IPEC Blog

The next year for the chemical manufacturing industry looks bright. Production is expected to continue its post-COVID rebound, with the annual growth rate for 2025 projected to be as high as 3.5%. This represents a significant opportunity for chemical producers to increase revenue and market share, and, as a result, many companies are setting their sights on expanding their reach into new chemical applications. 

Unplanned downtime and unforeseen maintenance intervals can be a significant cost for plant operators and rotating equipment operators, particularly those in the oil & gas industry where gaps in production can result in literally hundreds of thousands of dollars lost per day. 

An asset management program can be a valuable tool in helping plant operators achieve visibility into their operational efficiency and equipment performance. This helps industrial companies create more proactive maintenance schedules to reduce downtime and maximize the lifespan and precision of their equipment. 

Here, we’ll take a look at how an asset management program works, and then we’ll discuss the benefits this program provides in helping plant operators and equipment engineers to reduce annual maintenance costs. 

A big hurdle for industrial plant managers is finding ways to minimize maintenance costs without hampering productivity and efficiency. These costs can range between 20% to 30% annually, and, depending on the scale of production, unplanned downtime due to maintenance intervals can cost companies thousands upon thousands of dollars per hour. 

One key in helping to keep annual maintenance costs low is partnering with an authorized service center (ASC) for industrial equipment repair and troubleshooting, especially when it comes to ensuring the long-term reliability, precision, and durability of pumps and compressors. 

While working with a service center that a manufacturer does not back can help plant managers save money upfront, there can be significant ramifications over time, particularly in terms of equipment failure from using remanufactured parts. 

With this in mind, let’s look at a couple of ways that partnering with an authorized service center can help plant managers experience a greater ROI on their maintenance costs, and how choosing the right ASC can help you increase the service life of your equipment.