The loss of production if critical machines break down are high for any company. Downtime for a packaging line costs €130/minute, in the auto industry €19k/minute, for a paper mill €210k per year and a power plant can cost €1.2M/GW year. According to 12% of SMEs in Europe the cost of production or labour is their biggest challenge, where maintenance related costs are estimated to be 25% of the overall operating costs. Cassantec online prognostics software prognosticates future events to minimize equipment and plant downtime by improving predictive maintenance and reduces operating and maintenance costs (O&M) by 20%.
The use of advanced stochastic data analysis of an asset/plant/fleet makes Cassentec superior to any existing solution. The software provides explicit time window, type of failure and failure localization in form of raw data, interim data and customized reports. Cassentec intends to offer this service to EU SMEs as first target clients. The feasibility assessment will develop a plan for product development and scale-up, identify the key industrial and market segments and strengthen the commercilization strategy, plan pilot demonstration and validation in collaboration with industry relevant partners, with an already established SME customer base in the EU.