In today’s world of interconnected systems, predictive maintenance plays a much larger role than simply preventing downtime. Applications are expanding beyond manufacturing and into logistics, supply chains, and more.
The predictive maintenance market is expected to grow at an accelerated rate over the next decade, as the value of real-time, cloud-based insights for a range of industries is realized and implemented.
Predictive maintenance solutions and services can reduce unforeseen delays, through sensors and algorithms which look for abnormal usage or failing machinery. Businesses can then implement fixes before the issue becomes costly.
Through the deployment of predictive maintenance, businesses can gain a competitive advantage on others. Manufacturers can achieve more uptime than rivals, while also continuously improving the product to be more efficient.
That value is being realized by more businesses than ever before, and the predictive maintenance market is expected to increase in size from $5.3 billion in 2021 to $26.5 billion in 2028, according to market intelligence firm The Insight Partners.
“Knowing well ahead of time when an asset will fail avoids unplanned downtimes and broken assets. On average, predictive maintenance increases productivity by 25 percent, reduces breakdowns by 70 percent and lowers maintenance costs by 25 percent,” said Olaf Schleichert, head of the Deloitte Analytics Institute.
A survey conducted by Advanced Technology Services found that manufacturing businesses experience 800 to 1000 hours of downtime annually. This is an immense amount of time spent fixing or ultimately replacing machinery, with another report claiming every minute on standby costs the average automotive manufacturer $22,000.
“In the environment of Industry 4.0, maintenance does much more than merely preventing downtimes of individual assets,” said Schleichert. “Machines are increasingly interconnected along the production chain. One failing machine might halt the whole production process. Today, poor maintenance strategies can reduce the overall productive capacity of a plant by five to 20 percent.”
There are plenty of industries where predictive maintenance is expected to improve productivity and increase downtime. One of the largest is transportation, which another market research company, Market Research Future, anticipates will be generating $27.4 billion in revenue in 2030.
Transportation and logistics covers cargo ships to last-mile delivery vans, with everything in-between potentially being optimized through predictive maintenance and other analytical solutions. Automotives are being outfitted with more sensors to alert drivers to underlying issues that need fixed and prevent crashes. Market Research Future expects this will yield the highest revenue share across global transportation logistics in the next decade.
Related: Center for Edge Computing and 5G