New Market Report Reveals a Surge in Industrial Maintenance Services, Forecasting a $85.8 Billion Market by 2031

A recent report by Allied Market Research sheds light on the flourishing Industrial Maintenance Services Market, projecting substantial growth from its $49 billion valuation in 2021 to an estimated $85.8 billion by 2031. The market is expected to witness a robust Compound Annual Growth Rate (CAGR) of 5.6% from 2022 to 2031.

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The Industrial Maintenance Services Market primarily encompasses inspection, maintenance, and repair services. Notably, the repair segment dominated the market share in 2021, driven by the high costs associated with repairs. Geographically, onshore and offshore locations are considered, with the offshore segment anticipated to experience the highest CAGR, propelled by rapid growth in the offshore industry. Furthermore, end-user industries, including oil & gas, manufacturing, power generation, and others, contribute to the market dynamics, with the manufacturing segment leading in revenue for 2021. The market's growth is attributed to the global increase in population and disposable income, fostering demand for oil and gas in motor vehicles and power generation. Nevertheless, prolonged downtimes during maintenance pose a challenge to the market's expansion.

In 2021, the Asia-Pacific region emerged as the dominant force in the global Industrial Maintenance Services Market, followed by North America and Europe. The market in LAMEA (Latin America, Middle East, and Africa) is projected to exhibit a high CAGR, fueled by growth in the oil & gas industries.

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Key players in the Industrial Maintenance Services Market are strategically expanding their footprint through acquisitions. For instance, in May 2022, Baker Hughes Company acquired Qi2 Elements, a company specializing in inspection services, aimed at enhancing Baker's inspection solutions for critical energy infrastructure.

However, the COVID-19 pandemic posed challenges, leading to business disruptions and revenue declines, particularly during lockdowns in countries such as China, the U.S., and India. The scarcity of manpower and raw materials further hampered the supply chain for industrial maintenance services. Despite these setbacks, the market is witnessing recovery as the severity of the pandemic diminishes, aided by the introduction of vaccinations.

Key companies profiled in the market forecast report include Advanced Technology Services, Baker Hughes Company, Bell and Howell LLC, Bilfinger, Caverion Corporation, Global Electronic Services, Inc., Global Offshore Engineering, Kirti Telnet Pvt. Ltd., Lee Industrial Contracting, Marshall Industrial Technologies, MEIDENSHA CORPORATION, NAES Corporation, Petrofac Limited, SGK India Engineering Pvt. Ltd., Siemens AG, Total Resource Management (IDCON), and Valmet Ltd.



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Key Findings of the Study:

The report offers a comprehensive analysis of current and emerging trends and dynamics in the industrial maintenance services market.

The repair segment held the highest market share in terms of revenue in 2021.

The offshore segment is expected to exhibit a higher CAGR by location.

The manufacturing segment dominated the industrial maintenance services market in 2021.

LAMEA is anticipated to register the highest growth rate in the coming years.

The report profiles key players and analyzes their strategies, providing insights into the competitive outlook of the industrial maintenance services industry.

In-depth analysis is conducted for key market segments between 2022 and 2031, highlighting current trends and emerging opportunities.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.