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The proliferation of Industry 4.0 has made modern industrial assets a rich source of data that can be leveraged to optimise operations, ensure efficiency, and minimise maintenance costs. The availability of data is advantageous for asset management, however, attempts to maximise the value of this data often fall short due to additional constraints, such as privacy concerns and data stored in distributed silos that is difficult to access and share. Federated Learning (FL) has been explored to address these challenges and has been demonstrated to provide a mechanism that allows highly distributed data to be mined in a privacy-preserving manner and offering new opportunities for a collaborative approach to asset management. Despite the benefits, FL has some challenges that need to be overcome to make it fully compatible for asset management or more specifically predictive maintenance applications. FL requires …