NASHVILLE, TN—The world’s largest manufacturers lose almost $1 trillion a year because of machine failures. According to a recent study conducted by Senseye, a machine health management company, large facilities lose an average of 27 hours a month to equipment failures, at a cost of $532,000 for each hour of unplanned downtime.
“The True Cost Of Downtime” report claims that Fortune Global 500 manufacturers lose approximately 3.3 million hours a year to unplanned downtime. That translates into $864 billion, which is the equivalent of 8 percent of their annual revenues.