Predictive maintenance is based on condition monitoring (CM) to detect irregular activities and provide relevant data to spot abnormal conditions in equipment. All machines are prone to wear and tear, and unplanned downtime is very costly. Condition monitoring is a major part of predictive maintenance and continuously monitors equipment through dedicated sensor nodes. Therefore, collecting and analyzing data is an essential part of Industry 4.0 and is considered one of the most valuable applications of the Internet of Things (IoT) on the factory floor.
The global predictive maintenance market is expected to grow to $6.3 billion by 2022 - according to a report by Market Research Future. Additionally, it is expected that predictive maintenance will be used by 83 percent of manufacturing companies in the next two years.
According to PWC, the benefits of predictive maintenance in factories can:
- Reduce costs by 12%
- Improve uptime by 9%
- Reduce safety, health, environmental and quality risks by 14%
- Extend the lifetime of an ageing asset by 20%
Discover predictive maintenance and condition monitoring solutions from RS.