Machine maintenance can be time-consuming and expensive. How can one preserve a competitive advantage while achieving a high 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 massive expenditure is the product of various businesses working 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 bad design.
Maintenance management is a difficult profession. The longevity and performance of standard equipment can be extended by employing the correct tools for the job, adopting new technologies, and upgrading to low- to no-maintenance components.
For additional information about industrial maintenance demands and solutions, please see the attached infographic.