Overview and Scope
Industrial maintenance service is the process of managing machinery and equipment to enhance uptime to achieve corporate objectives. It includes troubleshooting, repairing, and replacing equipment to enhance asset performance.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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, Wärtsilä 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.
The industrial maintenance services market report table of contents includes:
1. Executive Summary
2. Industrial Maintenance Services Market Characteristics
3. Industrial Maintenance Services Market Trends And Strategies
4. Industrial Maintenance Services Market – Macro Economic Scenario
5. Global Industrial Maintenance Services Market Size and Growth
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32. Global Industrial Maintenance Services Market Competitive Benchmarking
33. Global Industrial Maintenance Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Industrial Maintenance Services Market
35. Industrial Maintenance Services Market Future Outlook and Potential Analysis
36. Appendix
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