It can be expensive to maintain equipment, both financially and in terms of time. How can you sustain competition while generating a return on your investment (ROI)? Here, we quickly go over administrative tactics and technological developments utilized to reduce equipment and maintenance downtime.
The market for upkeep, repair, and operations is predicted to be worth $701.3 billion by 2026. In industrial contexts, a number of variables contribute to this high cost. Outdated resources are the main cause of unplanned downtime. According to maintenance experts, unscheduled equipment downtime can be caused by mechanical failure, operator mistake, a lack of adequate maintenance time, and bad design.
Using parts that require little to no maintenance is a wonderful way to save maintenance costs. One illustration is clamp-on ultrasonic meters. These meters are utilized in a variety of scenarios, including the water distribution business, because they don’t have any moving parts that can break down over time. They are designed to require little, if any, upkeep.
Creating a comprehensive preventive maintenance (PM) strategy is another way to boost ROI. In fact, 76% of industrial enterprises ranked preventive maintenance as their top priority for 2020. This approach aims to identify potential problems early on and address them. Therefore, PM helps to decrease downtime, lengthen equipment life, and increase resale value. The entire cost of ownership of the asset, however, is influenced by the type of machinery.
Predictive maintenance also uses analytical technologies. Studies show that 41% of industrial companies already employ this strategy. Predictive maintenance is reportedly very cost-effective despite being pricey and new. When compared to preventive maintenance, it can save between 8 and 11%, according to the US Department of Energy. Additionally, according to experts, the global market for predictive maintenance will reach $23.5 billion by 2024.
Predictive maintenance (PdM) is key. By using software, sensors, and artificial intelligence, predictive maintenance assesses the state of the machinery that is now in operation and delivers updates. Based on this information, it is feasible to predict when equipment will require maintenance. This tactic seeks to potentially save expenses by only acting when necessary when compared 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 implementing new technologies, updating to low- or no-maintenance components, and using the right tools for the job.
See the supplementary infographic for more details on maintenance and practical solutions.
