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Emerging Trends to Reshape the Maintenance Services Market: Technological Advancements Fuel Maintenance Services Market as a Key Influencer
Maintenance Services Market
Maintenance Services Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for maintenance services has seen rapid growth in the past few years. It is projected to increase from $74.49 billion in 2024 to $82.03 billion in 2025, a compound annual growth rate (CAGR) of 10.1%. Factors contributing to the growth during the historic period include real estate development, industrial and manufacturing facilities, infrastructure development, governmental regulations, and preventive maintenance protocols.
Maintenance Services Market Size Forecast: What's the Projected Valuation by 2029?
The market size of maintenance services is predicted to witness rapid expansion in the upcoming years, eventually reaching $121.81 billion in 2029 with a compound annual growth rate (CAGR) of 10.4%. This growth during the forecast period can be credited to factors such as heightened emphasis on sustainability, incorporation of technology in maintenance, aging infrastructure, worldwide urbanization trends, and the outsourcing of maintenance operations. Within the forecast period, significant trends to look out for include the incorporation of the internet of things (IoT), adherence to regulatory standards, personalized maintenance contracts, a shift towards reliability-centered maintenance (RCM), and the adoption of energy management services.
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What Are the Drivers Transforming the Maintenance Services Market?
The surge in demand for renewable energy is anticipated to propel the expansion of the maintenance services market. Renewable energy sources offer an everlasting and constant supply of clean energy. Maintenance and repair services are tailored to meet the distinct needs of renewable energy providers, encompassing hydroelectric, wind, and solar energies. For example, the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, reported in January 2023, that the power generation from solar photovoltaic systems hit an all-time high of 270 TWh in 2022, marking an increase of 26% compared to 2021. Solar PV, following wind and hydropower, remains the third-largest renewable electricity technology, accounting for 4.5% of global electricity production. Consequently, the escalating demand for renewable energy fuels the growth of the maintenance services market.
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What Long-Term Trends Will Define the Future of the Maintenance Services Market?
The rising trend in the maintenance services market is the advent of technological innovations. Major players in the market have been making strides in technology development to solidify their market standing. A notable example is MAG Lifestyle Development, a property development firm based in the UAE, which in May 2022 introduced MAG FM, a cutting-edge home maintenance tracking application. This novel app stands out with its smart technology offerings for residents, encompassing features that enable online payment for in-home services and a diverse array of home maintenance packages. Specifically designed for the MAG-5 residents, this app facilitates the provision of online services.
Which Segments in the Maintenance Services Market Offer the Most Profit Potential?
The maintenance servicesmarket 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 Firms Dominate the Maintenance Services Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential 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
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