According to a report by research specialist IoT Analytics, the global predictive maintenance market is expected to reach 11 million dollars by 2022. Gone are the days when physical checking was mandatory to ensure if a machine or process was in good shape or required maintenance. With the introduction of Industry 4.0 in today’s world, companies can now monitor the functioning of their machines and processes 24/7 in real time and also be updated if a particular machine or part requires maintenance. Predictive maintenance reduces costs, downtime and also ensures quality improvement and machine utilisation.
Some of the leading companies implementing predictive maintenance include Siemens, SKF, ABB and many more. Last year, Siemens acquired the predictive maintenance specialist MRX Technologies for condition monitoring of rolling stock and infrastructure. The company also acquired a contract for the installation of condition-based predictive maintenance systems on-board the German railway cargo carrier DB Cargo’s locomotive fleet.
In April 2017, SKF, a global supplier of bearings, seals, mechatronics and lubrication systems launched a Remote Diagnostic Center in Pune, India. At the center, the company offers predictive maintenance programmes for original equipment manufacturers and staff members of plants for periodic or continuous monitoring of critical machinery.
In 2016, a study was conducted by Deloitte and the Council on Competitiveness called the ‘Global Manufacturing Competitiveness Index’ wherein views from over 500 global executives were examined around key drivers of manufacturing competitiveness, including advanced manufacturing technologies. Interestingly, it was noticed that executives from the USA and China gave more importance to Predictive Analytics as compared to other advanced manufacturing technologies such as smart, connected products; advanced materials; smart factories; digital design, simulation or integration.
On the other hand Europe ranked Predictive Analytics on Number 4. Failing to give importance to predictive maintenance leads to challenges in the supply chain and players may even miss out on critical time and business opportunities.
The concept of ‘Predictive maintenance’ still has a long way to get settled in manufacturing facilities across the globe but the sooner we start, the better it will be. Hence, it is no surprise then that one of the world’s largest trade fairs for industrial technology, Hannover Messe will also be highlighting this significant segment. Come and join us at the event in order to stay updated on the latest technological trends and solutions in the industry.