The Predictive Maintenance Market is Growing Again in 2024 and We Have Machine Downtime Tracking to

It doesn't matter what type of manufacturing you're talking about - we all know the pain that comes with having an essential machine suddenly fail without a clear reason why. One minute, your people and your assembly lines are moving exactly as they should be. The next minute, everything comes to a screeching halt and every second that ticks by has a dollar value attached to it.

Tracking machine downtime doesn't just alert you to these issues quickly so you can do something about them. It also helps prevent them from happening again in the future. In fact, this has become so popular (and ubiquitous) over the years that it's contributing to major growth in the larger predictive maintenance market around the world.

The Power of Predictive Maintenance: An Overview

According to one recent study, the global predictive maintenance market grew to an enormous $5.5 billion inv alue in 2022. That's a leap of about 11% from just one year prior. More impressively, that growth rate is actually anticipated to climb to about 17% per year between now and 2028.

A lot of this has to do with the fact that the median cost of unplanned downtime in manufacturing is in excess of $100,000 per hour. Giving yourself the ability to accurately predict failures of mission-critical assets is no longer a recommendation. It's a requirement. More than that, it's the key to your competitive advantage and remaining profitable.

As we move into 2024, this means that you'll be able to observe a few different things. First, if you haven't already gotten into the world of downtime tracking, now is an excellent time to start. But as you do, be aware that you'll increasingly see the "niche-ification" of vendors. You shouldn't just look for downtime tracking in a general sense. Look for downtime tracking in pharmaceuticals, or food and beverage, or automobile manufacturing, for example. Those are the vendors that will be able to provide you with the industry-specific solutions you need to thrive.

To return to the idea of downtime tracking and predictive maintenance becoming your competitive advantage, consider the fact that general search interest in the topic has risen steadily for at least the last decade. This is absolutely something that all your competitors are interested in as they attempt to cut costs without sacrificing quality or innovation. This means that you have to become interested in it, too. Luckily, with all the benefits it brings with it like improved efficiency and better asset utilization, there really isn't a compelling reason to not make it a part of your manufacturing organization's core foundation.

If you'd like to find out more information about the continued growth of the predictive maintenance market and the success it will bring to manufacturers everywhere, or if you'd just like to see what an innovative equipment downtime tracking solution can do to empower your efforts, please don't delay - contact the team at Thrive today.

Source URL:- https://sites.google.com/view/downtimecollectionsolutions65/home

 

Comments

Post a Comment

Popular posts from this blog

The New OEE Impact Andon Boards for Spare Manufacturing System

Image
Andon can be defined as" visual control" device that shows machine, process status or line. Utmost spare manufacturing systems need this device as it's veritably useful to reduce product waste in all situations. By using andon boards, a company can cover and insure productivity fluently. Manufacturing storehouse use this tool to see order status or precedences in an instant way indeed from further than 100 bases down. This device can also serve as early warning bias since audible admonitions or advising dispatches are installed in the device. In short, it can be said that this communication tool leads to a better collaboration of orders, precedences and corridor in a spare manufacturing system. This good collaboration eventually leads to a better client service .    The use of andon boards replaces the part of traditional communication tool in spare manufacturing systems . With this device, now a company does not need to use clip boards, white boards or emails to communic
Read more

OEE Systems That Drive Down Manufacturing Costs Using Existing Resources

With the economic climate still skirting around on the edge of recession , and more recent talk of a further drop, many manufacturing businesses are approaching crisis levels. In an effort to stay afloat , competition amongst rivals is becoming stronger, and the need to cut costs whilst maintaining quality , and using existing levels of resource, has never been stronger. The new OEE ( Overall Equipment Effectiveness ) software systems, play a significant role in optimizing manufacturing production efficiency using the same plant resource . This has fuelled significant interest from many manufacturers , and is rapidly being adopted as the tool of first choice to improve the cost v profit ratio . Companies that employ OEE systems in their most simple form are able to monitor how efficiently their plant is performing in terms of throughput and contribution to sales. But that is only scratching the surface in terms of what the real power is when it comes down to seeking and implemen
Read more

System improvements are brought about by the new Design for OEE methodology.

  If your firm uses automation to increase productivity , as most businesses do, OEE is a crucial statistic for evaluating where improvement efforts should be directed. All three OEE components —Availability, Performance, and Quality—apply if most of your production stages involve manufacturing machinery.   The component results have averaged 90%, 86%, and 98.7%, respectively, for the firms I have tracked and following some improvement attempts. The OEE for this is 76.4%. OEE of 85% is typically used as a world-class benchmark by enterprises . Even this standard for excellence can be surpassed with a change in emphasis regarding where improvements are made.   Most Lean Six Sigma practitioners have seen the cost and quality advantages of DFSS in the New Product Introduction process. Design For Overall Equipment Effectiveness , or DFOEE, is something I would want to propose that is similar and equally as advantageous. I agree that the DFSS technique may be used for machine design, an
Read more