It doesn't matter what type of manufacturing you're talking about - we all know the pain that comes with having an essential machine suddenly fail without a clear reason why. One minute, your people and your assembly lines are moving exactly as they should be. The next minute, everything comes to a screeching halt and every second that ticks by has a dollar value attached to it.
Tracking machine downtime doesn't just alert you to these issues quickly so you can do something about them. It also helps prevent them from happening again in the future. In fact, this has become so popular (and ubiquitous) over the years that it's contributing to major growth in the larger predictive maintenance market around the world.
The Power of Predictive Maintenance: An Overview
According to one recent study, the global predictive maintenance market grew to an enormous $5.5 billion inv alue in 2022. That's a leap of about 11% from just one year prior. More impressively, that growth rate is actually anticipated to climb to about 17% per year between now and 2028.
A lot of this has to do with the fact that the median cost of unplanned downtime in manufacturing is in excess of $100,000 per hour. Giving yourself the ability to accurately predict failures of mission-critical assets is no longer a recommendation. It's a requirement. More than that, it's the key to your competitive advantage and remaining profitable.
As we move into 2024, this means that you'll be able to observe a few different things. First, if you haven't already gotten into the world of downtime tracking, now is an excellent time to start. But as you do, be aware that you'll increasingly see the "niche-ification" of vendors. You shouldn't just look for downtime tracking in a general sense. Look for downtime tracking in pharmaceuticals, or food and beverage, or automobile manufacturing, for example. Those are the vendors that will be able to provide you with the industry-specific solutions you need to thrive.
To return to the idea of downtime tracking and predictive maintenance becoming your competitive advantage, consider the fact that general search interest in the topic has risen steadily for at least the last decade. This is absolutely something that all your competitors are interested in as they attempt to cut costs without sacrificing quality or innovation. This means that you have to become interested in it, too. Luckily, with all the benefits it brings with it like improved efficiency and better asset utilization, there really isn't a compelling reason to not make it a part of your manufacturing organization's core foundation.
If you'd like to find out more information about the continued growth of the predictive maintenance market and the success it will bring to manufacturers everywhere, or if you'd just like to see what an innovative equipment downtime tracking solution can do to empower your efforts, please don't delay - contact the team at Thrive today.
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