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Code is somewhat like this:

    model=survreg(Surv(Years, Event) ~ asset_age + install_date + 
              no_of_failure, data=weibull_data_train, dist="weibull")

    prediction=predict(model, weibull_data_test)

The prediction gives a numeric output in years. My question is, does that output value represent the time from the install_date, or from the time the data was collected onwards?

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Only you can answer this question correctly. A predicted survival time will be time from whatever you used as the reference time = 0 for your Years value in your model.

If you used a reference time = 0 for each item at its install_date, then yes: the prediction will be time elapsed from the install date. If you used some other reference for time = 0, then it will be time elapsed from that reference time.

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