Press release
Maintenance Services Market Size Forecasted To Achieve $122.09 Billion By 2029 With Steady Growth
Maintenance Services
What Is the Expected Maintenance Services Market Size During the Forecast Period?
The rapid expansion of the maintenance services market in recent years is quite noticeable. The projections suggest a leap from $73.78 billion in 2024 to an estimated $81.86 billion in 2025, indicating an 11.0% compound annual growth rate (CAGR). Factors such as real estate and property development, industrial and manufacturing facilities, infrastructure growth, government rules, and preventive maintenance practices have substantially contributed to the historic growth period.
The market size for maintenance services is anticipated to witness accelerated expansion in the coming few years. It is estimated to expand to $122.09 billion by 2029, with a CAGR of 10.5%. This projected growth during the forecasted period can be linked to factors such as the emphasis on sustainability, the amalgamation of technology in maintenance, deteriorating infrastructure, worldwide urbanization movements, and the outsourcing of maintenance responsibilities. In the forecasted period, the key trends are expected to be the integration of the Internet of Things (IoT), adherence to regulatory norms, personalized maintenance agreements, importance on reliability-centered maintenance (RCM), and the commencement of energy management services.
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What Are the Major Segments in the Maintenance Services Market?
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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What Are The Driving Maintenance Services Market Evolution?
The growth of the maintenance services market is anticipated to be fueled by the increasing demand for renewable energy. These energy sources, which are inexhaustible, can deliver a continuous stream of clean energy. The specific needs of renewable energy providers, such as those utilizing hydroelectricity, wind energy, and solar energy, are catered to by maintenance and repair services. In a report by the International Energy Agency (IEA), an autonomous intergovernmental organization based in France, it was stated that in 2022, there was a record power generation of 270 TWh from solar photovoltaic systems, marking a 26% increase from 2021. Solar PV remains the third largest renewable electricity technology after wind and hydropower, accounting for 4.5% of global electricity production. Therefore, the surging demand for renewable energy is a key driver for the growth of the maintenance services market.
Which Firms Dominate The Maintenance Services Market Segments?
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
What Trends Are Expected to Dominate the Maintenance Services Market in the Next 5 Years?
The increased prevalence of technological developments is a primary trend seen in the maintenance services sector. Major market players in this field are utilizing innovative tech solutions to bolster their market standing. For example, in May 2022, the UAE property development company, MAG Lifestyle Development, introduced their new home maintenance tracking application, MAG FM. This unique app employs smart technology platforms for residents, facilitating online payment for the services used in their homes. It also offers customers a broad spectrum of home maintenance package options. This tracking app aims to provide online services specifically to MAG-5 residents.
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Which Is The Largest Region In 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Maintenance Services Market?
2. What is the CAGR expected in the Maintenance Services Market?
3. What Are the Key Innovations Transforming the Maintenance Services Industry?
4. Which Region Is Leading the Maintenance Services Market?
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