Asset Health Management is the analysis of the health of an asset as determined by operational requirements. This often includes measures and methods to establish asset health and effort to decide the appropriate actions to be taken to manage the assets' health. This also includes the discussion of health at the end of life to ensure the asset's full life is used efficiently. he health of an asset in itself relates to the asset's utility, its need to be replaced, and its need for maintenance.

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Market Size

 

From 2013 to 2022, the market for overall asset efficiency improvements potentially accumulates to USD 2.5 trillion. (Source: Cisco)

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Asset Health Management KPI

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Asset health management consists of multiple strategies and parts:

Asset health diagnostics: Methods used to establish the current health of the asset.

Asset health prognostics: Methods used to predict how the health of the asset will change in the future.

Asset health maintenance: These methods are used to keep an asset health, restore health to an asset or through major work restore usable life

to an asset.

Asset end of life decisions.

Asset disposal.

Monitoring: Tracking the current operating status of the asset.

Diagnostic Analysis: Comparing real-time data to historical data in order to detect anomalies.

Prognostic Analysis: Identifying and prioritizing specific actions to maximize the remaining useful life of the asset-based on analysis of real-time and historical data.