Machinery maintenance can be both time and money consuming. What can be done to keep a competitive edge while also achieving a favorable return on investment (ROI)? Below is a quick look at technological advancements and administrative techniques aimed at reducing maintenance and machinery downtime.
By 2026, the global market for maintenance, repair, and operations is estimated to be worth $701.3 billion. This tremendous cost stems from a range of industries in industrial settings. Unplanned downtime is frequently caused by worn-out parts and components. According to maintenance professionals, unscheduled equipment downtime is also caused by mechanical failure, operator error, a lack of time for routine maintenance, and poor design.
Maintenance management is a challenging job. However, by employing the right tools for the job, adding new technologies, and upgrading to low- to no-maintenance components, typical equipment’s longevity and performance can be improved.
For additional information about industrial maintenance demands and solutions, please see the attached infographic.