Press release
Maintenance Services Market Poised for 11 % Growth, Set to Hit $122.09 Billion by 2029
Maintenance Services Market Outlook
The growth of the maintenance services market is being propelled by the increasing demand for renewable energy. Renewable energy sources, which are inexhaustible and deliver a constant supply of clean energy, need unique maintenance and repair solutions. These services are required by all kinds of renewable energy providers, such as those that rely on hydroelectric, wind, and solar power. The International Energy Agency (IEA), an independent intergovernmental organization based in France, reported in January 2023 that power generation from solar photovoltaic systems hit a new high of 270 TWh in 2022, a 26% rise from 2021. Even though solar PV is the third-largest renewable electricity technology after wind and hydropower, it accounts for 4.5% of the total global electricity production. As such, the escalating demand for renewable energy is fueling the expansion of the maintenance services market.
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What is the projected compound annual growth rate (CAGR) of the maintenance services market from 2025 to 2034, and what factors influence it?
The market size of maintenance services has seen fast-paced growth recently. It's projected to increase from $73.78 billion in 2024 to $81.86 billion in 2025, with a compound annual growth rate (CAGR) of 11.0%. Factors such as real estate and property development, industrial and manufacturing centers, infrastructure expansion, government regulations, and preventive maintenance procedures contributed to this growth in the historic period.
The forecast for the size of the maintenance services market projects a significant expansion in the next few years, with the market predicted to swell to $122.09 billion in 2029, boasting a compound annual growth rate (CAGR) of 10.5%. This projected growth can be ascribed to an increased concentration on sustainability, the inclusion of technology in maintenance procedures, ageing infrastructure and the worldwide trend of urbanization, alongside the delegation of maintenance duties. Future market trends in the forecast period encompass implementation of internet of things (IoT), adherence to regulatory standards, personalized maintenance agreements, emphasis on reliability-centered maintenance (RCM), and the execution of energy management services.
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How are the latest trends influencing the growth of the maintenance services market?
The rise of technological advancements is becoming the principal trend within the maintenance services market. Numerous corporations within this industry are pioneering groundbreaking technologies to fortify their market stance. To illustrate, MAG Lifestyle Development, a property developer based in the UAE, debuted a home maintenance tracking application called 'MAG FM' in May 2022. This app, which is equipped with unique features, works as an advanced tech platform, enabling its users to settle service payments online and offering a vast assortment of home maintenance packages. It's tailored to offer online services to residents of MAG-5.
What are the major segments of the maintenance services market and their role in driving growth?
The maintenance services market covered in this report is segmented -
1) By Service Type: Inspection, Maintenance, Repair
2) By Type: Offshore Support Vessels, AUVs Or ROVs, Others
3) By Location: Offshore, Onshore
4) By Application: Oil And Gas, Renewable, Marine, Power Generation, Infrastructures, Manufacturing, Others
Subsegments:
1) By Inspection: Routine Inspections, Condition Monitoring, Compliance Inspections
2) By Maintenance: Preventive Maintenance, Predictive Maintenance, Corrective Maintenance
3) By Repair: On-Site Repairs, Off-Site Repairs, Emergency Repairs
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Which regions are key players in the growth of the maintenance services market?
Asia-Pacific was the largest region in the maintenance services market in 2024. The regions covered in the maintenance services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the maintenance services market?
Major companies operating in the maintenance services market include Fugro NV, TechnipFMC plc, Petrofac Ltd., Baker Hughes Company, James Fisher and Sons plc, Bluestream Offshore BV, SeaTec UK Ltd., Royal Boskalis Westminster NV, Schlumberger Limited (SLB), Aker Solutions ASA, Oceaneering International Inc., Starke Marine Sdn Bhd, Sapura Energy Berhad, FLIR Systems Inc., MISTRAS Group Inc., CBRE Group Inc., Jones Lang LaSalle Incorporated, ISS A/S, ENGIE Services Inc., Cushman & Wakefield plc, Aramark Facility Services LLC, Compass Group plc, Sodexo Group, Mitie Group plc, Johnson Controls International plc, FacilitySource, G4S plc, ABM Industries Incorporated, Worley Limited, Wood plc
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What Is Covered In The Maintenance Services Global Market Report?
• Market Size Forecast: Examine the maintenance services market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the maintenance services market for a structured understanding.
• Key Players Overview: Analyze major players in the maintenance services market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the maintenance services market.
• Segment Contributions: Evaluate how different segments drive overall growth in the maintenance services market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the maintenance services market.
• Industry Challenges: Identify potential risks and obstacles affecting the maintenance services market.
• Competitive Landscape: Review strategic developments in the maintenance services market, including expansions, agreements, and new product launches.
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