We’re undoubtedly in the midst of a predictive maintenance revolution. We’ve seen the core technologies evolve over the last five years in particular, and they’re now embedding themselves in the mainstream, evidenced by the fact that the global predictive maintenance market is set to increase in value from $4.270 billion in 2020 to $22.429 billion by 2026
That’s not to say that the whole focus should be on predictive maintenance, with the events of the last two years inevitably leading many manufacturers to reassess their overall approach. However, as we see the continued rise of Industry 4.0 and the Internet of Things (IoT), alongside an increase in remote working and the need to optimise operations at every turn, predictive maintenance has a vital role to play in achieving wider business goals. So, with this in mind, what do the next 12 months and beyond have in store?
Move towards greater sustainability
Last year’s COP 26 summit has definitely propelled the aim of ‘net zero’ towards the top of the priority list, something that’s not surprising when you consider the UK Government’s commitment to reducing its greenhouse gas emissions to net zero by 2050 (achieving cuts of 78% by 2035). In light of this, we’ll see more businesses looking for effective ways to reduce not only energy consumption but waste too, as well as maximising the lifespan of their assets – all of which are just some of the benefits of adopting an effective predictive maintenance strategy.
Continued staffing pressures
COVID-related staff shortages will carry on, which, in combination with a worrying skills shortage, continue to place pressure on a business’s ability to carry out effective maintenance. This will mean greater reliance on remote diagnostics and even remote fixes. Again, predictive maintenance will have a key role to play here, with a comprehensive predictive maintenance strategy much easier to manage with lower-than-usual staffing levels, leaving the business less exposed to the risk of unpredictable staff absences.
Increased Industry 4.0 adoption
As more manufacturers embrace Industry 4.0 so maintenance strategies will follow suit. Connected devices lie at the very heart of all things Industry 4.0, brought together by the IoT. As we see more businesses turning towards Industry 4.0, it makes total sense that predictive maintenance will become standard best practice. In fact, Gartner predicts that by 2026, 60% of IoT enabled predictive maintenance solutions will be delivered as part of enterprise asset management products, up from 15% in 2021.
Making use of existing data
The quality of data that can be harnessed from assets has improved dramatically over the last few years, with both traditional methods and sensors not only able to tell us if there’s a problem with a particular asset, but more specifically, which component of the asset is responsible for that problem. This better quality of insight is enabling more businesses to use their existing data to form the basis of comprehensive predictive maintenance plans, with ever-increasing interoperability and integration capabilities also helping to expedite the adoption of predictive maintenance capabilities across businesses of all sizes too.
Machine learning and AI will play a much bigger role in predictive maintenance going forward. With the right solutions in place, the technology is available to evaluate the numerous factors that determine and affect an asset’s condition, informing maintenance managers of potential equipment failures in advance accordingly. For example, is there an actual problem with an asset or is the data merely highlighting an anomaly due to higher usage? We’ll see more businesses looking to replace traditional BI tools with AI and machine learning tech to more quickly, more accurately and more precisely analyse the abundance of data that’s now available.
Organisations will continue to face ongoing disruption throughout 2022. If anything, disruption is rapidly becoming the new normal. To stand firm in the face of this disruption, businesses need to do everything they can to optimise processes wherever possible. This means looking beyond preventative and reactive maintenance policies and focusing more on predictive maintenance.
As we’ve seen over the last few years, it’s rapidly becoming best practice as businesses realise multiple benefits right across the organisation, impacting on so many different areas and contributing to wider business goals.
With predictive maintenance programs proving key to increasing not only productivity, but sustainability efforts and, ultimately, profitability, we can be sure that predictive maintenance will continue to blaze a trail through the next 12 months and beyond.
For more information on how Senseye can help your business to optimise its maintenance strategy for 2022, contact us today.