Industrial machinery maintenance is a costly and time-consuming endeavor. To remain competitive and achieve a solid return on investment (ROI), companies need to explore innovative technologies and management practices that can reduce maintenance requirements and machine downtime.
By 2026, the global maintenance, repair, and operations market is forecasted to reach $701.3 billion, largely due to the upkeep of aging assets. Unplanned downtime is often caused by mechanical failures, operator errors, insufficient maintenance time, and poor equipment design.
One effective solution is integrating components that require minimal to no maintenance. For instance, ultrasonic clamp-on meters, widely used in water distribution, are virtually maintenance-free because they lack moving parts that could wear out.
Another method to enhance ROI is implementing a preventive maintenance (PM) program. In 2020, 76% of manufacturing companies worldwide prioritized PM, which involves scheduled inspections to identify potential problems 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, varying with machinery type.
Predictive maintenance (PdM) is a newer, more advanced approach that uses analytics and AI tools. Although PdM is currently employed by 41% of manufacturers and is more expensive than traditional methods, it is highly cost-effective. The U.S. Department of Energy reports that PdM can save 8% to 12% over preventive maintenance. By 2024, the predictive maintenance market is expected to reach $23.5 billion.
PdM involves using sensors and software to monitor real-time data on in-service equipment, predicting when maintenance will be necessary. This approach allows for maintenance tasks to be performed only when required, potentially reducing costs compared to routine maintenance.
Managing industrial maintenance is a significant challenge, but by leveraging advanced tools, technologies, 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
