Industry 4.0 lets the industry build compact, precise, and connected assets and also has made modern industrial assets a massive source of data that can be used in process optimization, defining product quality, and predictive maintenance (PM). Large amounts of data are collected from machines, processed, and analyzed by different machine learning (ML) algorithms to achieve effective PM. These machines, assumed as edge devices, transmit their data readings to the cloud for processing and modeling. Transmitting massive amounts of data between edge and cloud is costly, increases latency, and causes privacy concerns. To address this issue, efforts have been made to use edge computing in PM applications., reducing data transmission costs and increasing processing speed. Federated learning (FL) has been proposed a mechanism that provides the ability to create a model from distributed data in edge, fog, and cloud layers without violating privacy and offers new opportunities for a collaborative approach to PM applications. However, FL has challenges in confronting with asset management in the industry, especially in the PM applications, which need to be considered in order to be fully compatible with these applications. This study describes distributed ML for PM applications and proposes two federated algorithms: Federated support vector machine (FedSVM) with memory for anomaly detection and federated long-short term memory (FedLSTM) for remaining useful life (RUL) estimation that enables factories at the fog level to maximize their PM models’ accuracy without compromising their privacy. A global model at the cloud level has also been generated based on these algorithms. We have evaluated the approach using the Commercial Modular Aero-Propulsion System Simulation (CMAPSS) dataset to predict engines’ RUL Experimental results demonstrate the advantage of FedSVM and FedLSTM in terms of model accuracy, model convergence time, and network usage resources.