Environmental Leader/Jennifer Hermes: Lack of Expertise Makes Predictive Maintenance a Challenge for Manufacturers despite Promise of IIoT

Environmental Leader

News and Best Practices for
Commercial & Industrial Environmental Professionals

Lack of Expertise Makes Predictive Maintenance a Challenge for Manufacturers despite Promise of IIoT
March 21, 2019 by Jennifer Hermes

Predictive maintenance is one element of the industrial Internet of Things (IIoT) that can help manufacturers increase productivity, streamline operations, improve efficiency and reduce costs – but global manufacturing companies are finding it a struggle to implement production-level IIoT projects, according to research from Bain & Company. The majority say it has been more difficult to reach scale with the IIoT than they had anticipated – particularly in terms of predictive maintenance – and their expectations have dropped slightly, Bain suggests (via Forbes).

While Bain expects the IIoT market to grow into a $200 billion market by 2021, a number of factors are creating barriers for manufacturers. Lack of technical expertise and integration struggles are slowing adoption.

Predictive maintenance is an area that has been attractive to manufacturers for several years, but that attractiveness has dropped since 2016 given the adoption barriers that exist. While vendors remain ready to deploy solutions for predictive maintenance, manufacturers are struggling with technical expertise in this area. This dynamic underscores how important software expertise is on the vendor side, Bain says. In fact, the speed at which industrial/operational technology providers and device makers can gain greater software expertise will determine how fast the market grows, according to the research.

Still, for the most part manufacturers remain optimistic about the IIoT’s long-term contributions, says Bain.

Separate research from Transparency Market Research indicates the IIoT market will grow by a massive 24.3% CAGR between now and 2026 Companies are deploying IIoT software and services to boost growth opportunities through increasing production and creating new hybrid business models, the report says. Top players in the market include Siemens AG, IBM, Intel, Schneider Electric SE, General Electric Company, Emerson Electric, and ABB.

Join us at the 4th Annual Environmental Leader & Energy Manager Conference, taking place May 13 – 15, 2019, in Denver. Learn more here.


Categories Facilities, Feature, ManufacturingTags IIoT, Internet of things
Comment Below On This Story
Download Center
Transitioning to a Cloud-based Platform
Sponsored By:
Wildnoteapp
New Trends in Industrial Pollution Control Provide Better Results, Lower Costs.
Sponsored By:
Anguil Environmental Systems
Choosing the Correct Emission Control Technology
Sponsored By:
Anguil Environmental Systems
Is Energy-From-Waste Worse Than Coal?
Sponsored By:
Covanta Environmental Solutions
Waste and Climate: Reducing Your Footprint
Sponsored By:
Covanta Environmental Solutions
Zero Waste To Landfill
Sponsored By:
Covanta Environmental Solutions
Environmental Leader Product & Project Awards 2018
Sponsored By:
Environmental Leader
Environmental Leader Product and Project Awards 2017
Sponsored By:
Environmental Leader
Latest Products
Energy & Heat Recovery Systems

Anguil designs, manufactures, installs and services heat and energy recovery systems for industrial applications and manufacturing operations. By util ...
Environmental & Material Management Consulting

We offer a wide range of professional and consulting services from customized recycling programs to liability and risk protection programs.

Ar ...
Certification, verification, assessment and training services

ISO standards, AS/EN standards, IATF, GFSI scheme standards, HACCP, hospital accreditation and healthcare certification programs, product assurance
GaBi Software

Improve your Product Sustainability Performance GaBi combines the world’s leading Life Cycle Assessment (LCA) modelling and reporting software, c ...
Service Excellence Program

PARTS AND LABOR TOTALLY COVERED FOR 10 YEARS.
Leave a Comment

Press Releases
Anguil Celebrates a Major Milestone

Milwaukee, WI: Starting an environmental company in the late 1970’s was not nearly as well received as it would be today, but Gene Anguil, Fo …
Covanta Completes Acquisition to Operate and Maintain Palm Beach County Florida Energy-from-Waste Facilities

MORRISTOWN, N.J. – September 18, 2018 – Covanta Holding Corporation (NYSE:CVA) has successfully completed the previously announced acqu …
DNV GL launches Operations and Analytics Centre in India to Enable 24/7 Monitoring for Renewable Assets Globally

BENGALURU, India – 19 September 2018 – DNV GL, the world’s largest independent energy advisory and certification body, has launched a new Global O …
Recommended Suppliers
NEWSLETTER
NEWSLETTER SIGNUP

Join 100,000+ subscribers who gain a competitive advantage with our news and analysis.
Select the newsletters that interest you:
Environmental Leader Newsletter (Mon, Wed, Fri)
Energy Manager Today Newsletter (Mon, Wed, Fri)
Environmental Leader & Energy Manager Conference 2019 - Click Here.
Environmental Leader & Energy Manager Conference 2019 - Click Here.
Leaders Live

    image
    New Trends in Industrial Pollution Control

View All Leaders Live

Leaders Leading

    image
    ASU and City of Phoenix Offer Experts, Introductions & Advisement to Circular Economy Projects

Webinars

    image
    The Rise of Distributed Generation – DER, EE,...

    Upcoming Webinars

Sponsored By Gensuite
Sponsored By Environmental Leader

UPCOMING WEBINARS

    The Rise of Distributed Generation – DER, EE, Storage and Demand Response
    Understanding Your Options for No-Cost Energy Projects
    Microgrids: An Exclusive Three-Part Series Sponsored by MTU Onsite Energy

ON DEMAND WEBINARS

    Can IoT Drive EHS Performance?
    Tier II, TRI, and NPRI: Get Ready for 2019 Reporting Season
    Digital Technology Streamlines Environmental Compliance, Long-term Monitoring, Ecological Restoration, and Complex Remediation
    Simplifying the Economics of C&I Solar-Plus-Storage
    Financing Backup Generator Upgrades with Demand Response Earnings

See More Webinars >

FOLLOW US social-footer-twittersocial-footer-linkedinsocial-footer-facebooksocial-footer-googlesocial-footer-youtubesocial-footer-rss
PRIVACY POLICY | ABOUT US | SEND A STORY | ADVERTISE
© Copyright 2019 Environmental Leader ® is a registered trademark of Business Sector Media LLC.
Translate »