Fault prediction from time series data

On the railway network, for example, there is a large base of installed equipment with a useful life of many years.  This equipment has condition monitoring that can flag a fault when a measured parameter goes outside the permitted range.  If we can use existing measurements to predict when this would occur, preventative maintenance could be targeted more effectively and faults reduced.  As an example, we will consider the current supplied to a points motor as a function of time in each operational cycle.