The Commercial And Industrial Machinery And Equipment Repair And Maintenance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Commercial And Industrial Machinery And Equipment Repair And Maintenance Global Market Report 2024, The commercial and industrial machinery and equipment repair and maintenance market size has grown strongly in recent years. It will grow from $329.03 billion in 2023 to $355.57 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to manufacturing sector expansion, asset longevity concerns, regulatory compliance, technological obsolescence mitigation, cost-efficiency and downtime reduction.
The commercial and industrial machinery and equipment repair and maintenance market size is expected to see strong growth in the next few years. It will grow to $475.04 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to growing industry 4.0 adoption, increasing complexity of machinery, growing sustainability initiatives, global manufacturing resilience, strategic outsourcing. Major trends in the forecast period include emphasis on cybersecurity in equipment maintenance, remote monitoring and maintenance solutions, shift towards performance-based maintenance contracts, application of condition-based monitoring technologies, integration of artificial intelligence (ai) in maintenance planning.
The growth is mainly due to rapid urbanization and rising economic growth. Rapid urbanization and rising economic growth are expected to propel the growth of commercial and industrial machinery and equipment repair going forward. Urbanization refers to the population shift from a rural area to an urban area. Because of the increase in urbanization and population increase the usage of commercial machinery helps to increase repairs for commercial goods. For instance, in April 2023, according to the World Bank, a US-based intergovernmental financial institution that offers grants and loans to governments in nations with low or middle incomes to fund capital projects, cities were home to 56% of the world’s population (4.4 billion people). This trend is likely to continue, with urban populations more than doubling by 2050. Their fore increase in Rapid urbanization and rising economic growth are driving the growth of the commercial and industrial machinery and equipment repair market.
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The commercial and industrial machinery and equipment repair and maintenance market covered in this report is segmented –
1) By Type: Commercial Machinery Repair and Maintenance, and Industrial Machinery Repair and Maintenance
2) By Application: Agriculture,Construction, Packaging, Food Processing, Mining, Semiconductor Manufacturing, Other Applications
Strategic collaborations for innovating new products have emerged as a key trend gaining popularity in the commercial and industrial machinery market. Major companies operating in the commercial and industrial machinery market are focused on collaborating with one another to create new technologically advanced products to sustain their position in the market. For instance, in November 2022, The Chemours Company, a US-based chemical company with a Mexico-based commercial and industrial refrigeration equipment technology and manufacturing company, Bohn de Mexico. In accordance with the agreement, Bohn de Mexico will use Opteon XL20 (R-454 C), Opteon XL40 (R-454 A), and Opteon XL10 (R-1234 YF) for its new line of BOHN Ecoflex condensing units. These refrigerants are non-ozone depleting (ODP) and have low global warming potential (GWP). The Opteon XL refrigerant line provides very low GWP solutions that are ideal for the new Ecoflex equipment generation from Bohn de Mexico, which offers cutting-edge technological innovations for the best energy efficiency of refrigeration systems and aids the business in achieving its sustainability goals.
The commercial and industrial machinery and equipment repair and maintenance market report table of contents includes:
1. Executive Summary
2. Commercial And Industrial Machinery And Equipment Repair And Maintenance Market Characteristics
3. Commercial And Industrial Machinery And Equipment Repair And Maintenance Product/Service Analysis -Product/Service Examples
4. Commercial And Industrial Machinery And Equipment Repair And Maintenance Market Trends And Strategies
5. Commercial And Industrial Machinery And Equipment Repair And Maintenance Market – Macro Economic Scenario
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26. Germany Commercial And Industrial Machinery And Equipment Repair And Maintenance Market
27. France Commercial And Industrial Machinery And Equipment Repair And Maintenance Market
28. Italy Commercial And Industrial Machinery And Equipment Repair And Maintenance Market
29. Spain Commercial And Industrial Machinery And Equipment Repair And Maintenance Market
30. Austria Commercial And Industrial Machinery And Equipment Repair And Maintenance Market
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