The time and money required for equipment maintenance could be very expensive. How can competitiveness be maintained while making a profit (ROI)? Here, we briefly examine the managerial strategies and technology advancements utilized to cut down on maintenance and equipment downtime.
By 2026, it is expected that the global market for maintenance, repair, and operations would increase to $701.3 billion. Many elements in industrial settings contribute to this high expenditure. Unplanned downtime is primarily caused by aging assets. According to maintenance specialists, mechanical failure, operator error, a lack of sufficient maintenance time, and poor design can all result in unscheduled equipment downtime.
One method to lessen the need for maintenance is to install components that need little or no maintenance. One example of this is ultrasonic clamp-on meters. Because they don’t have any moving parts that could degrade with time, these meters are utilized in a number of contexts, including the water distribution business. They are made to require little to no maintenance.
Another method to increase ROI might be to develop a detailed preventive maintenance (PM) plan. In reality, in 2020, 76 percent of industrial businesses gave preventive maintenance top priority. This method, which is based on a predetermined schedule, seeks to spot potential issues before they have a chance to develop into issues. Thus, PM contributes to lowering downtime, extending equipment life, and increasing resale value. It does, however, raise the asset’s cost of ownership, depending on the type of machinery.
Analytical technologies are also used in predictive maintenance. According to studies, this technique is currently used by 41% of industrial businesses. Despite being expensive and relatively new, predictive maintenance is reportedly quite cost-effective. According to the US Department of Energy, it can save between 8 and 11 percent compared to preventive maintenance. Furthermore, it is predicted that by 2024, the global market for predictive maintenance will amount to $23.5 billion.
What is predictive maintenance (PdM)? PdM combines specialized software and artificial intelligence to offer data in real-time while using sensors to evaluate the health of in-service assets. By examining this data, it is feasible to predict when the asset will require maintenance. In comparison to routine or time-based preventative maintenance, this technique tries to potentially lower costs by doing tasks only when necessary.
The chore of managing maintenance is challenging. However, by utilizing the appropriate tools for the job, incorporating new technologies, and upgrading to components with low- to no-maintenance, it is possible to extend the longevity and performance of everyday equipment.
For additional information about the requirements for industrial maintenance and potential solutions, please consult the supplemental material.