In the industry, (preventive) maintenance takes up a pretty huge chunk of resources. It's something techs need to do often, and it's often a laborious task, but it's obviously done to reduce downtime.
So the business insight, as they like to call it, is to reduce costs tied up to repairs and maintenance.
All critical applications have multiple levels of redundancy, so that a complete breakdown is very unlikely, but it's still a very expensive process if you're dealing with contractors. If you can get techs to swap out parts before the whole unit goes to sh!t, then that's often going to be a much cheaper alternative.
But, in the end, it comes down to the quality of data, and the models being built. A lot of industrial businesses hire ML / AI engineers for this task alone, but expect some magic black-box that will warn x days / hours / minutes ahead that a machine/part is about to break down, and it's time to get it fixed. And they unfortunately expect a near-perfect accuracy, because someone in sales assured them that this is the future, and the future is now.