Maximizing ROI Through Advanced Maintenance Strategies: Leveraging Preventive and Predictive Maintenance for Industrial Machinery

The financial and operational impact of maintaining industrial machinery is considerable. To stay competitive and secure a strong ROI, companies must adopt new technologies and management practices that reduce maintenance costs and equipment downtime.

The maintenance, repair, and operations market is anticipated to reach $701.3 billion globally by 2026, driven by the costs associated with aging equipment. Unplanned downtime often results from mechanical issues, operator errors, insufficient maintenance time, and poor design.

One approach to reducing maintenance requirements is to utilize components that require minimal upkeep, such as ultrasonic clamp-on meters. Commonly used in the water distribution sector, these meters are nearly maintenance-free due to their lack of moving parts.

A thorough preventive maintenance (PM) plan is another way to increase ROI. In 2020, 76% of global manufacturing companies prioritized PM, which involves scheduled inspections to identify and address potential problems before they cause downtime. Although PM can prolong equipment life and enhance resale value, it also adds to the overall cost of ownership and varies by machinery type.

Predictive maintenance (PdM) is a newer method that employs analytics and AI to predict when maintenance will be needed. Despite being more expensive upfront and currently used by 41% of manufacturers, PdM is very cost-effective. The U.S. Department of Energy reports 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 is necessary. This allows for maintenance only when needed, potentially reducing costs compared to routine maintenance.

Managing maintenance for industrial machinery is challenging, but with the right tools, technology, and low-maintenance components, companies can enhance the longevity and performance of their equipment.