Process equipment represents an enormous investment for manufacturers, with medium to large plants having thousands of assets that support the supply chain, production and distribution. All equipment must be managed efficiently to ensure reliability and productivity. This is a priority for industrial plants as they seek to move from reactive and preventive maintenance approaches to predictive. According to ARC Advisory Group, the growing number of plant assets coupled with the reduction in skilled labor means there are 500 to 2,000 process control loops per technical staff member. Maintenance personnel are responsible for the associated equipment for an individual loop, including instruments, valves and pumps, making it increasingly difficult to manage plant assets using in-house staff alone. With baby boomers retiring at the rate of 10,000 per day, industrial plants are relying on automation solutions to manage assets. This dependence is also driven by aging infrastructure, competitive market pressures, environmental regulations and shrinking profit margins.
04/06/2016
See more Industry Insights by Mike Pemberton here.