Press release
Industrial Maintenance Services Global Market Report 2024 - By Share, Size, Growth, Trends, Forecast To 2033
Industrial Maintenance Services Market
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.
Market Overview -
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.
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Increasing Aerospace Sector Fuels Industrial Maintenance Services 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.
Competitive Landscape -
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.
Product Innovation Driving Industrial Maintenance Services Market
Product innovation is a key trend in the industrial maintenance services market. Major companies operating in the industrial maintenance services market are focused on developing innovative solutions to strengthen their position in the market. For instance, in May 2022, Valmet, a Finland-based company that develops and provides technologies, automation systems, and services to the pulp, paper, and energy industries, introduced the Valmet Mobile Maintenance (VMM) program to streamline processes in mill maintenance operations and make maintenance data accessible at any time. VMM is an iOS and Android-compatible mobile application. The program is made to make the work of production and maintenance operators more efficient. They can save time and increase productivity by generating defect notifications and checking work orders while they are in progress.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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