PUBLISHER: The Business Research Company | PRODUCT CODE: 1436395
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436395
Industrial maintenance services involve the management of machinery and equipment to maximize uptime and meet organizational goals. This includes tasks such as troubleshooting issues, conducting repairs, and replacing components to improve overall asset performance.
The primary services offered by industrial maintenance providers include repair, inspection, and maintenance. Repair involves making minor modifications to a product, fixing a broken item, or providing a replacement or repaired product. These services are applicable in both onshore and offshore locations and cater to various end-users such as the oil and gas industry, power generation sector, and others.
The industrial maintenance services market size has grown strongly in recent years. It will grow from $51.43 billion in 2023 to $54.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to expansion of the oil and gas industry, rising demand for maintenance services, economic growth, urbanization trends.
The industrial maintenance services market size is expected to see strong growth in the next few years. It will grow to $71.75 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to increasing adoption of predictive maintenance and remote monitoring, growing demand for safe, economical, and reliable infrastructure connectivity, demand for specialized services, aging infrastructure concerns, focus on preventive maintenance. Major trends in the forecast period include industry 4.0 adoption, expansion of the aerospace and defense industry and ai, mergers and acquisitions, technology advancements.
The industrial maintenance services market size has grown strongly in recent years. It will grow from $51.43 billion in 2023 to $54.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to the expansion of the oil and gas industry, an increased demand for maintenance services, economic growth, and urbanization trends.
The industrial maintenance services market size is expected to see strong growth in the next few years. It will grow to $71.75 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to the increasing adoption of predictive maintenance and remote monitoring, a growing demand for safe, economical, and reliable infrastructure connectivity, the demand for specialized services, aging infrastructure concerns, and a focus on preventive maintenance. Major trends in the forecast period include the adoption of Industry 4.0 practices, the expansion of the aerospace and defense industry, advancements in AI, and an increase in mergers and acquisitions as well as technology advancements.
The industrial maintenance services market is expected to be propelled by the increasing aerospace sector. This industry encompasses companies engaged in the modification, repair, part replacement, overhaul, and rebuild of various types of aircraft, including gliders, helicopters, drones, ultra-light aircraft, passenger aircraft, and private jets. Maintenance support from aerospace sector companies is crucial for corporate, commercial, and military aircraft. For example, in 2021, the Aerospace Industries Association (AIA) reported that the industry paid out $224 billion in compensation, which accounted for 1.8% of the total U.S. labor income. Additionally, the A&D (Aerospace and Defense) workforce increased by 6,000 employees, marking a 0.3% rise from 2020. Therefore, the expansion of the aerospace sector is a key driver behind the growth of the industrial maintenance services market.
The industrial maintenance services market is expected to experience significant growth, driven by the ongoing process of rapid industrialization. Industrialization involves the transformation of an economy or society from primarily agrarian and craft-based activities to a more industrial and manufacturing-focused structure. This shift towards industrialization creates a heightened demand for industrial maintenance services to ensure the continuous and efficient operation of machinery and equipment. These services are essential for minimizing downtime, optimizing production processes, and extending the lifespan of industrial assets. For instance, Eurostat reported in August 2023 that industrial production in the euro area and the EU increased by 0.5% and 0.4%, respectively, in June 2023 compared to May 2023. This growth underscores the importance of industrial maintenance services in supporting and sustaining the industrialization process.
Major companies in the industrial maintenance services market are prioritizing innovative solutions to strengthen their market presence, contributing to a significant trend in product innovation. For instance, Valmet, a Finland-based company specializing in technologies, automation systems, and services for the pulp, paper, and energy sectors, introduced the Valmet Mobile Maintenance (VMM) program in May 2022. This iOS and Android-compatible mobile application aims to optimize maintenance operations within mill environments. By ensuring easy access to maintenance data, VMM empowers production and maintenance operators, allowing them to operate with increased efficiency. The program's functionalities include generating defect notifications and providing real-time work order checks, resulting in time savings and a boost in overall productivity.
Major players in the industrial maintenance services sector are adopting a strategy of forming strategic partnerships to drive innovation in energy efficiency and industrial maintenance. These partnerships entail collaborative agreements between entities such as companies or organizations to achieve common objectives. For instance, in November 2023, OCP Maintenance Solutions, a Moroccan firm specializing in industrial maintenance, joined forces with Nexans S.A., a French company focused on automation. Their alliance aims to harness cutting-edge technologies for enhancing industrial maintenance and energy management practices. This partnership is anticipated to generate a range of new products and services, setting higher standards for reliability, efficiency, and sustainability in these domains.
In January 2021, Cox Automotive, a US-based automotive service company, acquired Dickinson Fleet Services for an undisclosed amount. This strategic acquisition is intended to bolster the capabilities and geographical reach of Cox Automotive Mobility's Pivet fleet services division. Pivet offers advanced solutions for fleet management, aiming to deliver high-quality, convenient, and intelligent services. Dickinson Fleet Services, based in the US, is known for its expertise in fleet maintenance.
Major companies operating in the industrial maintenance services market report are Siemens AG, Honeywell International Inc., Mitsubishi Heavy Industries Ltd., Asea Brown Boveri Ltd., Johnson Controls International PLC, Baker Hughes Company, Emerson Electric Co., Parker-Hannifin Corporation, Atlas Copco AB, SKF Group, Rockwell Automation Inc., TechnipFMC PLC, Wartsila Corporation, Metso Outotec, Voith Group, Royal Boskalis Westminster N.V., Yokogawa Electric Corporation, Sulzer AG, Konecranes PLC, Flowserve Corporation, Petrofac Limited, Fugro N.V., Oceaneering International Inc., Sapura Energy Berhad, James Fisher and Sons PLC, STRATEC SE, Advanced Technology Services Inc., Bluestream Offshore B.V., Doosan Heavy Industries & Construction Co. Ltd., Aker Solutions ASA, Gardner Denver Holdings Inc., National Oilwell Varco Inc., Ingersoll Rand Inc.
Asia-Pacific was the largest region in the industrial maintenance services market share in 2023. The regions covered in the industrial maintenance services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the industrial maintenance services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The industrial maintenance service market includes revenues earned by entities by providing services such as reactive maintenance, preventive maintenance and predictive maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Industrial Maintenance Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on industrial maintenance services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for industrial maintenance services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The industrial maintenance services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.