The industrial revolution shaped up modern mankind. It is also said to be one of the most deciding moment of how we transformed current societies. The modern world is a gift stated from the Industrial Revolution. The industrial revolution truly defined today’s technological, socio-economic and cultural changes.
With the growth of Industries; maintenance, operations and ecosystem has become quite critical. Today, maintenance is a pivotal area where industries are mulling to identify newer techniques and solutions. With which predictive maintenance (PM) has become the ‘word of the town.’ It has been expected by many industry experts that ‘PM’ will be one of the leading trends shaping industries in 2023.
To not known, PM is a method based on collecting, managing, and using intelligent data. It focuses on the lifecycle of the assets- performing services and repairs based on the asset’s inability to meet the predetermined performance standards. It is also said that PM has been instrumental in improving productivity, quality of products and overall effectiveness of the business. In this article we will try to explore new maintenance concepts as well as advancing solutions in this field.
Industries Starve for More Automation:
After going through various reports, evaluations sums to a handsome growth of automation in industrial processes in 2023 and beyond. Worth mentioning few reports below:
-The global industry 4.0 market was valued at USD 65.53 billion in 2021 and is expected to grow at a CAGR of 20.8% during the forecast period. The manufacturing sector’s rapid adoption of artificial intelligence (AI) and the Internet of Things (IoT), rising market demand for industrial robots in the manufacturing of pharmaceuticals and medical devices, rising government investments in additive manufacturing and 3D printing, and expanding use of blockchain technology are the main factors driving the industry 4.0 growth noted Polaris Market Research.
“The usage of AI and IoT in manufacturing will become commonplace in the upcoming years, according to cost-benefit analyses of using these technologies in the manufacturing sector.”
Benefits of Predictive Maintenace Includes Increasedt production capacity | Reduced or nearly eliminated amount of unexpected downtimes | Reduced maintenance costs | Increased labor utilization Increased lifespan of the machines Major factors that are expected to boost the growth of the industry 4.0 market in the forecast period are the rise in the acceptance of the industrial internet around the world. Furthermore, the increase in the need for industrial robots is further anticipated to propel the growth of the industry 4.0 market. Also, the growing attention on the enhanced effectiveness and the decrease in the production expenses is further estimated to cushion the growth of the industry 4.0 market. On the other hand, the considerable amount of capital investments that is needed to upgrade the traditional systems and the dearth of cost-benefit analysis of industry 4.0 solutions is further projected to impede the growth of the industry 4.0 market in the timeline period, states Data Breach Market Research.
“According to a market research study published by Contrive Datum Insights, In 2021 North America dominated, Europe had the second-largest market share for industry 4.0 globally.”
Why Industry 4.0 is Opting Predictive Maintenance?
Cost effective, seamless process and witnessing advance and improve revenues are some of the reasons PM has been eminent in various industry.
For example the oil and gas industry, this industry is in forefront enjoying the benefits of PM.
Digitalisation has taken the oil and gas industry by storm. From remote monitoring to managing maintenance and also standing front with data-front strategies, today it is all possible by opting the right automation approach. The energy and utilities segment is anticipated to garner the highest revenue of around USD 14,000 million by the end of 2031. Moreover, the segment generated a revenue of nearly USD 900 million in 2021. This growth is on the account of increasing demand for curbing the productivity loss and maintenance cost. The energy and utilities segment is to grow at a CAGR of around 32% over the forecast period.
For remote asset monitoring to manage centralized sites to checking equipment status in real-time, analyse equipment servicing or repair requirements, and dispatch maintenance people as needed to complete maintenance tasks all are today done by the help of PM.
Advance sensors and semiconductors, yes ‘CHIPS’ are help the proliferation of PM technologies.
Another IT-based data-driven automation strategy is enabling rich set of industrial applications like flexible automation, PM, digital twins, and various supply chain management optimizations. To maintain enterprises, Industry 4.0 facilitates the collection of massive volumes of digital data about the condition of machinery and equipment. This data collection is empowered by deploying different sensors such as vibration sensors, acoustic sensors, temperature sensors, power consumption sensors, and thermal cameras.
Trends Shaping Predictive Maintenance
Startups and scaleups are developing AI and data analytics solutions to derive patterns of manufacturing plant behaviors and anticipate defects. They are also leveraging IoT to bring remote and centralized monitoring of machinery. Further, inspection technologies deliver enhanced accuracy to the equipment health check while digital twins and immersive technologies enable virtual interaction with the tools and technician teams. By providing PM as a service (PdMaaS), engineering teams accelerate PdM deployment. This way, tech-driven innovations empower manufacturers with a fast, precise, and cost-effective way to forecast potential asset degradation mentions startus-insights.
“The rise in investments in predictive maintenance as a result of IoT adoption, as well as the need to prolong the lifetime of ageing industrial machinery, are all driving the predictive maintenance market forward. Furthermore, because of the increased need to gain insights from the introduction of new technology, demand for predictive maintenance is on the rise.”
Challenges for Predictive Maintenance Technology
The unique mix of volatile insights and qualitative analysis is putting predictive maintenance in tandem. From asset uptime to Government regulations are vital reasons PM has not been able to churn-up.
Increasing demand for asset uptime: PM can help increase asset uptime by identifying potential issues before they result in downtime, which is likely to drive demand for these solutions.
Government regulations and incentives: In some cases, governments may provide regulations or incentives to encourage the adoption of PM solutions, which could drive growth in the market.
Availability of skilled personnel: The availability of skilled personnel trained in the use of PM technologies may be a factor in the adoption and growth of these solutions.
Economic conditions: Economic conditions, such as the availability of funding for maintenance projects, can affect the growth of the PM market.
India to Further Disrupt the Predictive Maintenance Technology
India is today the hub for startups and worth mentioning the Software capital of the world. With growing industries and utilizing the advantage of trade-war within major countries, India is set to be the market for emerging technologies and nonetheless ‘PM’ has the upfront advantage. The reason more and more companies are eyeing towards Indian industries. The already established Industrial ecosystem has been wooing PM technology. The coming years are promising for this technology only time will say which industries will setup their next goals with advance technologies like Predictive Maintenance.
