation
Manufacturing
Healthcare
Others
This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
General Electric (GE)
Siemens
Honeywell
Rockwell Automation
SKF
PTC
IBM Corporation
ABB
Schneider Electric
Emerson
Mitsubishi Electric
RONDS

Please Note - This is an on demand report and will be delivered in 2 business days (48 hours) post payment.

Table Of Contents:

1 Scope of the Report
1.1 Market Introduction
1.2 Years Considered
1.3 Research Objectives
1.4 Market Research Methodology
1.5 Research Process and Data Source
1.6 Economic Indicators
1.7 Currency Considered
1.8 Market Estimation Caveats
2 Executive Summary
2.1 World Market Overview
2.1.1 Global Prognostics Health Management System Market Size (2020-2031)
2.1.2 Prognostics Health Management System Market Size CAGR by Region (2020 VS 2024 VS 2031)
2.1.3 World Current & Future Analysis for Prognostics Health Management System by Country/Region (2020, 2024 & 2031)
2.2 Prognostics Health Management System Segment by Type
2.2.1 Heavy Equipment
2.2.2 Light Equipment
2.3 Prognostics Health Management System Market Size by Type
2.3.1 Prognostics Health Management System Market Size CAGR by Type (2020 VS 2024 VS 2031)
2.3.2 Global Prognostics Health Management System Market Size Market Share by Type (2020-2025)
2.4 Prognostics Health Management System Segment by Application
2.4.1 Energy and Utilities
2.4.2 Transportation
2.4.3 Manufacturing
2.4.4 Healthcare
2.4.5 Others
2.5 Prognostics Health Management System Market Size by Application
2.5.1 Prognostics Health Management System Market Size CAGR by Application (2020 VS 2024 VS 2031)
2.5.2 Global Prognostics Health Management System Market Size Market Share by Application (2020-2025)
3 Prognostics Health Management System Market Size by Player
3.1 Prognostics Health Management System Market Size Market Share by Player
3.1.1 Global Prognostics Health Management System Revenue by Player (2020-2025)
3.1.2 Global Prognostics Health Management System Revenue Market Share by Player (2020-2025)
3.2 Global Prognostics Health Management System Key Players Head office and Products Offered
3.3 Market Concentration Rate Analysis
3.3.1 Competition Landscape Analysis
3.3.2 Concentration Ratio (CR3, CR5 and CR10) & (2023-2025)
3.4 New Products and Potential Entrants
3.5 Mergers & Acquisitions, Expansion
4 Prognostics Health Management System by Region
4.1 Prognostics Health Management System Market Size by Region (2020-2025)
4.2 Global Prognostics Health Management System Annual Revenue by Country/Region (2020-2025)
4.3 Americas Prognostics Health Management System Market Size Growth (2020-2025)
4.4 APAC Prognostics Health Management System Market Size Growth (2020-2025)
4.5 Europe Prognostics Health Management System Market Size Growth (2020-2025)
4.6 Middle East & Africa Prognostics Health Management System Market Size Growth (2020-2025)
5 Americas
5.1 Americas Prognostics Health Management System Market Size by Country (2020-2025)
5.2 Americas Prognostics Health Management System Market Size by Type (2020-2025)
5.3 Americas Prognostics Health Management System Market Size by Application (2020-2025)
5.4 United States
5.5 Canada
5.6 Mexico
5.7 Brazil
6 APAC
6.1 APAC Prognostics Health Management System Market Size by Region (2020-2025)
6.2 APAC Prognostics Health Management System Market Size by Type (2020-2025)
6.3 APAC Prognostics Health Management System Market Size by Application (2020-2025)
6.4 China
6.5 Japan
6.6 South Korea
6.7 Southeast Asia
6.8 India
6.9 Australia
7 Europe
7.1 Europe Prognostics Health Management System Market Size by Country (2020-2025)
7.2 Europe Prognostics Health Management System Market Size by Type (2020-2025)
7.3 Europe Prognostics Health Management System Market Size by Application (2020-2025)
7.4 Germany
7.5 France
7.6 UK
7.7 Italy
7.8 Russia
8 Middle East & Africa
8.1 Middle East & Africa Prognostics Health Management System by Region (2020-2025)
8.2 Middle East & Africa Prognostics Health Management System Market Size by Type (2020-2025)
8.3 Middle East & Africa Prognostics Health Management System Market Size by Application (2020-2025)
8.4 Egypt
8.5 South Africa
8.6 Israel
8.7 Turkey
8.8 GCC Countries
9 Market Drivers, Challenges and Trends
9.1 Market Drivers & Growth Opportunities
9.2 Market Challenges & Risks
9.3 Industry Trends
10 Global Prognostics Health Management System Market Forecast
10.1 Global Prognostics Health Management System Forecast by Region (2026-2031)
10.1.1 Global Prognostics Health Management System Forecast by Region (2026-2031)
10.1.2 Americas Prognostics Health Management System Forecast
10.1.3 APAC Prognostics Health Management System Forecast
10.1.4 Europe Prognostics Health Management System Forecast
10.1.5 Middle East & Africa Prognostics Health Management System Forecast
10.2 Americas Prognostics Health Management System Forecast by Country (2026-2031)
10.2.1 United States Market Prognostics Health Management System Forecast
10.2.2 Canada Market Prognostics Health Management System Forecast
10.2.3 Mexico Market Prognostics Health Management System Forecast
10.2.4 Brazil Market Prognostics Health Management System Forecast
10.3 APAC Prognostics Health Management System Forecast by Region (2026-2031)
10.3.1 China Prognostics Health Management System Market Forecast
10.3.2 Japan Market Prognostics Health Management System Forecast
10.3.3 Korea Market Prognostics Health Management System Forecast
10.3.4 Southeast Asia Market Prognostics Health Management System Forecast
10.3.5 India Market Prognostics Health Management System Forecast
10.3.6 Australia Market Prognostics Health Management System Forecast
10.4 Europe Prognostics Health Management System Forecast by Country (2026-2031)
10.4.1 Germany Market Prognostics Health Management System Forecast
10.4.2 France Market Prognostics Health Management System Forecast
10.4.3 UK Market Prognostics Health Management System Forecast
10.4.4 Italy Market Prognostics Health Management System Forecast
10.4.5 Russia Market Prognostics Health Management System Forecast
10.5 Middle East & Africa Prognostics Health Management System Forecast by Region (2026-2031)
10.5.1 Egypt Market Prognostics Health Management System Forecast
10.5.2 South Africa Market Prognostics Health Management System Forecast
10.5.3 Israel Market Prognostics Health Management System Forecast
10.5.4 Turkey Market Prognostics Health Management System Forecast
10.6 Global Prognostics Health Management System Forecast by Type (2026-2031)
10.7 Global Prognostics Health Management System Forecast by Application (2026-2031)
10.7.1 GCC Countries Market Prognostics Health Management System Forecast
11 Key Players Analysis
11.1 General Electric (GE)
11.1.1 General Electric (GE) Company Information
11.1.2 General Electric (GE) Prognostics Health Management System Product Offered
11.1.3 General Electric (GE) Prognostics Health Management System Revenue, Gross Margin and Market Share (2020-2025)
11.1.4 General Electric (GE) Main Business Overview
11.1.5 General Electric (GE) Latest Developments
11.2 Siemens
11.2.1 Siemens Company Information
11.2.2 Siemens Prognostics Health Management System Product Offered
11.2.3 Siemens Prognostics Health Management System Revenue, Gross Margin and Market Share (2020-2025)
11.2.4 Siemens Main Business Overview
11.2.5 Siemens Latest Developments
11.3 Honeywell
11.3.1 Honeywell Company Information
11.3.2 Honeywell Prognostics Health Management System Product Offered
11.3.3 Honeywell Prognostics Health Management System Revenue, Gross Margin and Market Share (2020-2025)
11.3.4 Honeywell Main Business Overview
11.3.5 Honeywell Latest Developments
11.4 Rockwell Automation
11.4.1 Rockwell Automation Company Information
11.4.2 Rockwell Automation Prognostics Health Management System Product Offered
11.4.3 Rockwell Automation Prognostics Health Management System Revenue, Gross Margin and Market Share (2020-2025)
11.4.4 Rockwell Automation Main Business Overview
11.4.5 Rockwell Automation Latest Developments
11.5 SKF
11.5.1 SKF Company Information
11.5.2 SKF Prognostics Health Management System Product Offered
11.5.3 SKF Prognostics Health Management System Revenue, Gross Margin and Market Share (2020-2025)
11.5.4 SKF Main Business Overview
11.5.5 SKF Latest Developments
11.6 PTC
11.6.1 PTC Company Information
11.6.2 PTC Prognostics Health Management System Product Offered
11.6.3 PTC Prognostics Health Management System Revenue, Gross Margin and Market Share (2020-2025)
11.6.4 PTC Main Business Overview
11.6.5 PTC Latest Developments
11.7 IBM Corporation
11.7.1 IBM Corporation Company Information
11.7.2 IBM Corporation Prognostics Health Management System Product Offered
11.7.3 IBM Corporation Prognostics Health Management System Revenue, Gross Margin and Market Share (2020-2025)
11.7.4 IBM Corporation Main Business Overview
11.7.5 IBM Corporation Latest Developments
11.8 ABB
11.8.1 ABB Company Information
11.8.2 ABB Prognostics Health Management System Product Offered
11.8.3 ABB Prognostics Health Management System Revenue, Gross Margin and Market Share (2020-2025)
11.8.4 ABB Main Business Overview
11.8.5 ABB Latest Developments
11.9 Schneider Electric
11.9.1 Schneider Electric Company Information
11.9.2 Schneider Electric Prognostics Health Management System Product Offered
11.9.3 Schneider Electric Prognostics Health Management System Revenue, Gross Margin and Market Share (2020-2025)
11.9.4 Schneider Electric Main Business Overview
11.9.5 Schneider Electric Latest Developments
11.10 Emerson
11.10.1 Emerson Company Information
11.10.2 Emerson Prognostics Health Management System Product Offered
11.10.3 Emerson Prognostics Health Management System Revenue, Gross Margin and Market Share (2020-2025)
11.10.4 Emerson Main Business Overview
11.10.5 Emerson Latest Developments
11.11 Mitsubishi Electric
11.11.1 Mitsubishi Electric Company Information
11.11.2 Mitsubishi Electric Prognostics Health Management System Product Offered
11.11.3 Mitsubishi Electric Prognostics Health Management System Revenue, Gross Margin and Market Share (2020-2025)
11.11.4 Mitsubishi Electric Main Business Overview
11.11.5 Mitsubishi Electric Latest Developments
11.12 RONDS
11.12.1 RONDS Company Information
11.12.2 RONDS Prognostics Health Management System Product Offered
11.12.3 RONDS Prognostics Health Management System Revenue, Gross Margin and Market Share (2020-2025)
11.12.4 RONDS Main Business Overview
11.12.5 RONDS Latest Developments
12 Research Findings and Conclusion

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