Increased investment in predictive maintenance strategies is propelling significant growth for the equipment condition monitoring systems market. According to a new report by Global Industry Analysts, the global market for monitoring solutions is expected to reach $2.3 billion by 2018, with predictive maintenance as the main growth factor. Organizations in the the industrial sector have targeted predictive maintenance as a comprehensive method to reducing repair costs and making operations more efficient.
The report stated that companies are prioritizing asset management strategies as a top-down method of fostering improvement in diverse areas of their business models. Targeting asset vulnerabilities and making predictive maintenance a priority enables companies to make preemptive repairs, better allocate financial resources, improve operations planning and improve the delegation of key personnel to make day-to-day activity more productive.
"Given that timely delivery of products and services is a key competitive variable dictating the success or failure of a company, the importance of uninterrupted, efficiently managed, and clutter-free production operations comes to fore," GIA stated. "As a key strategy that helps organizations improve their operational efficiency, asset management is increasingly gaining prominence in the modern business world."
The report stated that the major end-use markets seeing demonstrable growth of equipment monitoring solutions included chemicals, petrochemicals & oil & gas, process industry & manufacturing, power, and aerospace & defense. Companies in these markets often have to contend with regulatory specifications concerning product development and usage, strict quality control and federally-mandated workplace protocols. Having an accurate assessment of an asset's condition improves equipment reliability and allows companies to pay closer attention to their many other considerations.
How predictive maintenance benefits smaller companies
Smaller companies in the industrial sector have also increased their presence in the machine maintenance solutions market, according to Sustainable Plant. These organizations benefit from having preventative strategies, which can keep maintenance and repair in-house and at a smaller cost, as well as defray initial operating costs for new and growing operations. Many concerns shared by larger enterprises, like machine breakdowns, unplanned downtime, low productivity and the costs of replacing machinery, are exacerbated for smaller businesses, which need to stretch each of their resourced dollars even further.
Newer businesses in highly regulated industries are likely to encounter attention paid to their initial activities, in order to make sure they are following regulatory and safety protocol. Additionally, investors, who can provide early advantages to a budding business opportunity, will be paying close attention to a company's first efforts. Predictive maintenance enables businesses to take a strong immediate position in response to many issues which could potentially complicate company objectives.