Maintenance and downtime are two of the biggest cost drivers in industrial operations. To remain competitive and ensure a solid ROI, businesses must explore new maintenance strategies. Below, we examine key advancements aimed at reducing the global MRO market’s projected $701.3 billion cost by 2026.

Aging assets, mechanical failure, and poor design are major causes of unplanned downtime. One solution is to implement low-maintenance components, such as ultrasonic clamp-on meters, which are designed to function without frequent servicing, thus reducing long-term maintenance costs.

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Preventive maintenance (PM) is a proactive approach that many companies rely on to minimize equipment failure. In 2020, 76% of manufacturing companies worldwide adopted PM, which involves regular inspections to catch potential problems early. While PM can raise ownership costs, it extends equipment life and prevents costly breakdowns.

Predictive maintenance (PdM) is gaining popularity due to its ability to use real-time data and analytics to predict when repairs are needed. Currently used by 41% of manufacturers, PdM has been shown to reduce costs by up to 12% compared to traditional maintenance methods. The PdM market is expected to grow substantially by 2024.

By leveraging PM and PdM strategies, companies can reduce downtime, extend equipment lifespans, and drive down maintenance costs. To learn more about how different maintenance strategies and technologies such as ultrasonic flow meters are contributing to improved uptime in machinery, continue reading on to the resource supported alongside this post.