Machine maintenance can be both time and money consuming. What can be done to maintain a competitive advantage while achieving a high return on investment (ROI)? Below is a quick look at technological advancements and administrative techniques aimed at reducing maintenance and machinery downtime.
By 2026, the global market for maintenance, repair, and operations is estimated to be worth $701.3 billion. This massive expenditure is the outcome of numerous industries in industrial settings. Unplanned downtime is frequently caused by worn-out parts and components. According to maintenance professionals, unscheduled equipment downtime is also caused by mechanical failure, operator error, a lack of time for routine maintenance, and bad design.
Maintenance management is a challenging career. However, by employing the proper tools for the job, adding new technologies, and upgrading to low- to no-maintenance components, standard equipment’s longevity and performance can be boosted.
For additional information about industrial maintenance demands and solutions, please see the attached infographic.
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