With rapidly changing market conditions and many aging assets, significant efforts are made to extend Asset Lifetime (ALE). Access to cheaper and better technology, providing reliable Asset Health Insight and better remaining lifetime assessments have boosted this dimension of Asset Performance Management. Choosing a justified, profitable strategy necessitates running several scenarios that go beyond technical feasibility and also account for factors such as changing market conditions, business outlook, energy consumption and changes in regulatory requirements.
Lifetime Extension also introduces Cease of Production (CoP) scenarios. Assets should not be over-maintained until the last minute, but should still maintain integrity. Designing and implementing associated optimum strategies is a crucial factor to maintain margins.