There are very few components in modern electronics that have significant physical wearout mechanisms.

Fans are the biggest offenders and StudioLive 32 has none! Woo Hoo!

Flash memories have a wearout mechanism that is based on the number of write cycles. The expected life is generally in the tens-of-thousands of cycles. Every time you upgrade the firmware in your Studio Live, you'll be taking yet another hit to your flash memory's life. Hopefully, Presonus won't be making 10,000 updates.

Electrolytic capacitors are the second biggest problem after fans and will likely be StudioLive 32's problem since it doubtlessly has them. These capacitors wearout by drying out (they literally have a water-based liquid electrolyte inside of them and no matter how well you seal them, it does eventually evaporate out). This is temperature-related. So, leaving the mixer on will accelerate this process and lower the life-expectancy of these caps. Some brands of caps are better than others. I don't know what brand Presonus has used. Ten years would be a really good life expectancy for consumer-grade electrolytic caps. This drying out of the caps can manifest itself as 60Hz hum as the filter caps in the power supply decrease in value or it can show up as decreased low-end frequency response if the caps that dry out and lower their capacitance are coupling caps in the analog preamp or output amps.

This is why, as your gear ages, you made need to change your EQ, specifically to raise up the low end. It's not that your ears are getting worse. It's not that your room is changing. Your mixer is less able to pass low-end and your power amps are less able to pump it out. Before you re-cone your speakers, try re-capping your amps.

This is why also why, when you get new gear such as a new mixer or new power amps after a decade with the old stuff, you may find that everything just sounds so much "livelier," more "tone," more low end. You may also ask yourself, "When we bought it, I thought the old stuff sounded really good. But this new gear is so much better. How could I have been so wrong?" Well, you weren't wrong. Your old gear did sound great when you bought it. It's just lost bandwidth -- especially low end -- as the caps have dried out.

Old gear can often be brought back to great sound by just going through it and replacing all of the electrolytic caps. (Several years ago, I and some friends resurrect a Hammond Cougar, Hammond's first all-electronic organ... no motor, no tone wheels. Re-capping really made a huge difference.)

Many years ago, mid-70s as I recall, all five branches of the US Armed Services where using the same precision approach radar to land aircraft. And all five where experiencing terrible reliability with these radar sets. Particularly, the radar output amplifiers weren't getting anywhere near their theoretical calculated mean-time-between-failures. The Air Force assigned Charlie Halpin to look into it. Halpin ordered every failed circuit board from the Air Force's radars to be sent not to a repair depot, but to his lab. And he and his team diagnosed each one to root cause... not just that the amp board was bad, not just that a specific transistor was bad... no... they opened to package of the transistor and examined the actual semiconductor die under a microscope to determine why it failed. And what they found every time was physical cracks in the glass passivization layer on the top of the actual transistor die. (All transistors, diodes, and IC chips have a layer of glass on top of the actual semiconductor die to keep air from oxidizing the semiconductor material and ruining it.) Halpin theorized that the glass was cracking because of thermal expansion and contraction due to cycles of heating up and cooling down, These radar sets had fans to keep the output amplifier final transistors cool, but fans wear out and fail so to meet reliability requirements, the manufacturer of the radar sets put a thermostat on the fans. The result was that the transistors would heat up above some hot threshold and then the fan would come on and stay on until the transistors cooled to below some cold threshold. This was cycling the transistors hot, cold, hot, cold, and causing expansion and contraction and expansion and contraction which was cracking the glass and allowing air to oxidize the transistor dies.

Halpin did something radical. His offices and his lab were at Wright Patterson Air Force Base in Dayton, Ohio where the Air Force ran several of these precision approach radar sets. Halpin when out and just cut the wires to the fans. The surprising result was that the radars ran much more reliably. The reliability of modern, solid-state electronics is much more driven by temperature cycling than by high temperature. So, you are often better off just leaving stuff on and allowing it to just get hot and stay hot than to constantly power-cycle it creating those cycles of expansion and contraction.