Maintenance of machinery can be both time and money intensive. What can be done to maintain a competitive advantage while simultaneously attaining a good return on investment (ROI)? A cursory glance at technology advances and administrative strategies targeted at reducing maintenance and machinery downtime is provided below.
The global market for maintenance, repair, and operations is expected to be valued $701.3 billion by 2026. This enormous expenditure is the result of a variety of industries in industrial settings. Worn-out parts and components are a common cause of unplanned downtime. Unscheduled equipment downtime is also caused by mechanical failure, operator error, a lack of time for periodic maintenance, and poor design, according to maintenance professionals.
Maintenance management is a difficult profession. However, by using the correct tools for the job, incorporating new technologies, and upgrading to low- to no-maintenance components, the longevity and performance of standard equipment can be increased.
Please read the attached infographic for more information on industrial maintenance demands and solutions.