Embracing the Future: How Data-Driven Strategies Transform Preventive Maintenance in 2023
Welcome back to the third installment of our blog series on preventive maintenance. If you haven't yet, be sure to read the first blog, which discusses The Basics of Preventive Maintenance, and the second, which delves into Innovations in Preventive Maintenance Technologies. In this blog, we'll talk about the transformative impact of data-driven strategies in preventive maintenance, citing current statistics to shed light on the path to the future of this essential industry.
The State of the Maintenance Industry in 2023
Key Statistics for 2023
- The global maintenance, repair, and operations market is projected to reach a value of $701.3 billion by 2026, growing at a CAGR of about 2.19% (Mordor Intelligence, 2020).
- The global CMMS software market is estimated to reach $1.26 billion by 2026, at a CAGR of 9.8% from 2020 to 2026 (Markets and Research, 2020).
- 76% of companies in the manufacturing industry worldwide prioritize preventive maintenance, with 52% utilizing CMMS (Plant Engineering, 2020).
For more statistics, check out our detailed infographic outlining the current landscape of the maintenance industry.
How Data-driven Strategies are Changing the Game
Technology plays a significant role in preventive maintenance, as we explored in our second blog. According to Plant Engineering, 50% of leaders and engineers in manufacturing report using CMMS, and 74% believe that this tool improves productivity. Additionally, 32% of maintenance executives believe IoT technologies will help them better understand machine health (Plant Engineering, 2020).
The rise of predictive analytics is another compelling trend. Predictive maintenance, which utilizes data analytics to predict equipment failures before they occur, is expected to grow to $23.5 billion by 2024 (IoT Analytics, 2019). We’ve already touched on the advantages of predictive over reactive maintenance in our first blog, and these numbers show that the industry is taking heed.
According to CMM, 90.61% of facility management companies provided in-house training for their maintenance staff in 2020. The integration of data-driven approaches in training materials could be beneficial. By merging data analytics skills with traditional maintenance training, organizations can create a workforce ready to tackle future challenges.
Challenges in Adoption
Even with the promising statistics, there are some challenges to adopting these technologies and strategies.
- 33% of respondents find new software difficult or very difficult to adopt (UpKeep, 2021).
- About 30% of maintenance professionals say they do not use mobile devices for maintenance tasks and have no plans to use them in the future (Plant Engineering, 2020).
The Future: Connecting the Dots
To make the most of the data-driven future of preventive maintenance, businesses must strive to:
- Educate their workforce on the benefits of adopting new technologies.
- Develop customized preventive maintenance plans, taking advantage of available data and predictive analytics.
- Continuously monitor the performance of their preventive maintenance programs, adapting them as necessary based on data analysis.
Conclusion and Recommendations
The data strongly indicates a trend toward a more efficient and effective preventive maintenance landscape. By understanding these statistics and acting strategically, businesses can both improve their maintenance operations and make significant gains in productivity and efficiency. Like we've discussed throughout this series, technological advancements, especially those data-driven, are the key to unlocking a more reliable and cost-effective future in preventive maintenance.
- Chan, R. (2019, May 23). 35 of the most interesting statistics about maintenance and facility management. Retrieved from UpKeep.
- CMM. (2020, April). What percentage of your operating budget is spent on cleaning/maintenance equipment and supplies?. Retrieved from Statista.
- Plant Engineering (2020). An evolutionary challenge faces the maintenance function. Retrieved from Plant Engineering.
- IoT Analytics (2019). Predictive Maintenance Companies Landscape 2019. Retrieved from IoT Analytics.
- Markets and Research (2020). Global Computerized Maintenance Management System (CMMS) Software Market. Retrieved from Markets and Research.
- Mordor Intelligence (2020). Maintenance, Repair, and Operations (MRO) Industry. Retrieved from Mordor Intelligence.
- UpKeep (2021). State of Maintenance 2021 Report. Retrieved from UpKeep.
Thank you for following along with our series on preventive maintenance. As technology and data continue to evolve, so will the strategies that help us manage our assets more effectively. Stay tuned for more insights on the future of maintenance.```
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