Even though power demand is increasing, budgets are tighter and plant teams have gotten smaller, capital expenditures are at an all-time high at $171 billion in 2023, aimed at modernizing and decarbonizing the grid. Additionally, the escalating costs of extreme weather events, such as disaster recovery and wildfire prevention, are further straining financial resources.
These challenges necessitate a shift towards predictive maintenance, which uses data-driven insights to forecast equipment failures and optimize maintenance schedules, thereby enhancing equipment availability and operational efficiency. The current market for AI in predictive maintenance is experiencing renewed interest, largely driven by advancements in generative AI. However, it is essential to approach AI adoption strategically. Organizations should first identify the specific problems they aim to solve and then determine which AI technologies are best suited to address these issues. While generative AI has brought back the hype to adopt Artificial Intelligence, adopting the wrong AI technology, however, can lead to purchasing solutions that generate poor data, rather than more power.
To gain deeper insights into the practical applications of AI in predictive maintenance, join GEV experts for a comprehensive session. This event will showcase proven strategies and real-world examples of how customers are leveraging AI predictive analytics to enhance their operation. Learn how to navigate the challenges and understand the best opportunities to leverage software and AI.
