For your new machines, you say you have like equipment already in service. In my view, equipment service history is sort of a living FMEA; or FMEA by experience.
In the beginning, your maintenance strategy for this equipment was probably adjusted to account for real failures, maintenance caused failures and/or lack of maintenance caused failures.
What is right and wrong with your current maintenance strategy?
Perhaps since you have several of the same machine models you would like to formally document actual failures as well as perceived possible failures (which hopefully your current maintenance strategy is preventing). That is what the FMEA is for. If you can get the right people in the room and have a good moderator, perhaps it would prove useful.
We haven’t had great success with FMEAs, but we were trying to develop them after 10 years operating experience with the plant. It turned out that we already adjusted for many real failures and maintenance practices.
The real payoff for future savings for us is looking for better maintenance indicators or triggers and eliminating needless maintenance (PM Optimization). Unless equipment is run 24/7 such as utilities, or is very constant in its run time, then time-based maintenance may work fine, although it is just an estimation for equipment usage over time. For changing run rates, especially as the current economic slow-down has caused, usage-based maintenance seems like the best strategy.