Industrial Maintenance Services Market
The Industrial Maintenance Services 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 Industrial Maintenance Services Global Market Report 2024, 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 increasing aerospace sector is expected to propel the industrial maintenance services market. The aerospace industry includes companies that provide modifications or conversions, repairs, part replacements, and complete overhauls and rebuilds of commercial aircraft. The types of aircraft manufactured by companies in this industry include gliders, helicopters, drones, ultra-light aircraft, passenger aircraft, and private jets. The maintenance support offered by aerospace sector companies is the main target of corporate, commercial, and military aircraft. For instance, in 2021, according to the Aerospace Industries Association (AIA), a US-based trade organization for businesses, the military, and civil manufacturers, the industry paid out $224 billion in compensation or 1.8% of total U.S. labor income and A&D workforce was increased by 6000 employees, a 0.3% increase from 2020. Therefore, the increasing aerospace sector is driving the growth of the industrial maintenance services market.
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The industrial maintenance services market covered in this report is segmented –
1) By Service: Repair, Inspection, Maintenance
2) By Location: On Shore, Off Shore
3) By End-User: Oil And Gas, Industry, Power Generation, Other End-User
Major companies operating in the industrial maintenance services market are adopting a strategic partnership approach to develop innovative solutions for industrial maintenance and energy efficiency. A strategic partnership is a collaborative agreement or alliance between two or more entities, such as companies, organizations, or governments, with the aim of achieving mutually beneficial objectives. For instance, in November 2023, OCP Maintenance Solutions, a Morocco-based industrial maintenance company, partnered with Nexans S.A., a France-based automation company. With this partnership, these companies aim to explore and harness cutting-edge technologies in industrial maintenance and energy management, which is expected to result in a range of products and services that will set new standards in terms of reliability, efficiency, and sustainability.
The industrial maintenance services market report table of contents includes:
1. Executive Summary
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