Before moving further, let’s look at the market value that Industrial IoT carries to get a precise idea of the scenario. As per the reports published by Markets and Markets, it could be known that the global IIoT platform market size is anticipated to register a value of USD 13.7 billion by 2026. Presently, it stands at the market value of USD 6.0 billion (as marked in the year 2020), which would increase at a CAGR of 14.8% during the forecast period.
This growth is not skeptical; there are certainly major factors that rightly stand behind these numbers, a few of which are mentioned below:
- The growth in demand for centralized monitoring and predictive maintenance of assets
- The growth in demand for automation in industries
- The proliferation of IoT devices
- The growth in demand for the number of cost-effective and intelligent connected devices and sensors
- Increased government initiatives in R&D activities related to IoT
- The emergence of IPv6
Now, as we have understood the potential of Industrial IoT, let’s have a look at one of its important elements that the manufacturers worldwide are running behind. It’s Preventive Maintenance… Also popular as Preventative Measurement, this technique allows businesses to optimize and extend the life cycle of their production equipment through a formalized setup. Herein, the industrialists strive to schedule systematic Maintenance of their equipment to further identify and fix any and every technical issue and glitches before they result in failures.
Preventive Maintenance is an extensive concept that could be better explained by stating its different types/ways. Take a look below –
Time-Based Maintenance:
Preventive Maintenance based on time requires establishing a maintenance activity schedule pre-handedly for a specific time and date in the future.
Usage-Based Maintenance:
Preventive Maintenance based on usage requires you to carry out the machine/equipment maintenance after it has been used for a certain period of time. This time period is pre-defined and is based on the premise that if the machine/equipment is used beyond such time without Maintenance, either the performance would suffer, or the breakdown would occur.
Condition-Based Maintenance:
As the name suggests, Condition-based Preventive Maintenance is a technique when you replace the parts of the machine/equipment as and when they seem like they are getting too worn out to continue to function appropriately.
Predictive Maintenance:
Herein, the historical data is supposed to be utilized to derive predictions about when any machine part could break or when it would need replacement. Predictive way of Preventive Maintenance allows taking appropriate action before there’s any breakdown. This technique of Maintenance is found to have used advanced technologies like Artificial Intelligence and Machine Learning to provide effective results.
Prescriptive Maintenance:
Prescriptive way of Preventive Maintenance is all about employing different advanced data analysis techniques that would help predict failure points while also furnishing hypothetical results. This would further help organizations choose the best action plan that could be adopted to mitigate any potential failures, safety hazards, and quality issues that could arrive in the future.
The major purpose that the Preventive Maintenance display is to maintain the equipment in its optimum working condition. Besides, it also aims to prevent any unplanned downtime due to breakdowns and mitigate the scenarios of breakdowns taking place when businesses are up to fulfilling the orders of the most important customers.
A well-designed and systematized preventive maintenance program would provide numerous benefits to businesses, including cost savings, improved quality, enhanced reliability, increased equipment lifespan, safety improvement, and reduced downtime. Provided these advantages, numerous industries apart from the manufacturing industry resort to Preventive Maintenance such as Hospitality & Restaurant sector, Fleet Management sector, Oil & Gas sector, etc.
To conclude, it could be said that Preventive Maintenance could assist you in measuring and check components, apart from facilitating the replacement of different components. With the increased awareness regarding advanced technologies, the demand for Preventive Maintenance is catching speed. We, at Teksun, assist you to control the costs arising from replacing equipment/components after their actual failure by notifying you to replace the same while in service. Connect with us today, and pave the way for a profitable business.
