Pump upgrades will improve reliability, allow you to gain maximum performance and improve efficiency, extending mean time between repairs saving you time and money.
Older pumps can be upgraded with newer materials which may be more suited to your operating conditions, i.e. harder wearing parts, HVOF coatings, ceramic coatings, all of which will extend the life of the parts. Performance increases can be gained by retrofitting old designs with newer technology, perhaps replacing balancing devices, impellers and diffusers, wear ring materials etc to gain efficiency and/or performance increases.
Perhaps due to changing site operating conditions you need to re-rate the performance of your pump, retrofitting your pump is far most cost effective than replacing it with a new unit, by utilising existing base plate foundation and pipework not only do you save on all the structural and new pump costs but effectively you end up with a new/overhauled unit too.
Increasing efficiency of your pump not only saves you money from the reduction in energy costs but also reduces your carbon footprint. With lower CO2 emissions and ongoing energy cost savings not to mention your pump required an overhaul in any case!
It makes sense to investigate the upgrade options available for your pump prior to the next scheduled overhaul.