Press release
Driving Industrial Maintenance Services Market Growth in 2025: The Role of Increasing Aerospace Sector Fuels Industrial Maintenance Services Market Growth
Industrial Maintenance Services
Industrial Maintenance Services Market Size Growth Forecast: What to Expect by 2025?
In recent times, there has been significant growth in the industrial maintenance services market. The market is set to expand from $54.47 billion in 2024 to $58.04 billion in 2025, with a compound annual growth rate (CAGR) of 6.5%. This advancement during the historical period is credited to the expansion of the oil and gas sector, increased demand for maintenance services, economic development, and urbanization trends.
How Will the Industrial Maintenance Services Market Size Evolve and Grow by 2029?
Over the coming years, the industrial maintenance services market is anticipated to witness robust growth, with an estimation to reach $76.96 billion in 2029, growing at a Compound Annual Growth Rate (CAGR) of 7.3%. This expected growth for the forecast period is due to factors such as the rising use of predictive maintenance and remote monitoring, an increasing need for dependable, economical, and secure infrastructure connectivity, high demand for specialized services, worries about ageing infrastructure, and a concentrate on preventative maintenance. The prevalent trends during the forecast period encompass the implementation of Industry 4.0, the aerospace and defense industry's expansion along with AI, undertakings of mergers and acquisitions, and advancements in technology.
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What Drivers Are Propelling the Growth of Industrial Maintenance Services Market Forward?
The surge in the aerospace sector is predicted to boost the market for industrial maintenance services. This sector comprises businesses that handle modifications, conversions, repairs, part replacements, and comprehensive overhauls and rebuilds of commercial aircrafts. It includes manufacturers of a variety of aircrafts ranging from gliders, helicopters, drones, ultra-light aircrafts, passenger aircrafts, to private jets. Maintenance support provided by companies in the aerospace sector is primarily aimed at corporate, commercial, and military aircrafts. For example, the Airspace Industries Association (AIA), a trade association based in the USA, announced in September 2023 that the aerospace and defense (A&D) industry earned $952 billion in aggregate sales in 2022, indicating a 6.7 percent rise from 2021. The same report highlighted that exports from this sector increased by 4.4 percent, amounting to $104.8 billion. As such, the flourishing aerospace sector is fueling the expansion of the industrial maintenance services market.
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Which Emerging Trends Are Transforming the Industrial Maintenance Services Market in 2025?
The trend of product innovation is highly notable in the industrial maintenance services market. To bolster their market position, major firms in this sector are concentrating on the development of innovative solutions. For instance, Valmet, a company based in Finland known for its technology advancements, automation systems, and services for the pulp, paper, and energy sectors, introduced the Valmet Mobile Maintenance (VMM) program in May 2022. This program, aimed at streamlining maintenance operations in mills and granting easy access to maintenance data, is compatible with both iOS and Android mobile devices. It is designed to enhance the efficiency of production and maintenance operators, allowing them to save time and raise productivity by creating defect alerts and monitoring work orders in real time.
What Are the Key Segments in the Industrial Maintenance Services Market?
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
Subsegments:
1) By Repair: Equipment Repair, Machinery Repair, System Repair
2) By Inspection: Routine Inspections, Condition Monitoring, Safety Inspections
3) By Maintenance: Preventive Maintenance, Predictive Maintenance, Corrective Maintenance
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Who Are the Key Players Shaping the Industrial Maintenance Services Market's Competitive Landscape?
Major companies operating in the industrial maintenance services market include 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.
What Geographic Markets Are Powering Growth in the Industrial Maintenance Services Market?
Asia-Pacific was the largest region in the industrial maintenance services market share in 2024. The regions covered in the industrial maintenance services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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