The costs associated with maintaining industrial machinery are significant and can lead to substantial downtime. To maintain a competitive edge and secure a positive ROI, companies need to explore technological advancements and management strategies that can minimize maintenance requirements and machinery downtime.
The global market for maintenance, repair, and operations is projected to reach $701.3 billion by 2026, with a large portion of this cost resulting from aging equipment. Common causes of unplanned downtime include mechanical failures, operator mistakes, insufficient maintenance time, and poor design.
One way to reduce maintenance is by utilizing components that require little to no upkeep, such as ultrasonic clamp-on meters. These devices, widely used in the water distribution industry, are designed to be virtually maintenance-free due to the absence of moving parts.
Implementing a preventive maintenance (PM) program is another strategy to improve ROI. In 2020, 76% of manufacturing companies worldwide prioritized PM, which involves scheduled inspections to identify potential issues before they lead to operational interruptions. While PM can extend equipment life and add resale value, it also adds to the asset’s total cost of ownership, varying based on the type of machinery.
Predictive maintenance (PdM) is a newer approach that uses data analytics and AI to predict when maintenance is needed. While currently used by 41% of manufacturers and initially more expensive, PdM is highly cost-effective. The U.S. Department of Energy estimates that PdM can save 8% to 12% over preventive maintenance, with the market expected to reach $23.5 billion by 2024.
PdM relies on sensors and software to monitor real-time data on in-service equipment, predicting when maintenance will be required. This allows for maintenance only when necessary, potentially reducing costs compared to routine maintenance.
Managing maintenance for industrial machinery is a significant challenge, but with the right tools, technologies, and low-maintenance components, companies can enhance the longevity and performance of their equipment.
Low- Or No-Maintenance Industrial Machinery was provided by Emerson