The predictive maintenance marketplace is set to grow at a CAGR of 17% until 2028, according to the Predictive Maintenance and Asset Performance Market Report 2023–2028. According to the report, the marketplace was already valued at $5,5 billion in 2022, which emphasises its considerable role in organisations’ asset maintenance and monitoring efforts. Driving this growth, says the report, are industries with heavy assets and high downtime costs, such as mining, minerals and metals.
In West Africa, we have seen digitisation and automation emerge as two critical components in the predictive maintenance efforts of companies. Digitisation entails organisations integrating sensors and connected devices across their operations. These devices enable them to collect valuable data on equipment health, performance trends, and potential failure patterns. Access to accurate,
In the case of automation, it allows companies to process this data swiftly and accurately. Advanced analytics and machine learning (ML) techniques are used to develop predictive maintenance algorithms and models. These tools then enable companies to forecast equipment failures with precision, facilitating timely maintenance interventions that prevent operational disruptions. This also aids in planning for future production and market trends.
Furthermore, automation enhances the implementation of predictive maintenance by utilising smart products and equipment that can collect and process data independently. These devices are equipped with processing capabilities that enable them to raise alarms when anomalies are detected.
A logical and prudent move
For West African businesses, moving from reactive to proactive maintenance practices offers numerous benefits, which include:
• Efficiency: Digitisation and automation enhance operational efficiency, minimising downtime and maximising productivity.
• Profitability: Proactive maintenance strategies reduce maintenance costs and prevent revenue loss from unplanned shutdowns.
• Predictive maintenance: Leveraging data analytics and ML, businesses can anticipate equipment failures and take timely action to prevent disruptions.
Schneider Electric’s EcoStruxure IoT architecture integrates IoT devices, automation and data analytics to enable real-time monitoring, anomaly detection, and predictive maintenance scheduling. EcoStruxure operates on three layers: Connected Products, Edge Control and Apps, Analytics and Service. This structure ensures comprehensive coverage of all aspects of predictive maintenance, from data collection to actionable insights.
Schneider Electric’s EcoStruxure Plant offering provides predictive maintenance using advanced analytics and real-time data evaluation through the following:
• Data collection: EcoStruxure Plant collects live data from critical connected assets within the plant environment.
• Advanced analytics: The system applies sophisticated analytics to this data, identifying potential threats and anomalies.
• Early warnings: EcoStruxure Plant provides early warnings for equipment issues, allowing proactive intervention.
• Decision-making: Users can choose to take action themselves or leverage Schneider Electric’s Service Bureau for expert assistance.
Lastly, Schneider Electric offers a range of services to help businesses optimise their maintenance strategies. These services include audits and modernisation, consulting, implementation support, and ongoing maintenance.
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