The cost and time associated with maintaining industrial machinery can significantly impact a company’s bottom line. To remain competitive and achieve a favorable ROI, it’s crucial to consider innovative technological solutions and management strategies that reduce the need for maintenance and minimize downtime.
By 2026, the global market for maintenance, repair, and operations is expected to reach $701.3 billion, with much of this expense attributed to aging assets. Mechanical failures, operator errors, inadequate maintenance schedules, and poor design are common causes of unplanned downtime.
One strategy to reduce maintenance demands is the use of components that require little to no maintenance, such as ultrasonic clamp-on meters. These meters, used in various industries including water distribution, are designed to be virtually maintenance-free due to their lack of moving parts.
A comprehensive preventive maintenance (PM) program is another way to enhance ROI. In 2020, 76% of manufacturing companies globally focused on PM, which involves scheduled inspections to detect issues before they lead to costly disruptions. While PM can extend equipment life and add resale value, it also increases the asset’s total cost of ownership and varies with machinery type.
Predictive maintenance (PdM) is an advanced approach that uses analytics and AI tools to predict when maintenance will be needed. Although PdM is currently employed by 41% of manufacturers and is more expensive initially, it is highly cost-effective. The U.S. Department of Energy reports that PdM can save 8% to 12% over preventive maintenance, with the market expected to grow to $23.5 billion by 2024.
PdM works by using sensors and software to monitor the condition of in-service equipment, predicting when maintenance is necessary. This allows for maintenance tasks to be performed only when needed, potentially reducing costs compared to routine maintenance.
Industrial maintenance management is a complex task, but by utilizing advanced tools, technology, and low-maintenance components, companies can extend the life and improve the performance of their machinery.
Low- Or No-Maintenance Industrial Machinery was provided by Emerson