REMAINING USEFUL LIFE ESTIMATION SOFTWARE MARKET ANALYSIS

Remaining Useful Life Estimation Software MarketSize and Trends

Market- Trends

Remaining Useful Life (RUL) can be defined as an estimation of time an item, component, or system is able to function before it requires any repair or replacement. The remaining useful life of any system or component is calculated by observing or average estimates of similar items, systems or components or a combination thereof. Remaining useful life (RUL) is a subset of predictive maintenance and is majorly used in manufacturing industry as RUL helps them to implement cost-effective predictive maintenance, which helps to reduce 10-35% in maintenance costs. It also helps to reduce the machinery downtime by 30-50%. Therefore, these factors are expected to aid in growth of the remaining useful life estimation software market during the forecasted period. 

Rising Focus on Industrial Automation is expected to Increase Adoption of Remaining Useful Life Estimation Software.

Remaining useful life estimation software aids in collecting information related to equipment, process it, and predict the remaining life of any component or system. Moreover, manufacturing, automotive, and aerospace and defence industries are focusing on industrial automation to improve the efficiency and performance of machineries. This factor is fuelling adoption of remaining useful life estimation software during the forecasted period (2019-27). For instance, in 2017, Mercedes Benz implemented predictive maintenance software with features of remaining useful life estimation software for real-time data gathering, which allows the company to acquire data from vehicle when it is being used by the customer. It aids the company to predict any incident or failure regarding the vehicle and helps to gather information related to remaining useful life of the vehicle components.