Keep Your Industrial Equipment Up and Running With HZO | Industrial Electronic Coatings
No matter the application, unexpected downtime has far-reaching effects that permeate lives and businesses, causing inconvenience, aggravation, and surprising, exorbitant costs.
For example, a recent study determined that, on average, elevators break down at least four times a year, with each breakdown requiring an average of four hours for repairs. With more than 17 million elevators worldwide, this adds up to nearly 272 million hours of downtime annually. Furthermore, one out of six elevator breakdowns happen with people trapped inside, and rescue takes, on average, an hour. Added up, people worldwide spend 11.6 million hours stuck in elevators each year before rescue, equating to 1,320 years of repercussions of downtime.
This simple case study articulates the far-reaching and sometimes unexpected effects that downtime can have on a business, and this is just for elevators. Unfortunately, for the industrial vertical, the costs can be even more overwhelming.
Calculating the Costs of Industrial Downtime
As an industrial application product engineer, you are likely aware that downtime describes industrial equipment failures within your vertical. Unplanned downtime is often attributed to hardware failures – a fan, pump, or motor could fail on a piece of equipment due to exposure to corrosive gases, liquids, chemicals, and hazardous weather, requiring unplanned maintenance. The time needed to amend the failure depends on your customer having the necessary materials to fix hardware and having a knowledgeable workforce to resolve the issue. Because the length of unplanned industrial downtime due to hardware failure depends on many unknowns, it is best to avoid this situation in the first place for your customers – and consequently, your business. After all, for every moment a machine isn’t operating, your customer loses money.
The Direct Costs of Downtime
- Lost Production: When your customers cannot produce products, potential profit is lost that adds up over time. If a company produces 100 units per minute at a $1 potential for profit, this equates to $100 per minute, $6,000 per hour, etc.
- Brand Reputation Damage: One survey determined that due to downtime, 46% of companies could not deliver services to their customers, and 29% were unable to service or support specific equipment or assets, leading to not only loss of sales but a loss of trust as well.
Residual effects of downtime and Intangible costs
- Direct Labor: If your customers experience unplanned downtime, their production levels . With fewer issues, their employees can more easily focus on tasks, increasing efficiency.
- Unnecessary Stress: Unplanned downtime can place stress on your customers’ employees and equipment.
- Decreased Innovation: As downtime is time-consuming, it reduces the time your customers could have spent on brainstorming new opportunities and innovation.
With the devastating, expansive effects of unplanned downtime, your customers prioritize avoiding this at all costs, which means you should too when you design an industrial product. Yet, despite the emphasis on reliable industrial equipment, unplanned downtime is still quite common. A study conducted by ServiceMax surveying 450 companies worldwide in manufacturing, oil and gas, and energy and utility industries, concluded that of the 82% of companies that have experienced unplanned downtime throughout the past three years, the outages lasted on average four hours, costing an average of $2 million per incident.
View our Costs of Downtime Infographic
How to Eliminate Unplanned Downtime with Protective Coatings
When you produce unreliable industrial equipment that unexpectedly fails due to exposure to common industrial elements such as oil, harsh weather, corrosive gases, and chemicals, it leads to unplanned downtime for your customers and loss of sales and business reputation for you. Don’t let that happen; protect your industrial sensors and electronic components with HZO industrial protective coatings such as Parylene.
Watch our webinar on proven methods of corrosion resistance
With a trusted and proven track record for mission-critical applications ranging decades, HZO’s Guardian Series of Parylene coatings delivers exceptional corrosion resistance at 50% the thickness of conventional conformal coating materials. Parylene may be used as the single line of defense or as redundancy in a “belt and suspenders approach” to protection, creating the possibility to eliminate seals and excessive enclosure customization, minimizing weight and bulk.
Unplanned downtime continues to be common, but it does not have to be – you can differentiate your business by providing reliable equipment that operates as expected when failure isn’t an option, or at least when it shouldn’t be. For more information, contact our team today.
Discover how HZO can protect your product