Why predictive maintenance is now part of the manufacturing mainstream

Downtime is playing havoc with manufacturers. The challenge facing Fortune Global 500 companies is stark: approximately $1.5 trillion a year in lost revenue.

However, manufacturers are fighting back. The growing appetite for predictive maintenance (PdM) technology since 2019 is as striking as the rising downtime.

PdM reveals the ongoing condition of equipment and machinery. It helps predict upcoming issues, allowing firms to plan repairs for maximum efficiency and avoid unnecessary downtime.

It eases the burden on spare part supplies and enables powerful prognostics, like Remaining Useful Life, to be applied factory-wide. And it's becoming a critical strategic priority at many leading industrial businesses.

New research in Senseye's 'True Cost of Downtime' report reveals:

  • Seven out of 10 major manufacturers see PdM as a strategic priority
  • Two-thirds of firms are doing some form of condition-based maintenance
  • A third have now established dedicated PdM teams
  • And overall equipment effectiveness (OEE) is twice as high in firms prioritizing PdM (60) than those firms that don't (29)

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Of course, different manufacturing sectors have varying tolerances to risk and machine downtime. This is reflected in the adoption of PdM across four key industries.

Senseye asked more than 50 major manufactuers:

1. If they fielded a dedicated PdM team
2. If they placed PdM as a critical strategic priority
3. And if they performed condition-based maintenance, a crucial first step on the PdM journey.

In Automotive, complexity and the high cost of downtime is driving the adoption of smart maintenance practices. Almost three-quarters (73%) of major automotive manufacturers now see PdM as a strategic objective, and the proportion with dedicated PdM teams has more than tripled (from 11 per cent to 38 per cent) in the last two years.

In FMCG, production lines process high volumes of perishable goods, to strict standards. There are few maintenance stops and little margin for error. More than half (60 per cent) of big FMCG manufacturers now see PdM as a strategic priority, and seven in ten (72%) already conduct condition-based maintenance.

The cost of downtime in the Oil and Gas sector, which is tied to fossil fuel prices, has soared in recent years. 58% of producers in this sector say that PdM is now a strategic initiative, while the proportion with dedicated PdM teams has increased from 29% to 38% over the last two years

Senseye's survey captured a significant shift from planned to predictive maintenance in Heavy Industries. The proportion of metals, mining and other heavy-industrial companies with dedicated PdM teams increased from 13% to 35% in the last two years, and the number doing condition-based maintenance almost doubled (to 89%) in the same period

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Check out more findings from Senseye's 'True Cost of Downtime 2022' report, by clicking the image below.

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