Smart Maintenance - Card Image

Smart Maintenance Trend (January 2024)

Smart Maintenance 

Technologies that automate and optimize building operations using data-driven insights.

Smart Building Technology

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    This trend discusses efforts to boost the maintenance efficiency of elevators and air conditioners through the installation of sensors in buildings.
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        <b>What is smart maintenance?</b>
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        Smart maintenance refers to the method of embedding sensors in components and machines to gather data about their condition in real-time. Smart maintenance, also known as predictive maintenance, relies on sensor intelligence to anticipate maintenance needs. Smart maintenance identifies the ideal point in time when maintenance needs to be carried out based on real-time data from components.
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        <b>Advancements in sensor technology: </b>
        Key elements of smart maintenance include sensors and data analytics techniques, which were handled manually in the past by inspectors visiting sites regularly. Advancements in data analytics, machine learning and statistical models have been a key contributor to the emergence of the smart maintenance industry.
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        <b>Market opportunity for the industry:  </b>
        The International Energy Agency expects the global building floor area to increase by 15% from 2022 to reach around 291 billion square meters by 2030. As per market research provider Precedence Research, the global smart maintenance market stood at USD 5.7 billion in 2023 and is expected to grow at around 27% CAGR over 2023&ndash;32, to USD 49 billion. During 2023&ndash;32, North America is expected to hold the highest market share due to the increase in predictive maintenance players in the market.
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        <b>Benefits of smart maintenance:  </b>
        According to a report released by the US Department of Energy in 2010 (latest available), smart maintenance can eliminate breakdowns by 70&ndash;75%, reduce unplanned downtime by 35&ndash;45%, and cut maintenance costs by 25&ndash;30% whilst increasing the production by 20&ndash;25%.
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        <b>Implementation of smart maintenance solutions: </b>
        Building managers can achieve smart building and maintenance capabilities by installing new components equipped with sensors or embedding connected sensors to existing components of a building.
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Moving industry forward with next-gen advancements in energy storage and transmission

Alternative Energy

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    This report focuses on next-generation nuclear reactors under development, such as small modular reactors (SMRs), which are generally referred to as next-generation nuclear reactors, and medium- and large-sized reactors that use new fuels. It also examines recent trends in government policies and explores the possibilities for the use of next-generation nuclear reactors as an energy source.
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Next Generation Nuclear Reactors

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        The global manufacturing sector is approaching a fourth industrial revolution and key industrial incumbents are leading the way.
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        Seven key emerging industries accounted for over 75% of all incumbent investments, partnerships, and M&amp;A.
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        Industrials seek out partnerships as their preferred mode of engagement in emerging industries.
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