Maintenance on equipment could be quite expensive in terms of both time and money. How is it possible to be profitable (ROI) and still remain competitive? Here, we briefly cover the managerial approaches and technology developments used to reduce equipment and maintenance downtime.
The market for maintenance, repair, and operations is anticipated to be worth $701.3 billion by 2026. This high cost in industrial settings is caused by a variety of factors. Outdated resources are the main cause of unplanned downtime. According to maintenance professionals, mechanical failure, operator error, a lack of enough maintenance time, and poor design can cause unscheduled equipment downtime.
Utilizing parts with low or no maintenance requirements is a great way to reduce the need for maintenance. Clamp-on ultrasonic meters are a prime illustration. These meters are used in a variety of scenarios, including the water distribution industry, as they don’t have any moving elements that can deteriorate with time. They are designed specifically to require very little to no maintenance.
Implementing a full preventive maintenance (PM) strategy is another way to boost ROI. In fact, 76 percent of industrial enterprises ranked preventive maintenance as their top priority in 2020. This approach aims to identify potential issue and address them before they are able to develop into real problems. Thus, PM helps to reduce downtime, extend equipment life, and increase resale value. However, the overall cost of ownership of the asset increases depending on the type of machinery.
Predictive maintenance also uses analytical technologies. Studies show that 41% of industrial firms now employ this strategy. Predictive maintenance is allegedly highly cost-effective despite being expensive and new. When compared to preventive maintenance, it can save between 8 and 11%, according to the US Department of Energy. Additionally, according to specialists, the global market for predictive maintenance will reach $23.5 billion by 2024.
Predictive maintenance (PdM) is what. Using specialized software, artificial intelligence, and sensors, PdM assesses the health of in-service assets and offers data in real-time. It is possible to forecast when the asset needs maintenance by evaluating this data. By just carrying out actions as needed, this strategy seeks to potentially reduce expenses in comparison to routine or time-based preventative maintenance.
Managing maintenance is a difficult task. However, it is possible to increase the lifespan and performance of commonplace equipment by utilizing new technologies, upgrading to low- to no-maintenance components, and using the right tools for the job.
Refer to the supplemental material for more details on maintenance and practical fixes.