Condition Monitoring (CM) and Predictive Maintenance (PdM)
Did you know unplanned downtime can cost manufacturing industries an estimated $50 billion per year? Did you also know that 42% of downtime is caused by equipment failure? Predictive Maintenance (PdM) solutions are one of the fastest growing techniques to identify machine deterioration and avoid unpredicted failure in harsh factory environments.
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 to be 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, environment and quality risks by 14%
- Extend the lifetime of an aging asset by 20%.
