Summary Since the depletion of fossil fuels, the world has started to rely heavily on renewable sources of energy. With every passing year, our dependency on renewable sources of energy is increasing exponentially. As a result, complex and hybrid generation systems are being developed to meet the energy demands and ensure energy security in a country. The continual improvement in the technology and an effort toward the provision of uninterrupted power to the end‐users is strongly dependent on an effective and fault‐resilient Operation & Maintenance (O&M) system. Ingenious algorithms and techniques are hence been introduced aiming to minimize equipment and plant downtime. Efforts are being made to develop robust prognostic maintenance systems that can identify the faults before they occur. To this aim, complex Data Analytics and Artificial Intelligence (AI) algorithms are being used to increase the overall efficiency of these prognostic maintenance systems. This paper provides an overview of the predictive/prognostic maintenance frameworks reported in the literature. We pay a particular focus to the approaches, challenges, including data‐related issues, such as the availability of quality data and data auditing, feature engineering, interpretability, and security issues. Being a key aspect of ML‐based solutions, we also discuss some of the commonly used publicly available datasets in the domain. The paper also identifies the key future research directions to further enhance the prognostics maintenance procedures.

The 4.0 industry revolution and the prevailing technological advancements have made industrial units more intricate. These complex electro-mechanical units now aim to improve efficiency and increase reliability. Downtime of such essential units in the current competitive age is unaffordable. The paradigm of fault diagnostics is being shifted from conventional to proactive predictive approaches. As a result, Condition-based Monitoring and prognostics are now essential components of complex industrial systems. This research is focused on developing a fault prognostic system using Long Short-Term Memory for rolling element bearings because they are a critical component of industrial systems and have one of the highest fault frequencies. Compared to other research, feature engineering is minimized by using raw time series sensor data as an input to the model. Our model achieved the lowest root mean square error and outperformed similar research models where time domain, frequency domain, or time-frequency domain features were used as input to the model. Furthermore, using raw vibration data also enabled better generalization of the model. This has been confirmed by evaluating the performance of the developed model against vibration data generated by distinct sources, including hydro and wind power turbines.

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