Equipment maintenance can be quite costly in terms of both time and money. How is it possible to maintain competition and create a return on investment (ROI)? We briefly discuss administrative strategies and technology advancements here that are used to cut down on equipment and maintenance downtime.
By 2026, it is expected that the market for maintenance, repair, and operations would be valued $701.3 billion. Several factors contribute to this high cost in industrial settings. Unplanned downtime is primarily caused by outdated resources. According to maintenance professionals, mechanical failure, operator error, a lack of sufficient maintenance time, and poor design can all result in unscheduled equipment downtime.
A great strategy to save maintenance costs is to use parts that need little to no maintenance. Ultrasonic clamp-on meters are one example. Due to the fact that they don’t contain any moving parts that could degrade over time, these meters are used in a variety of situations, including the water distribution industry. They are made to need little to no maintenance, if any.
Another technique to increase ROI is by developing an extensive preventive maintenance (PM) strategy. In fact, preventive maintenance was regarded as the top priority for 2020 by 76% of industrial businesses. This strategy seeks to spot possible issues and fix them before they have a chance to emerge. Thus, PM contributes to a reduction in downtime, an improvement in equipment life, and a rise in resale value. However, the type of machinery affects the asset’s overall cost of ownership.
Analytical technologies are also used in predictive maintenance. According to studies, 41% of industrial firms already use this tactic. Despite being expensive and new, predictive maintenance is reportedly very cost-effective. According to the US Department of Energy, it can save between 8 and 11% when compared to preventive maintenance. In addition, experts predict that by 2024, the global market for predictive maintenance will total $23.5 billion.
What is predictive maintenance (PdM)? Predictive maintenance measures the condition of equipment in use and provides updates via software, artificial intelligence, and sensors. It’s possible to determine when equipment will need repairs based of this data. When compared to routine or time-based preventative maintenance, this strategy aims to potentially lower costs by only taking action when it is necessary.
The chore of managing maintenance is challenging. However, by incorporating new technologies, updating to low- or no-maintenance components, and employing the appropriate tools for the job, it is possible to extend the lifespan and performance of everyday equipment.
For more information about upkeep and workable solutions, see to the supplemental infographic.