IIoT Predictive Maintenance—Redesigning the Maintenance Repair and Overhaul (MRO) Approach, 2018
The objective of this research is to analyze and evaluate the strategic opportunities for the maintenance, repair, and overhaul (MRO) market as the entire manufacturing landscape is expected to be influenced by the digital transformation. This study offers holistic analysis of OEMs and end-users requirements and evaluates MRO’s current value proposition. In the present dynamic business environment, there has been a dramatic shift in investment activities that are predominantly focused toward plant modernization and upgradation. Manufacturers are revisiting their operational strategies due to the soaring cost of plant maintenance arising from unplanned downtime. As the reduction of operational cost and enhancing plant productivity remain the two key priorities for manufacturers, the study analyzes the role of Industrial Internet of Things (IIoT) in automating manufacturer’s plant maintenance activity and, importantly, the transition toward predictive maintenance.
Analysis of the key market drivers for the MRO market and the barriers that hamper their growth prospects
Evaluate the key end-user industries requirement from the MRO providers
Analysis of the impact of IIoT technologies in the MRO market and moving toward service-based models
Assessment of the key growth opportunities that help MRO distributors to hold a competitive edge in this market
With the dawn of smart manufacturing and service-based business models, it is imperative to leverage IIoT to establish a connected ecosystem including MRO. This not only helps manufacturers to reduce their operating cost but also boosts their revenue. The economic downturn in 2008 has changed manufacturer’s mindset and has instilled the need to outsource their MRO activities, particularly to those distributors offering an extensive range of value-added services and provide end-to-end support in plant maintenance. The changing relationship and position of MRO distributors in the value chain unleash new opportunities to expand their business offerings. This is best achieved through IIoT that helps to coin distinctive value proposition, thereby reaching new frontiers in the present competitive environment.
With investments flowing toward achieving IT-OT convergence that facilitates seamless integration and flow of communication across a vast range of assets, plant engineers and operators have the ability to efficiently manage plant maintenance and repair at its early stage. The direct access to asset data on real-time basis combined with analytical capability helps to consolidate, interpret, and visualize data, thereby providing accurate and reliable results on asset health. This drives the demand for MRO distributors with strong engineering prowess monitoring the asset condition and support manufacturers’ transition from reactive to predictive maintenance.
Key Issues Addressed
What are the key trends and challenges faced by the MRO companies?
What are present key requirements of OEMs/customers? Are there any market gaps that remain unaddressed by the MRO companies?
With the emergence of IIoT, how is it expected to redefine the MRO product and services offering?
Is the existing value proposition of MRO companies competitive to match the changing market dynamics?
Are the products/services offered by the MRO companies fulfilling customer requirement? What are the some of the key areas of focus when it comes to MRO offering?
Is the market growing? What is the role of inorganic activities in determining the MRO’s growth prospects?
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