Press release
Industrial Maintenance Services Market Landscape 2025: Forecast Data and Growth Strategy Insights
Industrial Maintenance Services Market
What Is the Expected CAGR for the Industrial Maintenance Services Market Through 2025?
There has been significant growth in the market size of industrial maintenance services in the past few years. It is projected to increase from a worth of $54.47 billion in 2024 to $57.59 billion in 2025, growing at a compound annual growth rate (CAGR) of 5.7%. Factors such as the enlargement of the oil and gas sector, surging demand for maintenance services, economic development, and trends in urbanization have contributed to this growth in the historic period.
What's the Projected Size of the Global Industrial Maintenance Services Market by 2029?
Predictions indicate robust expansion in the industrial maintenance services market in the coming years, with the market's value projected to reach $73.19 billion by 2029, advancing at a compound annual growth rate (CAGR) of 6.2%. The growth expected during this forecast period can be linked to factors such as the rising adoption of predictive maintenance and remote monitoring, increasing need for safe, economical, and dependable infrastructure connectivity, demands for specialized services, and concerns about aging infrastructure and focus on preventive maintenance. Noteworthy trends for the forecast period encompass the adoption of industry 4.0, the growth of the aerospace and defense sector and artificial intelligence, mergers and acquisitions, and technological advancements.
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Top Growth Drivers in the Industrial Maintenance Services Industry: What's Accelerating the Market?
The industrial maintenance services market is poised for growth, largely due to the expanding aerospace industry. This industry encompasses firms offering services like commercial aircraft modifications or conversions, repairs, part replacements, as well as complete overhauls and rebuilds. The production of diverse types of aircraft, including gliders, helicopters, drones, ultra-light aircraft, passenger aircraft, and private jets is also part of this industry's portfolio. The primary recipients of this maintenance support are corporate, commercial, and military aircraft. For example, the Airspace Industries Association (AIA), a US trade body, stated in September 2023 that the aerospace and defense (A&D) industry's combined sales for 2022 reached $952 billion, marking a 6.7 percent rise from 2021. The same report also indicated a 4.4 percent increase in exports from the A&D sector, amassing a total of $104.8 billion. Thus, the growth of the aerospace sector serves as a significant catalyst for the expansion of the industrial maintenance services market.
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What Trends Will Shape the Industrial Maintenance Services Market Through 2029 and Beyond?
The key trend in the industrial maintenance services market is product innovation. The primary focus of the major companies in this market is on the development of innovative solutions to reinforce their market presence. As an example, Valmet, a Finland-based company providing technologies, automation systems, and services for the pulp, paper, and energy sectors, launched the Valmet Mobile Maintenance (VMM) program in May 2022. This program is designed to enhance mill maintenance operations and make maintenance data readily available. Compatible with both iOS and Android, the VMM mobile app aims to improve efficiency for production and maintenance operators. These operators can boost their productivity and save time as they can generate defect reports and track work orders in real time.
What Are the Main Segments in the Industrial Maintenance Services Market?
The industrial maintenance servicesmarket 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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Which Top Companies are Driving Growth in the Industrial Maintenance Services Market?
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.
Which Regions Will Dominate the Industrial Maintenance Services Market Through 2029?
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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