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Electronic and Precision Equipment Maintenance Market Insights 2024
Electronic and Precision Equipment Maintenance Market Insights
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According to The Business Research Company's, The electronic and precision equipment repair and maintenance market size has grown strongly in recent years. It will grow from $151.23 billion in 2023 to $161.22 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to industrial machinery and equipment, medical devices, electronics and consumer devices, aerospace and defense equipment.
The electronic and precision equipment repair and maintenance market size is expected to see strong growth in the next few years. It will grow to $204 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to advanced technologies, healthcare equipment maintenance, smart manufacturing, consumer electronics. Major trends in the forecast period include advanced technologies integration, predictive and preventive maintenance, remote maintenance and monitoring, sustainability and circular economy.
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Market Drivers and Trends:
An increase in sales of personal computing devices (PCD's) is expected to propel the growth of the electronic and precision equipment repair and maintenance market. Personal computing devices refer to consumer devices such as desktop computers, laptops, smartphones, and tablets. Due to the pandemic, there was an increase in the number of people working from home, leading to an increase in PCD sales. With more people using PCD's there is an increase in the need for maintenance and repair for such devices. For example, according to a 2022 report from Singapore based technology market analyst firm, Canalys, the worldwide shipments of desktops, notebooks and workstations for the year 2021 stood at 341 million units, 15% higher than 2020. Therefore, the increase in the sale of personal computing devices is expected to drive the electronic and precision equipment repair and maintenance market going forward.
Companies involved in the repair and maintenance of electronic equipment are using artificial intelligence (AI)-predictive analysis for increasing the quality of their services. This analysis with the use of IoT technology sensors enables the service providers to identify the critical part which can fail and understand the current status of the components. Companies including Neuron Soundware and KONUX use AI-predictive maintenance to identify anomalies and improve the detection and identification of potential breakdown causes.
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Major Key Players of the Market:
Juniper Networks Inc., Emcor Group, Illinois Tool Works Inc., Tsubakimoto Chain Co, Apple Inc., Electronix Services, Encompass Supply Chain Solutions Inc., Global Electronic Services Inc., iCracked Inc., Mendtronix Inc., MicroFirst Gaming Inc., Quanzhou Journey Bags Co. Ltd., Quest International Inc., OTC Industrial Technologies, Precision Electronic Repair Services, ACS Industrial Services Inc., iFixIt, ABB Ltd., Agilent Technologies Inc., Ametek Inc., Anritsu Corporation, Avnet Inc., Belden Inc., Benchmark Electronics Inc., Tech Pros, Precision Electronics Ltd., Advanced Control Solutions Inc., Microtech Services Ltd., MTAR Technologies Ltd., Techtonic Innovations Ltd., RoboTech Services Ltd.
Electronic and Precision Equipment Repair and Maintenance Market 2024 Key Insights:
• The electronic and precision equipment repair and maintenance market size is expected to see strong growth in the next few years. It will grow to $204 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Rising Sales Of Personal Computing Devices Fuel Growth In Electronic And Precision Equipment Repair And Maintenance Market
• The Growing Role Of AI-Predictive Maintenance In Electronic Equipment Repair And Maintenance Services
• Western Europe was the largest region in the electronic and precision equipment repair and maintenance market in 2023
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